Knights of Columbus

N-CSR 1 d615445dncsr.htm KNIGHTS OF COLUMBUS Knights of Columbus

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, 2023

Date of reporting period: October 31, 2023

Item 1. Reports to Stockholders.

(a)	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.

LOGO


Knights of Columbus Limited Duration Fund		Knights of Columbus Core Bond Fund

Knights of Columbus Long/Short Equity Fund		Knights of Columbus Large Cap Value Fund

Knights of Columbus Large Cap Growth Fund		Knights of Columbus Small Cap Fund

Knights of Columbus U.S. All Cap Index Fund		Knights of Columbus Real Estate Fund

Knights of Columbus International Equity Fund

Annual Report | October 31, 2023

The Advisors’ Inner Circle Fund III


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023


TABLE OF CONTENTS


Letter to Shareholders		1

Management’s Discussion and Analysis of Fund Performance		4

Schedules of Investments		15

Glossary		60

Statements of Assets and Liabilities		61

Statements of Operations		63

Statements of Changes in Net Assets		65

Financial Highlights		74

Notes to Financial Statements		77

Report of Independent Registered Public Accounting Firm		93

Trustees and Officers of The Advisors’ Inner Circle Fund III		94

Disclosure of Fund Expenses		98

Notice to Shareholders		100

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at https://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 Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-523-8637; and (ii) on the SEC’s website at https:// www.sec.gov.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

LETTER TO SHAREHOLDERS (Unaudited)

Dear Fellow Shareholders:

Knights of Columbus Asset Advisors, LLC is pleased to present this annual report for Knights of Columbus Funds for the fiscal year ending October 31, 2023. The market has been focused on issues related to both inflation and wages. In October 2022, CPI was 7.7% on an annualized basis and stood at 3.7% as of the last reading on September 30, 2023. The Fed has aggressively increased the Federal Funds rate in an effort to thwart inflation. Because of the tremendous stimulus that was provided during COVID-19, consumers had built ample savings and once the lockdowns ended, there has been significant consumer spending. The increased consumer spending for goods was met with the still-recovering supply chain and caused prices for many goods to increase. Further, tremendous demand for travel also saw prices for leisure activities increase as well.

On the wage front, Average Hourly Earnings were growing at an annualized rate of 4.9% in October 2022 and this has fallen to an annualized rate of 4.1% as of October 2023. The Federal Reserve has operated with a twin mandate of full employment and low inflation, and many are looking to see which part of the mandate they will favor. If employment, wages, and spending remain strong, it is hard to see how inflation will not increase. If the Fed focuses on increasing interest rates to stave off inflation, aggregate employment will likely be negatively impacted. Overall, it seems that the Fed is most focused on taming inflation in order to provide a strong basis for future economic growth.

Over the trailing twelve months, the equity markets saw very mixed results with the Russell 1000 Growth returning 18.95%, the Russell 1000 Value returning 0.13%, the Russell 2000 returning -8.56%, and the FTSE All-World ex-U.S. Index returning 12.72%. The bond market has been very weak due to rising rates and widening spreads in the Bloomberg Aggregate Index returned 0.36%, representing core fixed income results, and the Bloomberg 1-3 Year Government/Credit Index returned 3.23%, representing short-duration fixed income.

During the twelve months that ended October 31, 2023, the stock market was bifurcated between the largest growth and technology stocks that performed exceptionally well and then there was the rest of the market. For example, for the one year ending October 31, 2023, Apple returned 12.0%, Amazon returned 29.9%, Microsoft returned 47.1%, Google’s two share classes returned 32.4% and 31.3% respectively, NVIDIA returned 202.3% and Meta (formerly Facebook) returned 223.4%. Investors who were not focused on these stocks missed most of the return and if one looks at the disparity between Growth and Value, you can really discern how bifurcated the market truly was last year.

Through the end of the third quarter of 2023, Gross Domestic Product (“GDP”) rose by 2.9% on a year-over-year basis (or more specifically from third quarter 2022 results). The continued growth in the economy, coupled with strong employment and wages, are the factors that are keeping the Fed vigilant about inflation. We are seeing some impact of the Fed rate hiking activity as Industrial Production is up only 0.01% year over year. However, orders for Durable Goods are up 4.3% over the same period and Capacity Utilization also remains strong. All indications are the excess savings that consumers accumulated due to Covid stimulus are all but exhausted and this is one factor the Fed and the market are watching to see if economic activity slows enough to slow inflation and cause the Fed to halt the rate hiking cycle.

There can be no discussion of economics without a nod to the ongoing conflict in Ukraine and the recent actions that Israel has taken as a result of Hamas’ incursion and attacks on innocent Israeli citizens. The world is watching and thus far, the economic impacts have been small and have not upset the global economy. While we believe the spillover effects from both of these conflicts to create a much larger regional or even global conflict is low, the probability is not zero. We are diligently monitoring these global events and may adjust portfolios as events evolve.

KoCAA is very thankful for our shareholder base which continues to grow, and our fund family remains above $1.2 billion in total assets, and we continue to enjoy strong cash inflows. We look forward to an even more successful fiscal year in 2024, particularly as KOCAA’s Investment Advisor Representative (“IAR”) program grows with more participants. To augment our registered representatives in the fields, KOCAA is building an internal sales team and we are also expanding our marketing efforts beyond our core membership to the greater Catholic community. The nine proprietary funds included in the IAR program currently represent the broadest array of Catholic funds offered by any single provider. We are proud of what we have built and continue to work hard for our shareholders every day.

As always, we appreciate your confidence in our team and look forward to serving you in the future.

Sincerely,

Anthony V. Minopoli

President & Chief Investment Officer

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-844-KC-FUNDS or visit www.kofcassetadvisors.org.

Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a fund’s objectives will be achieved. The risks associated with each fund are explained more fully in each fund’s respective prospectus. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

Definitions of Comparative Indices

Bloomberg US Aggregate Bond Index

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Bond Index was created in 1986.

Bloomberg 1-3 Year US Government/Credit Index

The Bloomberg US Government/Credit Index is the non-securitized component of the US Aggregate Index and was the first macro index launched by Capital. The US Government/Credit Index includes Treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The US Government/Credit Index was launched on January 1, 1979 and is a subset of the US Aggregate Index. The 1-3 year index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Russell 1000® Growth Index

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Russell 1000^® Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Russell 1000® Value Index

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000^® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Russell 2000® Index

The Russell 2000^® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

FTSE All-World ex-US Index

The FTSE All-World ex-US Index is one of a number of indexes designed to help investors benchmark their international investments. The index comprises Large and Mid-cap stocks providing coverage of Developed and Emerging Markets excluding the US. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

S&P 500 Index

The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.

FTSE Nareit Equity REITs Index

FTSE Nareit Equity REITs Index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. Prior to December 2010, the index included Timber REITs and Infrastructure REITs.

Knights of Columbus U.S. All Cap Index

Adheres to the United States Conference of Catholic Bishops’ Socially Responsible Investment Guidelines (“USCCB Guidelines”). The Knights of Columbus U.S. All Cap Index consists of all common stocks and real estate investment trusts in the Solactive US Broad Market Index excluding companies that are determined by Institutional Shareholder Services to be involved with enterprises that conflict with the USCCB Guidelines. The Market Index includes the 3,000 U.S. companies with the largest free-float market capitalizations.

HFRX Equity Market Neutral Index

The HFRX Equity Market Neutral Index employs sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading Strategies.

EBITDA

EBITDA is a statistic used to assess a company’s operating performance. It is a proxy for the cash flow generated by its complete operations.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Limited Duration Fund

The Bloomberg 1-3 Year US Government/Credit Index (USD) returned 3.23% for the year ended October 31, 2023. Most sectors outperformed as interest rate increases by the Federal Reserve were well-telegraphed, the economy and stock market performed better than expected, and demand for higher-yielding investment-grade credit improved. All spread products outperformed the index, which averaged 66.2% of its portfolio in Treasuries.

The Knights of Columbus Limited Duration Fund, I Shares, returned 3.46% for the year, ahead of the benchmark by 23 basis points. The primary driver of the portfolio outperformance for the year ended October 31, 2023, was our continued overweight allocation to spread product, although we have reduced risk to reflect our more pessimistic view of the economy. Within our allocations, the largest contributors to performance were the fund’s overweight to the Asset-Backed and Industrial sectors. This was the result of overall risk sentiment improving in the capital markets. Security selection in our Industrial portfolio also contributed to outperformance versus the Index. Providing some offset to this was the fund’s security selection in the Financials sector, which underperformed the index’s Financials return.

The Fed has been focused on reducing inflation and has made material progress as the consumer price index fell from 8.2% a year ago to 3.7% in September 2023. With interest rates higher (the 10-year Treasury recently reached 5% for the first time in over a decade), the market is tightening financial conditions itself, allowing the Fed to keep the Fed Funds rate unchanged at its last meeting at 5.25-5.5%. Strong GDP growth and benign employment conflict with the unprecedented quick rise in rates over the last several quarters, although the lag from the rate rise may be ending and economic weakness may be forthcoming. Although the Fed has said it could raise rates again in response to higher inflation data, the market is betting that rates have peaked. The Fed has stated that it intends to keep rates higher for longer to subdue any lingering inflation, but the market forecasts cuts in 2024. In this volatile economic and rate environment, coupled with heightened geopolitical developments, we believe caution is warranted and security selection critical.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.


AVERAGE ANNUAL TOTAL RETURN ^†^1,²
	One Year Return	Three Year Return	Five Year Return	Annualized Inception to Date
I Shares*‡	3.46%	-0.41%	1.28%	1.10%
Class S Shares**	3.36%	-0.51%	1.19%	1.06%
Bloomberg 1-3 Year US Government/Credit Index***	3.23%	-0.62%	1.25%	1.06%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Limited Duration Fund, I Shares versus the Bloomberg 1-3 Year US Government/Credit Index.

LOGO

^* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

^** Commenced operations on July 14, 2015.

^*** Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

‡ See Note 1 in the Notes to Financial Statements.

¹ The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’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.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Core Bond Fund

The Bloomberg U.S. Aggregate Index (USD) returned 0.36% for the year ended October 31, 2023. Most sectors outperformed as investors continued to be constructive on risk as the Federal Reserve (Fed) neared the end of its hiking cycle. CMBS was the worst-performing sector in the Index.

The Knights of Columbus Core Bond Fund, I Shares, returned 0.04% for the year, lagging the benchmark. The primary driver of the portfolio underperformance for the year ended October 31, 2023, was security selection within the Financials sector during the banking crisis in March 2023. Additionally, the Fund was also slightly underweight Industrial credit, which drove underperformance as spread product performed well. Providing some offset to this was the Fund’s positioning in securitized products, which drove outperformance across ABS, CMBS, and MBS.

We were likely early in our shift to more conservative positioning within the Fund and underestimated the timing of the lag effects from restrictive Fed policy. That being said, we do not feel that our risk-averse stance is misplaced given the current conditions. The Fed appears content to hold policy rates at restrictive levels while continuing balance sheet roll-off, the Treasury markets are facing massive amounts of supply from continued large deficit spending, consumer stress continues to develop up the income quintiles, and there remains significant concerns about refinancing issues in the commercial property and high yield/loan markets. We anticipate that the ebullient markets will have to come to terms with the macroeconomic realities eventually, at which point, we can deploy our dry powder into risk assets we know and like.


AVERAGE ANNUAL TOTAL RETURN ^†¹^,2
	One Year Return	Three Year Return	Five Year Return	Annualized Inception to Date
I Shares*‡	0.04%	-5.54%	-0.14%	0.42%
Class S Shares**	-0.18%	-5.64%	-0.26%	0.54%
Bloomberg US Aggregate Bond Index***	0.36%	-5.57%	-0.06%	0.33%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Core Bond Fund, I Shares versus the Bloomberg US Aggregate Bond Index.

LOGO

^* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

^** Commenced operations on July 14, 2015.

^*** Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

‡See Note 1 in the Notes to Financial Statements.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Long/Short Equity Fund

The benchmark HFRX Equity Market Neutral Index rose 3.18% from October 31st, 2022 through October 31st, 2023. The Knights of Columbus Long/Short Equity Fund rose, I shares, 1.52% on a net basis over the same period.

L2’s study of the creation and collapse of bubbles made the following items clear:

1. Bubbles are a normal part of the capital cycle

2. Estimating the time and magnitude of a bubble is futile

3. When bubbles inevitably collapse, temporary reversals and “counter-trend” rallies are normal

At the start of the year, KCEIX had experienced two consecutive years of strong returns as a collection of different bubbles began to deflate and investors’ attention began to return to fundamentals and valuation. Interestingly, the compression in spreads observed over the prior two years merely moved valuations from all-time records back to levels slightly below those seen at the peak of the dot.com bubble.

LOGO

However, mindful of the propensity for bubbles to create investor whiplash, the Fund’s factor exposures going into the year were more modest than in 2021 or much of 2022. Consistent with interim reversals observed in the past, this year we witnessed sharp rallies in speculative low-quality stocks as well as a highly concentrated rally in a select few mega-cap stocks that became the principal drivers of the “AI bubble.” Again, the resurgence in speculative behavior has moved value spreads back to dot.com highs.

While this has hindered results year-to-date, we believe the current disconnect between prices and fundamentals leave the Fund well-positioned to capitalize on what the data suggests is a generational opportunity for market neutral strategies like the one employed in KCEIX.

The chart below shows the distribution of relative returns in the S&P500. The bars to the left of the red line are the number of stocks in the S&P 500 that outperformed. The bigger the bar, the bigger the outperformance. The bars to the right are the number of stocks that underperformed. Each bar shows the extent of their out/underperformance relative to the S&P 500.

LOGO

Our research has documented that over the last 40 years, the percentage of stocks that outperform the index on a rolling 12 month basis is typically about 50%. Half the stocks beat the index and half lose. At the peak of the dot.com bubble, only 20% of the stocks in the S&P 500 managed to outperform. And that was because the returns for the index came from a handful of large high-flying stocks.

We see a similar pattern today. 74% of the stocks in the index have underperformed through the end of October. Even more incredible is the magnitude of underperformance. As we highlight in the chart above, the average absolute return of the stocks that make up those 74% is -12%. This is in a market that is up nearly 11%.

Another way to think about it is the 15 largest contributors to the S&P 500’s returns created a 12.5% contribution to the index’s returns. Yet the index was up only 10.7%. So, in aggregate the remaining 485 stocks detracted from returns. This reflects a skewness in returns that has been rarely seen before.

This happened once before in the dot.com bubble and it did not end well. We have no reason to believe that it will be different this time. Just a gentle and warm reminder to our friends: there are claims that software in general, and AI in particular, is going to eat the world. Maybe these new-economy pundits are right. But we would simply highlight that while software may indeed eat the world, we cannot eat Artificial Intelligence or software! In the meantime, these stocks are being priced to perfection.

The mathematically and economically impaired are having their day in the sun. We hope they are enjoying there moment in the sun because no matter what rates do, a tremendous pain trade is coming for overpriced blue chip AI stocks, low quality speculative stocks and the trillions of dollars in equity that is now attached to stocks that are effectively insolvent.

For us this looks like we have yet another opportunity like the one seen in 2020. Even with a net of barely 20% and gross exposure of just 110% we put up high single to double digit returns even in the sharp market correction of 2022. As always, our process is a wager on financial history, capitalism, and arithmetic. We like our odds.

¹ In conversation, quote is an approximation, and he may have been paraphrasing Warren Buffett or Charlie Munger


AVERAGE ANNUAL TOTAL RETURN ^†^1,2
	One Year Return	Three Year Return	Annualized Inception to Date
I Shares*	1.52%	10.22%	3.73%
HFRX Equity Market Neutral Index**	3.18%	1.95%	-0.37%


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Long/Short Equity Fund, I Shares versus the HFRX Equity Market Neutral Index.

LOGO

^* Commenced operations on December 2, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

^** Index returns are shown from December 2, 2019. See definition of comparative index on page 3.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Large Cap Value Fund

The Russell 1000^® Value Index rose 0.13% for the year ended October 31, 2023. The index peaked in July and slid lower for the next three months. Four sectors had positive returns, with Communication Services the clear winner, finishing higher by 30.38% followed by Information Technology, higher by 8.91%. Seven sectors had negative returns with Health Care and Real Estate the weakest, falling -10.06% and -8.02%, respectively.

The Fund returned 3.30% during this time frame. The Utilities sector helped performance. Vistra Corp. (VST, 1.4% Avg. Wgt., +46.83% Return) rose 46.83%. The company had several strong earnings reports and by the beginning of 2023, had the majority of their generation hedged for 2023-2025. The company also announced the acquisition of Energy Harbor Corp. as a key step toward its transition to clean energy. Constellation Energy Corp. (CEG, 1.0%, +20.73%) also posted strong earnings as its carbon-free energy portfolio continued to gain traction.

The Materials sector detracted from value due mainly to stock selection. The Mosaic Company (MOS, 0.8%, -34.67%) finished down -34.67%. Their stock price largely follows the spot price of potash which has been falling since the early 2022 peak on Russia’s invasion of Ukraine. Sealed Air Corp. (SEE, 0.8%, -11.79%) also detracted value. The company had weak earnings reports driven by declining volumes and they lowered full-year guidance.

Investors appeared to finally believe the Federal Reserve’s mantra of “higher for longer” interest rates during the last quarter, sending broad indexes lower and setting the first (potential) cracks in market leadership from the mega-cap growth companies. Calendar year 2024 earnings expectations, the level and rate of change of long-term interest rates, and broad macroeconomic conditions will be the primary determinants of performance moving forward. With an eye towards increasing geopolitical tensions, we enter the next quarter positioned with a slight defensive tilt and tight risk controls as earnings season winds down and calendar year-end approaches.


AVERAGE ANNUAL TOTAL RETURN ^†^1,2

	One Year Return		Three Year Return		Five Year Return			Annualized Inception to Date

I Shares*‡		3.30%		12.11%		7.60	%		7.09%

Class S Shares**		3.20%		11.99%		7.49	%		7.37%

Russell 1000^® Value Index***		0.13%		10.21%		6.60	%		6.51%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Large Cap Value Fund, I Shares versus the Russell 1000^® Value Index.

LOGO

* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

‡ See Note 1 in the Notes to Financial Statements.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Large Cap Growth Fund

Fiscal year 2023 generated strong returns for the large-cap growth benchmark. The Russell 1000^® Growth Index bottomed in October of 2022, after enduring a brutal decline over the first three quarters of 2022, to generate strong index-level returns of +18.95%. The new year brought new vigor for growth investors, spurred in large part by excitement over artificial intelligence and the earnings resilience and growth prospects of the mega-cap growth behemoths Apple Inc., Microsoft Corporation, Alphabet Inc., NVIDIA Corporation, Meta Platforms Inc., and Amazon.com, Inc. Despite the strong top-line performance index returns were highly concentrated Microsoft (+47.1%), NVIDIA (+202.3%), Apple (+12.0%), Amazon.com (+29.9%) and Alphabet (+31.89%) combined to produce 68% of the index’s return.

The Fund gained 16.63% for the fiscal year, trailing the benchmark by 232 basis points. Catholic restrictions played a notable role in relative performance during the year, as several larger index members were restricted and generated notable returns. Two of the more notable impacts were from Amazon.com, Inc. (AMZN, 5.02% Avg Wgt in the benchmark) and Eli Lilly and Company (LLY, 1.37% Avg Wgt, +52.6% Return). The two collectively contributed 223 bps of the benchmark’s return, accounting for almost all of the Fund’s underperformance. A larger-than-average cash position also hurt as the market rallied.

After accounting for Catholic restrictions and cash, the portfolio performed quite well. Stock selection was positive overall and generated positive attribution in seven of eleven sectors. Relative performance in Health Care was favorable, with double-digit gains in Steris PLC (STE, 1.0%, +22.8%), Boston Scientific Corporation (BSX, 1.0%, +18.4%), and Cencora, Inc. (formerly AmerisourceBergen, COR, 1.0%, +11.5%). Real Estate also helped, led by a 22.2% gain in record storage REIT Iron Mountain Incorporated (IRM, 1.4%, +22.2%).

Investors appeared to finally believe the Federal Reserve’s mantra of “higher for longer” interest rates during the quarter, sending broad indexes lower and setting the first (potential) cracks in market leadership from the mega-cap growth companies. Calendar year 2024 earnings expectations, the level and rate of change of long-term interest rates, and broad macroeconomic conditions will be the primary determinants of performance moving forward. With an eye towards increasing geopolitical tensions, we enter the next quarter positioned with a slight defensive tilt and tight risk controls as earnings season winds down and year-end approaches.


AVERAGE ANNUAL TOTAL RETURN ^†^1,2

	One Year Return		Three Year Return		Five Year Return			Annualized Inception to Date

I Shares*‡		16.63%		3.86%		9.36	%		8.92%

Class S Shares**		16.49%		3.76%		9.25	%		8.97%

Russell 1000® Growth Index***		18.95%		8.70%		14.22	%		13.08%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Large Cap Growth Fund, I Shares versus the Russell 1000^® Growth Index.

LOGO

^* Commenced operations on February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

^** Commenced operations on July 14, 2015.

^*** Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

‡ See Note 1 in the Notes to Financial Statements.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Small Cap Fund

The fiscal year 2023 was a roller coaster of a ride for small caps – in comparison with better, albeit narrow, the performance of the large-cap indexes. The Russell 2000^® Index traded in a volatile range for much of the year, returning -8.56%, but traded poorly from the recent market peak at the end of July through the fiscal year end as the sharp move higher in rates over the summer and early fall weighed. There were two sharp rallies in the fiscal year – the strong +9.75% January move higher led by Communication Services and Consumer Discretionary as rates moved lower throughout the month, as well as the +14.74% move in June and July led by Energy and Financials as oil prices rose and the March regional banking crisis concerns eased. Despite these rallies, the -16.69% move lower in the fiscal fourth quarter brought the Russell 2000^® Index returns into negative territory for the fiscal year and below the 2022 lows.

The Fund was down -12.04% during the fiscal fourth quarter, outperforming the benchmark by 465 basis points (bps). In fiscal year 2023, the Fund was down -2.58%, outperforming the benchmark by 598 basis points. Since inception on 2/27/2015, the Fund returned 4.56%, underperforming the benchmark return of 4.91% by 68 basis points.

The Healthcare sector was the second largest sector in the Russell 2000^® Index during the fiscal year, and despite being the worst-performing sector in the benchmark, it accounted for the largest area of outperformance for the Fund due to selection and allocation. Vericel Corporation (VCEL, 1.2% Avg. Wgt.), Insmed Inc. (INSM, 0.7%), and NextGen Healthcare Inc. (NXGN, 0.9%) were the biggest contributors to this outperformance, with holding-period returns of +31%, +45%, and +19%, respectively. Conversely, the Utilities sector was the biggest detractor of relative performance as Clearway Energy Inc. (CWEN, 1.4%) generated a holding period return of -34%.

Investors appeared to finally believe the Federal Reserve’s mantra of “higher for longer” interest rates during the fiscal fourth quarter. Calendar year 2024 earnings guidance, the level and rate of change of long-term interest rates, and broad macroeconomic conditions will be the primary determinants of performance moving forward. We enter the fiscal year 2024 positioned with a slight defensive tilt and tight risk controls as we await the coming earnings season for greater insight into future performance.


AVERAGE ANNUAL TOTAL RETURN ^†¹²

	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date

I Shares*‡		-2.58%		7.07%		4.17%		4.56%

Class S Shares**		-2.69%		6.97%		4.08%		3.99%

Russell 2000^®Index***		-8.56%		3.95%		3.31%		4.91%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Small Cap Fund, I Shares versus the Russell 2000^® Index.

LOGO

^* Commenced operations of February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

^** Commenced operations on July 14, 2015.

^*** Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

‡ See Note 1 in the Notes to Financial Statements.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus U.S. All Cap Index Fund

The broad U.S. stock market, as defined by the Knights of Columbus U.S. All Cap Index, rose 9.73% from October 31, 2022 – October 31, 2023.

Reflecting this environment, The Knights of Columbus Index^® Fund rose 9.68% as the portfolio continues to execute on its objective to maintain securities’ weightings in accordance with the index.

The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market that is consistent with USCCB guidelines closely tracked its target index, the Knights of Columbus U.S. All Cap Index.


AVERAGE ANNUAL TOTAL RETURN ^†^1,2
	One Year Return	Three Year Return	Annualized Inception to Date
I Shares*	9.68%	9.49%	8.20%
Knights of Columbus U.S. All Cap Index^®**	9.73%	9.71%	8.52%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus U.S. All Cap Index Fund, I Shares versus the Knights of Columbus U.S. All Cap Index^®.

LOGO

^* Commenced operations on December 31, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

^** Index returns are shown from December 31, 2019. See definition of comparative index on page 3.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’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.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus Real Estate Fund

U.S. Real estate stocks posted a loss for the period between November 1, 2022 and October 31, 2023, with macroeconomic uncertainty exacerbated by geopolitical tension driving a sell-off in risk assets, including listed real estate shares. The FTSE Nareit Equity REITs Index (the “Index”) had a total return of -6.10%, while the Knights of Columbus Real Estate Fund (the “Fund”) generated a total net return of -8.90%, underperforming the Index by 280 basis points.

During the year, despite continued strong industry fundamentals, the REIT market was weighed down by exogenous factors, including:

•

Central bank tightening to rein in elevated inflation and its potential impact on consumer confidence and the economy;

•

Concerns over the pace/timing of stimulus withdrawal and rate hikes by the U.S. Fed;

•

Geopolitical stress driven by the war in Ukraine;

•

War in the Middle East caused a flight to safe havens that exerted downward pressure on Treasury bond yields;

•

China’s muted recovery as it seeks to transition from COVID lock-downs to re-opening its economy;

•

Regional bank stress revealed the lagged effect of rate hikes to date—with the resulting tightening of credit doing some of the Fed’s work for it; and

•

The looming risk of a shut-down of the U.S. government (Deadline extended to early 2024)

A historical review of listed real estate returns during periods of rising inflation serves as a reminder that real estate values tend to increase with inflation, as rising inflation is typically an indicator of a growing economy – the most important driver of demand for most property types. Additionally, commercial real estate leases often incorporate annual rent escalators, helping to provide additional protection of real estate cash flows during inflationary periods.

The Fund’s stock selection in the Cold Storage sector was a contributor to relative returns vs. the benchmark. The Fund also benefited from its stock selection in the Diversified, Net Lease, Lodging, and certain Specialty sectors.

The Fund’s stock selection in the Retail, Residential, Healthcare, and certain Specialty sectors were detractors to relative returns. We believe that the sell-off in Specialty property types with strong fundamentals, such as Data Centers and Cell Towers, has presented deep value investment opportunities for the Fund.

Despite the macroeconomic and geopolitical headlines, our outlook for the real estate industry continues to be constructive. Real estate fundamentals and earnings growth remain strong amidst an environment characterized by low supply in many sectors, paired with high construction costs. These factors, along with commercial real estate’s demonstrated performance as an effective hedge against high inflation, bode well for the outlook for owners of high-quality, income-producing, well-located real estate.

Our high conviction, benchmark-agnostic investment approach allows us to maintain a laser-focus on identifying and owning only

the highest-quality companies in our investable universe. We have high conviction in our fundamental research and confidence in the management teams of the companies we own. While capital markets continue to experience transitory periods of market fixation on non-fundamental factors, we believe our portfolio is well-positioned as investor attention turns back to fundamentals.

Knights of Columbus Assets Advisors serves as Investment Advisor to the Fund and overseas the activities of Ranger Global Real Estate Advisors LLC as the Fund’s investment sub-adviser. Knights of Columbus owns 16.48% of Ranger Global Real Estate Advisors LLC.


AVERAGE ANNUAL TOTAL RETURN ^†^1,2

	One Year Return		Three Year Return		Annualized Inception to Date

I Shares*		-8.90%		2.33%		-0.57%

FTSE NAREIT Equity REITs Index**		-6.10%		5.12%		-1.87%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Real Estate Fund, I Shares versus the FTSE NAREIT Equity REITs Index.

LOGO

^* Commenced operations on September 30, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

^** Index returns are shown from September 30, 2019. See definition of comparative index on page 3.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

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.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS FUNDS
		OCTOBER 31, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE (Unaudited)

Knights of Columbus International Equity Fund

Global equities were strong in the first nine months of the fiscal year as they rebounded from the sharp sell-off of 2022, which stemmed from rising interest rates. Even though the benchmark fell in the final three months of the period, it still returned an attractive 12.72%.

The primary economic and market dynamics revolved around high inflation, central banks’ attempts to slow it with increased interest rates, and fears that the whole exercise would cause an economic slowdown. That fear never materialized, though, and world GDP for 2023 looks like it will come in only slightly below 2022. Both corporate and consumer spending have held up much better than expected, keeping most major economies growing, even if Western Europe and the UK are only slightly positive. The Energy sector was a major story, as it was last year. First, it fell from its highs at the start of the Ukraine-Russia conflict, then rose again with the conflict in the Middle East.

Information Technology was the best sector for returns, rising +21.4%, followed closely by Consumer Discretionary at +19.1%. The weakest were Real Estate, which was hurt by higher interest rates and rose only +2.4%, and Health Care, which increased +5.7%. Japan was the strongest region, rising +17.1%, helped by low-interest rates that buoyed valuations and kept borrowing costs low. Canada was the weakest, and only negative, region, slipping -1.1%.

The Fund appreciated +11.49%, trailing the benchmark by 140 basis points (bps). Consumer Staples added the most to performance, and the two best holdings were both beneficiaries of high-end consumer spending: French cosmetics company L’Oreal SA (1.68% Avg. Wgt, +35.1% Return) and its Brazilian competitor Natura & Co. Holdings S.A. (0.31%, +17.7%). The sector that detracted the most from performance was Health Care. Danish oncology drug maker Genmab A/S (1.00%, -37.7%) reported several disappointing financial results. The other negative impact was from not owning (due to USCCB restrictions) Novo Nordisk A/S (0.00%, +78.6%), which rose sharply on sales of its weight-loss drug.

Investors appear to have accepted that interest rates will be “higher for longer,” since inflation has been higher, and unemployment has been lower than expected. This has limited further upside in global equity markets. The growing concern, however, is the degree to which economies and corporate earnings are beginning to slow. For these reasons, we remain slightly defensively positioned in the portfolio while maintaining our approach of sector, region, and company diversification.


AVERAGE ANNUAL TOTAL RETURN ^†^1,2


	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date

I Shares*‡		11.49%		2.84%		3.30%		3.62%

Class S Shares**		11.32%		2.72%		3.15%		3.76%

FTSE All-World ex-US Index***		12.72%		3.82%		4.20%		3.37%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus International Equity Fund, I Shares versus the FTSE All-World ex-US Index.

LOGO

^* Commenced operations of February 27, 2015. The graph is based on I Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

^** Commenced operations on July 14, 2015.

^*** Index returns are shown from February 27, 2015. See definition of comparative index on page 3.

^† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

‡ See Note 1 in the Notes to Financial Statements.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LIMITED DURATION FUND
		OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.



SCHEDULE OF INVESTMENTS

U.S. TREASURY OBLIGATIONS — 61.4%

	Face Amount		Value
U.S. Treasury Notes 4.375%, 08/15/26	$	23,500,000	$	23,164,023
4.000%, 12/15/25		14,370,000		14,068,006
3.875%, 01/15/26		16,200,000		15,813,985
3.625%, 05/15/26		19,000,000		18,403,281
2.875%, 06/15/25		43,000,000		41,463,086


Total U.S. Treasury Obligations (Cost $114,991,868)				112,912,381


CORPORATE OBLIGATIONS — 29.0%

COMMUNICATION SERVICES — 1.2%
NTT Finance 0.583%, 03/01/24(A)		1,131,000		1,110,979
T-Mobile USA 2.625%, 04/15/26		550,000		508,325
Warnermedia Holdings 6.412%, 03/15/26		600,000		598,774

				2,218,078


CONSUMER DISCRETIONARY — 1.6%
Aptiv 2.396%, 02/18/25		525,000		500,747
Brunswick 0.850%, 08/18/24		624,000		595,573
Daimler Truck Finance North America
2.000%, 12/14/26(A)		910,000		810,077
Genuine Parts 1.750%, 02/01/25		673,000		636,141
Mercedes-Benz Finance North America
4.800%, 03/30/26(A)		550,000		538,771

				3,081,309



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

CONSUMER STAPLES — 3.7%
7-Eleven 0.950%, 02/10/26(A)	$	975,000	$	873,359
Coca-Cola European Partners 0.800%, 05/03/24(A)		763,000		742,548
Constellation Brands 4.750%, 11/15/24		413,000		407,977
Diageo Capital 2.125%, 10/24/24		1,086,000		1,049,079
JDE Peet’s 0.800%, 09/24/24(A)		1,216,000		1,158,849
McCormick 0.900%, 02/15/26		975,000		872,060
Mondelez International Holdings Netherlands BV
2.250%, 09/19/24(A)		588,000		569,112
Nestle Holdings 0.375%, 01/15/24(A)		530,000		524,225
Suntory Holdings 2.250%, 10/16/24(A)		592,000		570,212

				6,767,421


ENERGY — 1.7%
Continental Resources 3.800%, 06/01/24		592,000		583,065
Enbridge 2.500%, 02/14/25		673,000		643,667
Energy Transfer 3.900%, 05/15/24		691,000		682,591
Hess 3.500%, 07/15/24		741,000		727,517
Western Midstream Operating 3.950%, 06/01/25		673,000		647,237

				3,284,077


FINANCIALS — 8.5%
Ares Capital 4.200%, 06/10/24		566,000		556,472
Bank of Montreal MTN 1.500%, 01/10/25		987,000		935,915
Bank of Nova Scotia 0.700%, 04/15/24		610,000		595,742
0.650%, 07/31/24		610,000		586,065
BlackRock TCP Capital 3.900%, 08/23/24		1,140,000		1,108,850
Blackstone Private Credit Fund 1.750%, 09/15/24		812,000		776,668
Blue Owl Capital 5.250%, 04/15/24		561,000		556,585
Emera US Finance 0.833%, 06/15/24		875,000		842,583
Equitable Financial Life Global Funding
1.100%, 11/12/24(A)		619,000		588,218
F&G Global Funding 0.900%, 09/20/24(A)		943,000		894,399

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LIMITED DURATION FUND
		OCTOBER 31, 2023

CORPORATE OBLIGATIONS — continued


	Face Amount		Value

FINANCIALS — continued
Fidelity National Information Services
1.150%, 03/01/26	$	580,000	$	519,592
Franklin BSP Lending 4.850%, 12/15/24(A)		628,000		604,371
FS KKR Capital 4.625%, 07/15/24		584,000		574,193
Goldman Sachs Group
6.138%, SOFRRATE + 0.790%, 12/09/26(B)		512,000		505,807
Golub Capital BDC 3.375%, 04/15/24		588,000		578,772
National Bank of Canada MTN
0.550%, H15T1Y + 0.400%, 11/15/24(B)		1,100,000		1,097,476
PNC Bank 2.500%, 08/27/24		449,000		436,011
Principal Life Global Funding II 1.375%, 01/10/25(A)		651,000		616,861
Sixth Street Specialty Lending 3.875%, 11/01/24		575,000		558,188
UBS 0.700%, 08/09/24(A)		1,032,000		990,290
Webster Financial 4.375%, 02/15/24		987,000		977,179
Wells Fargo MTN
0.805%, SOFRRATE + 0.510%, 05/19/25(B)		584,000		565,502

				15,465,739


HEALTH CARE — 0.7%
Baxter International 2.600%, 08/15/26		710,000		647,639
Zimmer Biomet Holdings 3.050%, 01/15/26		610,000		573,782

				1,221,421


INDUSTRIALS — 3.4%
AerCap Ireland Capital DAC 4.875%, 01/16/24		242,000		241,243
Air Lease MTN 0.700%, 02/15/24		552,000		542,990
Canadian Pacific Railway 1.350%, 12/02/24		1,279,000		1,217,953
Georgia-Pacific 0.950%, 05/15/26(A)		575,000		510,090
Howmet Aerospace 5.125%, 10/01/24		378,000		373,464
Hubbell 3.350%, 03/01/26		915,000		866,881
Johnson Controls International 3.900%, 02/14/26		575,000		550,835
Quanta Services 0.950%, 10/01/24		619,000		589,725
Regal Rexnord 6.050%, 02/15/26(A)		915,000		899,999



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — continued
Westinghouse Air Brake Technologies
3.450%, 11/15/26	$	600,000	$	556,579

				6,349,759


INFORMATION TECHNOLOGY — 2.9%
Amphenol 4.750%, 03/30/26		915,000		893,921
Broadcom 3.459%, 09/15/26		900,000		844,389
Microchip Technology 0.983%, 09/01/24		359,000		343,988
0.972%, 02/15/24		530,000		521,829
Renesas Electronics 2.170%, 11/25/26(A)		900,000		794,625
Roper Technologies 3.800%, 12/15/26		960,000		906,884
Teledyne Technologies 1.600%, 04/01/26		975,000		881,297

				5,186,933


MATERIALS — 2.9%
Berry Global 1.570%, 01/15/26		565,000		510,460
Celanese US Holdings 3.500%, 05/08/24		645,000		635,883
Freeport-McMoRan 4.550%, 11/14/24		898,000		878,813
Sherwin-Williams 3.950%, 01/15/26		915,000		879,714
Sonoco Products 1.800%, 02/01/25		651,000		616,141
Steel Dynamics 5.000%, 12/15/26		525,000		506,898
West Fraser Timber 4.350%, 10/15/24(A)		666,000		649,907
Westlake 3.600%, 08/15/26		625,000		586,873

				5,264,689


REAL ESTATE — 0.7%
American Tower 3.375%, 10/15/26		845,000		782,214
Vornado Realty 3.500%, 01/15/25		516,000		487,816

				1,270,030


UTILITIES — 1.7%
American Electric Power
2.031%, 03/15/24		651,000		640,033
Black Hills 1.037%, 08/23/24		925,000		886,690
Dominion Energy 3.071%, 08/15/24(C)		507,000		494,921
Southern 0.600%, 02/26/24		557,000		547,685

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LIMITED DURATION FUND
		OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

UTILITIES — continued
WEC Energy Group 0.800%, 03/15/24	$	566,000	$	555,553

				3,124,882


Total Corporate Obligations (Cost $54,891,419)				53,234,338


ASSET-BACKED SECURITIES — 4.8%

ABPCI Direct Lending Fund CLO X, Ser 2020-10A, Cl A2A
7.738%, TSFR3M + 2.412%, 01/20/32 (A)(B)		1,122,000		1,120,572
Benefit Street Partners CLO II, Ser 2021-IIA, Cl A2R2
7.106%, TSFR3M + 1.712%, 07/15/29 (A)(B)		539,000		534,817
Blackrock Mount Adams CLO IX, Ser 2021-9A, Cl A1
7.028%, TSFR3M + 1.632%, 09/22/31 (A)(B)		655,110		651,340
California Street CLO IX, Ser 2021-9A, Cl AR3
6.756%, TSFR3M + 1.362%, 07/16/32 (A)(B)		592,000		588,395
Cerberus Loan Funding XXXVI, Ser 2021-6A, Cl B
7.406%, TSFR3M + 2.012%, 11/22/33 (A)(B)		628,000		619,565
Churchill MMSLF CLO-I, Ser 2021-2A, Cl A
7.126%, TSFR3M + 1.712%, 10/01/32 (A)(B)		1,113,000		1,101,733
Fortress Credit Opportunities XI CLO, Ser 2018-11A, Cl A1T
6.956%, TSFR3M + 1.562%, 04/15/31 (A)(B)		962,388		956,062
Fortress Credit Opportunities XVII CLO, Ser 2022-17A, Cl B
7.344%, TSFR3M + 1.950%, 01/15/30 (A)(B)		637,000		621,580
KKR Lending Partners III CLO, Ser 2021-1A, Cl B
7.577%, TSFR3M + 2.162%, 10/20/30 (A)(B)		592,000		573,307
Nassau, Ser 2017-IIA, Cl AF 3.380%, 01/15/30 (A)		209,780		201,492
RIN II, Ser 2019-1A, Cl A
7.323%, TSFR3M + 1.912%, 09/10/30 (A)(B)		557,000		545,582
VCP CLO II, Ser 2021-2A, Cl A1
7.326%, TSFR3M + 1.932%, 04/15/31 (A)(B)		622,543		622,455
Wellfleet CLO, Ser 2018-2A, Cl A1R
6.817%, TSFR3M + 1.402%, 10/20/28 (A)(B)		72,296		72,219



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Wellfleet CLO, Ser 2021-1A, Cl BR4
7.227%, TSFR3M + 1.812%, 07/20/29 (A)(B)	$	592,000	$	586,565
Zais CLO VIII, Ser 2018-1A, Cl A
6.606%, TSFR3M + 1.212%, 04/15/29 (A)(B)		39,324		39,273


Total Asset-Backed Securities (Cost $8,931,826)				8,834,957


MORTGAGE-BACKED SECURITIES — 2.8%

BPR Trust, Ser 2021-KEN, Cl B
7.399%, TSFR1M + 2.064%, 02/15/29 (A)(B)		723,000		716,068
COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2
1.106%, 07/27/54 (A)		108,145		90,690
FREMF Mortgage Trust, Ser 2015-K48, Cl C
3.646%, 08/25/48 (A)(B)		718,000		682,998
FREMF Mortgage Trust, Ser 2017-K729, Cl B
3.674%, 11/25/49 (A)(B)		750,000		726,114
GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7
2.500%, 06/25/52 (A)(B)		1,021,691		909,192
GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7
2.500%, 08/25/52 (A)(B)		900,587		800,205
JP Morgan Mortgage Trust, Ser 2014-IVR6, Cl AM
6.836%, 07/25/44 (A)(B)		12,615		12,516
JP Morgan Mortgage Trust, Ser 2016-2, Cl A1
7.065%, 06/25/46 (A)(B)		27,691		24,904
JP Morgan Mortgage Trust, Ser 2016-5, Cl A1
7.002%, 12/25/46 (A)(B)		53,781		51,143
JP Morgan Mortgage Trust, Ser 2022-4, Cl A12
3.000%, 10/25/52 (A)(B)		1,071,198		974,465
Sequoia Mortgage Trust, Ser 2013-4, Cl B3
3.438%, 04/25/43 (B)		66,329		59,634
Verus Securitization Trust, Ser 2021-1, Cl A2
1.052%, 01/25/66 (A)(B)		181,878		150,457


Total Mortgage-Backed Securities (Cost $5,668,787)				5,198,386


U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 0.0%

FHLMC 6.000%, 01/01/37		829		816
6.000%, 11/01/37		1,009		1,003
5.500%, 07/01/34		1,004		977

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LIMITED DURATION FUND
		OCTOBER 31, 2023



U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

	Face Amount		Value
4.000%, 03/01/39	$	2,675	$	2,371
FHLMC, Ser 2004-2746, Cl BG 5.000%, 02/15/24		240		239
FNMA 6.000%, 05/01/36		262		264
6.000%, 08/01/36		258		261
5.500%, 07/01/38		2,114		2,074
GNMA 6.000%, 03/15/32		513		516
6.000%, 09/15/33		3,959		4,001
6.000%, 09/15/37		1,610		1,625
5.500%, 06/15/38		698		680
5.000%, 06/15/33		902		871


Total U.S. Government Agency Mortgage-Backed Obligations (Cost $17,521)				15,698

Total Investments in Securities— 98.0% (Cost $184,501,421)			$	180,195,760

Percentages are based on Net Assets of $183,920,481.

(A)

Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. The total value of these securities at October 31, 2023 was $27,420,601 and represented 14.9% of Net Assets.

(B)

Variable or floating rate security. The rate shown is the 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 coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

See “Glossary” for abbreviations.

As of October 31, 2023, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		CORE BOND FUND
		OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.



SCHEDULE OF INVESTMENTS

U.S. TREASURY OBLIGATIONS — 42.6%

	Face Amount		Value
U.S. Treasury Bonds
4.000%, 11/15/42	$	3,300,000	$	2,797,523
4.000%, 11/15/52		4,250,000		3,551,738
3.750%, 08/15/41		6,900,000		5,711,098
3.000%, 05/15/45		1,725,000		1,219,292
3.000%, 08/15/52		250,000		171,484
2.875%, 05/15/52		3,750,000		2,502,393
2.250%, 08/15/46		4,100,000		2,456,316
1.875%, 11/15/51		1,300,000		678,031
1.250%, 05/15/50		1,850,000		813,856
U.S. Treasury Notes
4.250%, 12/31/24		10,500,000		10,365,879
4.125%, 11/15/32		1,500,000		1,413,164
3.875%, 01/15/26		8,000,000		7,809,375
3.875%, 12/31/27		5,750,000		5,537,520
3.875%, 09/30/29		1,500,000		1,419,727
2.750%, 05/31/29		9,000,000		8,058,164
2.750%, 08/15/32		5,500,000		4,652,656
2.625%, 05/31/27		11,900,000		11,021,445
1.500%, 02/15/25		940,000		895,570
1.375%, 11/15/31		1,000,000		767,500
0.625%, 05/15/30		2,500,000		1,905,762
0.250%, 05/15/24		500,000		486,094
0.250%, 09/30/25		4,400,000		4,016,719


Total U.S. Treasury Obligations (Cost $89,152,494)				78,251,306


U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 23.7%

FHLMC
6.000%, 01/01/53		1,536,472		1,501,789
6.000%, 05/01/53		844,072		823,103
5.500%, 11/01/52		866,725		822,378
5.500%, 01/01/53		1,570,801		1,491,437
5.000%, 12/01/52		818,178		755,124
5.000%, 04/01/53		838,678		773,632



U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

	Face Amount		Value
4.500%, 12/01/48	$	118,615	$	107,835
4.500%, 09/01/52		742,175		663,536
4.000%, 02/01/47		232,847		206,206
4.000%, 11/01/47		220,621		195,413
4.000%, 11/01/48		80,003		70,478
4.000%, 04/01/52		1,314,602		1,138,439
3.500%, 11/01/44		214,887		185,762
3.500%, 04/01/46		135,376		116,467
3.500%, 07/01/47		291,652		250,011
3.500%, 12/01/48		178,702		152,406
3.500%, 04/01/52		998,554		832,157
3.000%, 02/01/45		232,462		193,677
3.000%, 08/01/45		114,969		95,696
3.000%, 02/01/48		137,014		112,853
3.000%, 04/01/50		484,578		391,165
2.500%, 02/01/30		124,072		115,273
2.000%, 08/01/50		1,032,885		765,402
2.000%, 10/01/50		304,019		225,089
FHLMC Structured Pass-Through
Certificates, Ser 2003-54, Cl 4A
4.095%, 02/25/43(A)		61,638		54,582
FNMA
6.500%, 01/01/53		900,000		896,517
6.500%, 03/01/53		809,484		804,759
6.500%, 05/01/53		814,979		811,342
6.500%, 06/01/53		821,451		816,549
6.500%, 08/01/53		1,791,009		1,782,041
6.000%, 12/01/52		778,504		760,293
6.000%, 04/01/53		819,494		799,558
6.000%, 05/01/53		819,574		799,762
6.000%, 06/01/53		975,363		950,573
5.500%, 03/01/53		816,518		774,739
5.500%, 04/01/53		851,517		807,939
5.500%, 05/01/53		804,679		763,499
5.000%, 12/01/37		767,751		740,675
5.000%, 09/01/52		721,594		665,919
5.000%, 11/01/52		776,692		716,736
5.000%, 01/01/53		773,683		713,781
4.500%, 12/01/37		747,837		709,346
4.500%, 02/01/41		330,169		304,836
4.500%, 03/01/48		201,577		183,586
4.500%, 10/01/52		809,079		723,352
4.500%, 01/01/53		1,208,993		1,080,723
4.000%, 03/01/35		91,043		84,789
4.000%, 01/01/42		248,961		222,521
4.000%, 05/01/49		207,652		183,278
4.000%, 10/01/52		976,666		844,779
3.500%, 02/01/47		253,228		218,727
3.500%, 12/01/47		124,133		105,925
3.500%, 08/01/48		133,590		113,662
3.500%, 03/01/49		232,970		201,125
3.500%, 06/01/49		476,227		405,130
3.500%, 07/01/50		766,847		658,342
3.000%, 10/01/48		212,053		174,147
3.000%, 02/01/50		1,688,149		1,363,310
3.000%, 05/01/51		1,305,507		1,056,638
3.000%, 03/01/52		1,364,718		1,095,996

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		CORE BOND FUND
		OCTOBER 31, 2023



U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

	Face Amount		Value
2.500%, 12/01/49	$	331,819	$	256,932
2.500%, 09/01/50		684,598		529,663
2.500%, 06/01/51		1,121,950		865,163
2.000%, 10/01/50		817,378		605,522
2.000%, 02/01/51		621,927		460,482
2.000%, 01/01/52		2,149,033		1,585,745
GNMA
6.000%, 08/20/52		855,697		838,758
5.500%, 12/20/52		1,114,439		1,067,285
4.000%, 07/20/48		90,722		81,366
4.000%, 05/20/52		763,172		671,136
3.500%, 06/20/48		544,846		470,547
3.000%, 06/20/51		945,245		788,786


Total U.S. Government Agency
Mortgage-Backed Obligations
(Cost $48,720,472)				43,596,189


CORPORATE OBLIGATIONS — 18.8%

COMMUNICATION SERVICES — 0.8%
Comcast
2.887%, 11/01/51		314,000		173,412
2.650%, 02/01/30		240,000		199,171
Discovery Communications
4.125%, 05/15/29		635,000		558,974
NBN MTN
2.625%, 05/05/31(B)		600,000		474,297

				1,405,854


CONSUMER DISCRETIONARY — 0.8%
7-Eleven
2.800%, 02/10/51(B)		940,000		500,243
Mars
2.375%, 07/16/40(B)		540,000		324,191
Tiffany
4.900%, 10/01/44		759,000		640,107

				1,464,541


CONSUMER STAPLES — 1.1%
Anheuser-Busch InBev Worldwide
4.750%, 01/23/29		300,000		289,524
Bunge Finance
3.250%, 08/15/26		250,000		232,834
1.630%, 08/17/25		250,000		231,465
Conagra Brands
4.600%, 11/01/25		465,000		451,506
JBS USA LUX
3.000%, 05/15/32		695,000		505,453
Mondelez International
1.500%, 02/04/31		535,000		392,644

				2,103,426


ENERGY — 2.3%
Boardwalk Pipelines
4.800%, 05/03/29		480,000		441,822
Chevron USA
8.000%, 04/01/27		250,000		270,550



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

ENERGY — continued
Eastern Gas Transmission & Storage
3.000%, 11/15/29	$	560,000	$	469,934
Energy Transfer Operating
2.900%, 05/15/25		415,000		395,328
MarkWest Energy Partners
4.875%, 06/01/25		375,000		365,159
Occidental Petroleum
4.100%, 02/15/47		1,460,000		941,948
Patterson-UTI Energy
7.150%, 10/01/33		900,000		878,058
Rockies Express Pipeline
3.600%, 05/15/25(B)		480,000		454,217

				4,217,016


FINANCIALS — 4.6%
Ares Capital
4.250%, 03/01/25		570,000		548,679
Ares Finance II
3.250%, 06/15/30(B)		645,000		521,751
Bank of Montreal
3.803%, USSW5 +
1.432%, 12/15/32(A)		825,000		714,990
Carlyle Finance Subsidiary
3.500%, 09/19/29(B)		650,000		574,590
CI Financial
3.200%, 12/17/30		910,000		665,870
Goldman Sachs Group
6.138%, SOFRRATE +
0.790%, 12/09/26(A)		520,000		513,710
Legg Mason
5.625%, 01/15/44		685,000		604,212
MSCI
3.250%, 08/15/33(B)		505,000		373,639
National Australia Bank
3.347%, H15T5Y +
1.700%, 01/12/37(A),(B)		750,000		555,904
Neuberger Berman Group
4.500%, 03/15/27(B)		970,000		899,287
Nuveen Finance
4.125%, 11/01/24(B)		400,000		390,291
PennantPark Floating Rate Capital
4.250%, 04/01/26		650,000		593,404
Raymond James Financial
3.750%, 04/01/51		610,000		391,617
Stifel Financial
4.250%, 07/18/24		445,000		437,882
UBS Group
3.179%, H15T1Y +
1.100%, 02/11/43(A),(B)		555,000		343,680
Willis North America
3.600%, 05/15/24		415,000		409,117

				8,538,623

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		CORE BOND FUND
		OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — 2.6%
Ashtead Capital
1.500%, 08/12/26(B)	$	650,000	$	571,255
Canadian Pacific Railway
3.100%, 12/02/51		880,000		516,575
Daimler Truck Finance North
America
2.500%, 12/14/31(B)		940,000		716,405
Delta Air Lines
2.900%, 10/28/24		455,000		436,635
Flowserve
2.800%, 01/15/32		675,000		497,408
Howmet Aerospace
3.000%, 01/15/29		495,000		417,813
Masco
6.500%, 08/15/32		317,000		313,480
Northern Group Housing
5.605%, 08/15/33(B)		479,235		464,663
Teledyne Technologies
2.250%, 04/01/28		420,000		358,577
Westinghouse Air Brake
Technologies
3.200%, 06/15/25		530,000		504,425

				4,797,236


INFORMATION TECHNOLOGY — 1.4%
Infor
1.750%, 07/15/25(B)		335,000		308,895
Microsoft
2.921%, 03/17/52		270,000		166,673
NXP BV
5.550%, 12/01/28		245,000		236,436
Oracle
2.875%, 03/25/31		600,000		480,936
Roper Technologies
2.950%, 09/15/29		420,000		357,796
VMware
1.800%, 08/15/28		625,000		515,879
Vontier
1.800%, 04/01/26		590,000		525,540

				2,592,155


MATERIALS — 1.8%
Anglo American Capital
4.500%, 03/15/28(B)		525,000		489,469
Berry Global
1.650%, 01/15/27		625,000		538,569
CF Industries
4.500%, 12/01/26(B)		520,000		495,527
Martin Marietta Materials
2.400%, 07/15/31		865,000		663,343
Sealed Air
1.573%, 10/15/26(B)		835,000		730,324
Silgan Holdings
1.400%, 04/01/26(B)		420,000		372,192

				3,289,424



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

REAL ESTATE — 1.5%
Alexandria Real Estate Equities
2.000%, 05/18/32	$	745,000	$	524,246
Camp Pendleton & Quantico Housing
6.165%, 10/01/50(B)		400,000		357,039
Extra Space Storage
2.350%, 03/15/32		730,000		535,028
NNN REIT
2.500%, 04/15/30		700,000		556,992
Store Capital
4.500%, 03/15/28		380,000		327,860
UDR
3.000%, 08/15/31		560,000		443,544

				2,744,709


UTILITIES — 1.9%
DPL
4.350%, 04/15/29		425,000		346,652
Duquesne Light Holdings
2.532%, 10/01/30(B)		540,000		409,147
Emera US Finance
4.750%, 06/15/46		250,000		174,730
IPALCO Enterprises
3.700%, 09/01/24		435,000		424,240
Jersey Central Power & Light
2.750%, 03/01/32(B)		670,000		513,806
Monongahela Power
3.550%, 05/15/27(B)		550,000		506,164
NextEra Energy Capital Holdings
1.900%, 06/15/28		1,230,000		1,026,515

				3,401,254


Total Corporate Obligations
(Cost $41,709,323)				34,554,238


MORTGAGE-BACKED SECURITIES — 7.8%

COLT Mortgage Loan Trust, Ser 2022-4, Cl A1
4.301%, 03/25/67 (A),(B)		889,295		820,304
CSMC Trust, Ser 2013-IVR3, Cl A2
3.000%, 05/25/43 (A),(B)		139,687		116,020
CSMC Trust, Ser 2015-2, Cl A18
3.500%, 02/25/45 (A),(B)		120,833		100,827
First Republic Mortgage Trust, Ser 2020-1, Cl A5
2.886%, 04/25/50 (A),(B)		387,885		358,671
FREMF Mortgage Trust, Ser 2017- K65, Cl C
4.078%, 07/25/50 (A),(B)		725,000		667,584
FREMF Mortgage Trust, Ser 2017- K66, Cl C
4.039%, 07/25/27 (A),(B)		175,000		160,387
FREMF Mortgage Trust, Ser 2017- K67, Cl B
3.946%, 09/25/49 (A),(B)		1,500,000		1,379,477

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		CORE BOND FUND
		OCTOBER 31, 2023



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FREMF Mortgage Trust, Ser 2019-
K99, Cl C
3.645%, 10/25/52 (A),(B)	$	750,000	$	639,407
GMAC Commercial Mortgage
Asset, Ser 2010-FTLS, Cl A
6.363%, 02/10/47 (B),(C)		227,437		215,308
GS Mortgage-Backed Securities
Trust, Ser 2021-PJ1, Cl A8
2.500%, 05/28/52 (A),(B)		1,225,202		995,924
GS Mortgage-Backed Securities
Trust, Ser 2022-MM1, Cl A8
2.500%, 07/25/52 (A),(B)		1,688,222		1,376,697
JP Morgan Mortgage Trust,
Ser 2014-IVR6, Cl AM
6.836%, 07/25/44 (A),(B)		11,597		11,506
JP Morgan Mortgage Trust,
Ser 2016-2, Cl A1
7.065%, 06/25/46 (A),(B)		30,653		27,568
JP Morgan Mortgage Trust,
Ser 2016-5, Cl B3
6.983%, 12/25/46 (A),(B)		250,613		244,107
JP Morgan Mortgage Trust,
Ser 2022-2, Cl A4A
2.500%, 08/25/52 (A),(B)		1,160,832		952,834
JP Morgan Mortgage Trust,
Ser 2022-3, Cl A4A
2.500%, 08/25/52 (A),(B)		1,655,488		1,347,715
JP Morgan Mortgage Trust,
Ser 2022-4, Cl A4
3.000%, 10/25/52 (A),(B)		1,791,661		1,494,006
JPMBB Commercial Mortgage
Securities Trust, Ser 2015-C31, Cl ASB
3.540%, 08/15/48		175,691		170,239
Rate Mortgage Trust, Ser 2022-J1,
Cl A9
2.500%, 01/25/52 (A),(B)		1,246,786		1,012,680
RCKT Mortgage Trust, Ser 2022-3,
Cl A5
3.000%, 05/25/52 (A),(B)		1,840,295		1,528,564
Seasoned Credit Risk Transfer
Trust, Ser 2018-4, Cl MV
3.500%, 03/25/58		647,246		560,470
Sequoia Mortgage Trust, Ser 2015-
1, Cl A1
3.500%, 01/25/45 (A),(B)		22,828		19,802
Sequoia Mortgage Trust, Ser 2015-
2, Cl A1
3.500%, 05/25/45 (A),(B)		47,749		40,917
Sequoia Mortgage Trust, Ser 2015-
4, Cl A1
3.000%, 11/25/30 (A),(B)		52,285		48,772


Total Mortgage-Backed Securities
(Cost $16,567,731)				14,289,786



MUNICIPAL BONDS — 3.7%

	Face Amount		Value
Colorado Housing and Finance
Authority, RB
5.619%, 11/01/38	$	965,000	$	897,651
Denver City & County, Housing
Authority, Ser 2021-B, RB
3.104%, 02/01/39		300,000		205,431
Grand Parkway Transportation,
Ser B, RB
3.216%, 10/01/49		640,000		401,226
Hawaii State, Department of
Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		108,991		102,271
Idaho Housing & Finance
Association, Ser D-1, RB
5.713%, 07/01/38		960,000		916,302
Massachusetts State, Housing
Finance Agency, Ser B, RB
3.350%, 12/01/40		200,000		140,683
Michigan State Housing
Development Authority, Ser C, RB
5.816%, 12/01/38		895,000		860,582
Minnesota Housing Finance
Agency, RB
5.726%, 07/01/33		440,000		431,147
New York City, Housing
Development, Ser D, RB
3.083%, 11/01/46		900,000		527,917
New York State, Mortgage Agency,
Ser 241, RB
2.930%, 10/01/46		700,000		412,747
Rhode Island State, Housing and
Mortgage Finance, Ser 1-T, RB
2.993%, 10/01/38		540,000		359,157
Texas State, Natural Gas
Securitization Finance, Ser 2023 A-2, RB
5.169%, 04/01/41		705,000		651,811
Virginia State, Housing
Development Authority, Ser C, RB
2.829%, 04/01/41		500,000		326,212
Washington State Housing Finance
Commission, Ser 2T, RB
5.738%, 12/01/38		550,000		519,152


Total Municipal Bonds
(Cost $8,383,974)				6,752,289


ASSET-BACKED SECURITIES — 1.5%

Benefit Street Partners CLO II,
Ser 2021-IIA, Cl A2R2
7.106%, TSFR3M + 1.712%,
07/15/29 (A),(B)		585,000		580,460

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		CORE BOND FUND
		OCTOBER 31, 2023



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Helios Issuer, Ser 2023-GRID1,
Cl 1A
5.750%, 12/20/50 (B)	$	900,000	$	884,311
RIN II, Ser 2019-1A, Cl A
7.323%, TSFR3M + 1.912%, 09/10/30 (A),(B)		600,000		587,700
VCP CLO II, Ser 2021-2A, Cl B1
7.906%, TSFR3M + 2.512%, 04/15/31 (A),(B)		650,000		643,800


Total Asset-Backed Securities (Cost $2,712,816)				2,696,271

Total Investments in Securities— 98.1% (Cost $207,246,810)			$	180,140,079

Percentages are based on Net Assets of $183,576,840.

(A)

(B)

(C)	Level 3 security in accordance with fair value hierarchy.

See “Glossary” for abbreviations.

The following is a summary of the level of inputs used as of October 31, 2023, in

valuing the Fund’s investments carried at market value:



Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
U.S. Treasury Obligations	$	—	$	78,251,306	$	—	$	78,251,306
U.S. Government Agency Mortgage- Backed Obligations		—		43,596,189		—		43,596,189
Corporate Obligations		—		34,554,238		—		34,554,238
Mortgage-Backed Securities		—		14,074,478		215,308		14,289,786
Municipal Bonds		—		6,752,289		—		6,752,289
Asset-Backed Securities		—		2,696,271		—		2,696,271

Total Investments in Securities	$	—	$	179,924,771	$	215,308	$	180,140,079

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

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

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.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LONG/SHORT EQUITY FUND
		OCTOBER 31, 2023



SECTOR WEIGHTINGS† (Unaudited)

	Long			Short			Net
Information Technology		16.8	%		(4.3)	%		12.5%
Consumer Discretionary		12.3			(3.1)			9.2
Financials		9.7			(1.2)			8.5
Health Care		10.5			(4.8)			5.7
Communication Services		6.7			(2.1)			4.6
Energy		2.4			0.0			2.4
Materials		1.9			0.0			1.9
Industrials		3.0			(2.6)			0.4
Consumer Staples		0.6			(1.4)			(0.8)
Exchange Traded Funds		0.0			(20.4)			(20.4)

Total Investments								24.0

Other Assets and Liabilities, Net								76.0

								100.0%

† As a percentage of the Fund’s Net Assets.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 63.9%

	Shares		Value

COMMUNICATION SERVICES — 6.7%
Alphabet, Cl A *		13,072	$	1,621,974
Fox		20,893		634,938
Interpublic Group of Companies (A)		7,340		208,456
Match Group *		5,170		178,882
Meta Platforms, Cl A *(A)		5,780		1,741,341
Omnicom Group (A)		20,085		1,504,567
				5,890,158

CONSUMER DISCRETIONARY — 12.3%
Airbnb, Cl A *		13,227		1,564,622
Best Buy		10,790		720,988
Booking Holdings *		562		1,567,733
BorgWarner		31,798		1,173,346
Dick’s Sporting Goods		3,329		356,036
eBay		25,999		1,019,941
Expedia Group *		14,820		1,412,198
Lennar, Cl A		2,914		310,865
NVR *		243		1,315,267
PulteGroup		12,678		932,974
Tapestry		8,081		222,712
Toll Brothers		2,052		145,097
Whirlpool (A)		1,546		161,650
				10,903,429

CONSUMER STAPLES — 0.6%
Archer-Daniels-Midland		7,325		524,250

ENERGY — 2.4%
ConocoPhillips (A)		5,468		649,598
HF Sinclair		10,194		564,544
Noble PLC		7,725		360,680
Valero Energy		3,941		500,507
				2,075,329

FINANCIALS — 9.7%
Ameriprise Financial (A)		4,746		1,492,949
Berkshire Hathaway, Cl B *(A)		7,346		2,507,410
Discover Financial Services (A)		5,482		449,963
FleetCor Technologies *		5,588		1,258,250
JPMorgan Chase		11,939		1,660,237



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Synchrony Financial (A)		44,604	$	1,251,142
				8,619,951

HEALTH CARE — 10.5%
Biogen *		5,803		1,378,445
Cardinal Health		19,470		1,771,770
Cencora, Cl A		5,003		926,305
DaVita *		18,455		1,425,280
Hologic *		13,845		916,124
IQVIA Holdings *(A)		6,134		1,109,211
Medtronic PLC (A)		14,902		1,051,485
United Therapeutics *(A)		3,375		752,152
				9,330,772

INDUSTRIALS — 3.0%
Expeditors International of Washington		9,694		1,059,070
Owens Corning (A)		12,595		1,427,895
Textron		2,473		187,948
				2,674,913

INFORMATION TECHNOLOGY — 16.8%
Adobe *		2,358		1,254,597
Akamai Technologies *		6,220		642,713
Apple (A)		7,582		1,294,778
Applied Materials		2,488		329,287
AppLovin, Cl A *		19,514		711,090
Autodesk *(A)		2,921		577,277
Broadcom (A)		721		606,628
Check Point Software Technologies *(A)		6,986		937,870
Cisco Systems (A)		32,494		1,693,912
Fortinet *		5,928		338,904
Jabil		7,377		905,896
KLA (A)		2,141		1,005,628
Lam Research (A)		1,160		682,335
Microsoft (A)		1,665		562,953
NetApp (A)		23,177		1,686,822
NXP Semiconductors		1,545		266,404
Oracle		5,312		549,261
Qorvo *		3,918		342,512
Skyworks Solutions		5,848		507,256
				14,896,123

MATERIALS — 1.9%
Dow (A)		18,951		916,091
LyondellBasell Industries, Cl A		1,894		170,915
Packaging Corp of America		1,413		216,260
Reliance Steel & Aluminum		1,527		388,438
				1,691,704

Total Common Stock (Cost $57,303,809)				56,606,629
Total Investments in Securities— 63.9% (Cost $57,303,809)			$	56,606,629

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LONG/SHORT EQUITY FUND
		OCTOBER 31, 2023



SECURITIES SOLD SHORT

COMMON STOCK — (19.5)%

	Shares			Value

COMMUNICATION SERVICES — (2.1)%
Paramount Global, Cl B		(82,736	)	$	(900,168)
Walt Disney *		(11,092	)		(904,996)

					(1,805,164)


CONSUMER DISCRETIONARY — (3.1)%
Chewy, Cl A *		(14,075	)		(272,070)
Coupang, Cl A *		(13,157	)		(223,669)
Lucid Group *		(202,572	)		(834,596)
On Holding, Cl A *		(51,992	)		(1,334,635)
Tesla *		(551	)		(110,663)

					(2,775,633)


CONSUMER STAPLES — (1.4)%
Hormel Foods		(11,235	)		(365,699)
Keurig Dr Pepper		(14,391	)		(436,479)
Performance Food Group *		(7,822	)		(451,799)

					(1,253,977)


FINANCIALS — (1.2)%
Block, Cl A *		(13,316	)		(535,969)
NU Holdings, Cl A *		(29,954	)		(245,623)
Toast, Cl A *		(14,400	)		(230,256)

					(1,011,848)


HEALTH CARE — (4.8)%
Agilon Health *		(5,750	)		(103,500)
Boston Scientific *		(6,321	)		(323,572)
Catalent *		(6,919	)		(237,944)
Cooper		(1,805	)		(562,709)
ICON PLC *		(2,116	)		(516,219)
Illumina *		(4,175	)		(456,829)
Insulet *		(5,125	)		(679,421)
Penumbra *		(5,490	)		(1,049,414)
Repligen *		(2,236	)		(300,876)

					(4,230,484)


INDUSTRIALS — (2.6)%
Ceridian HCM Holding *		(6,629	)		(424,322)
Elbit Systems		(1,764	)		(329,021)
HEICO		(2,474	)		(391,906)
Stanley Black & Decker		(4,965	)		(422,273)
Uber Technologies *		(4,142	)		(179,266)
Xylem		(6,216	)		(581,445)

					(2,328,233)


INFORMATION TECHNOLOGY — (4.3)%
Aspen Technology *		(7,581	)		(1,347,523)
BILL Holdings *		(2,756	)		(251,595)
Cloudflare, Cl A *		(14,225	)		(806,415)
Crowdstrike Holdings, Cl A *		(713	)		(126,037)
Datadog, Cl A *		(4,326	)		(352,439)
Snowflake, Cl A *		(2,265	)		(328,719)
SolarEdge Technologies *		(3,368	)		(255,800)
Twilio, Cl A *		(3,998	)		(204,938)
Unity Software *		(5,767	)		(146,309)

					(3,819,775)


Total Common Stock (Proceeds $19,718,751)					(17,225,114)



EXCHANGE TRADED FUNDS — (20.4)%

	Shares			Value
ARK Fintech Innovation ETF*		(209,567	)	$	(3,784,780)
iShares Russell 3000 ETF		(23,807	)		(5,681,540)
Vanguard Value ETF		(64,371	)		(8,644,382)


Total Exchange Traded Funds (Proceeds $19,208,613)					(18,110,702)

Total Securities Sold Short— (39.9)% (Proceeds $38,927,364)				$	(35,335,816)

Percentages are based on Net Assets of $88,623,891.

*	Non-income producing security.

(A)	This security or a partial position of this security has been committed as collateral for securities sold short.

See “Glossary” for abbreviations.

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at market value:



Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	56,606,629	$	—	$	—	$	56,606,629

Total Investments in Securities	$	56,606,629	$	—	$	—	$	56,606,629


Securities Sold Short	Level 1		Level 2		Level 3		Total
Common Stock	$	(17,225,114)	$	—	$	—	$	(17,225,114)
Exchange Traded Funds		(18,110,702)		—		—		(18,110,702)

Total Securities Sold Short	$	(35,335,816)	$	—	$	—	$	(35,335,816)

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

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.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LARGE CAP VALUE FUND
		OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 95.4%

	Shares		Value

COMMUNICATION SERVICES — 6.7%
Alphabet, Cl A *		12,578	$	1,560,678
AT&T		194,446		2,994,468
Comcast, Cl A		77,988		3,220,125
Electronic Arts		14,628		1,810,800
Meta Platforms, Cl A *		2,785		839,037

				10,425,108


CONSUMER DISCRETIONARY — 3.6%
General Motors		23,407		660,078
Lennar, Cl A		23,729		2,531,410
TJX		28,133		2,477,673

				5,669,161


CONSUMER STAPLES — 8.8%
Colgate-Palmolive		34,982		2,627,848
Molson Coors Beverage, Cl B		35,852		2,071,170
Mondelez International, Cl A		40,019		2,649,658
Monster Beverage *		40,356		2,062,192
PepsiCo		13,997		2,285,430
Performance Food Group *		36,094		2,084,789

				13,781,087


ENERGY — 9.8%
Canadian Natural Resources		48,783		3,099,184
ConocoPhillips		32,771		3,893,195
Exxon Mobil		52,864		5,595,654
Pioneer Natural Resources		11,322		2,705,958

				15,293,991


FINANCIALS — 21.5%
Allstate		21,705		2,781,062
American International Group		43,513		2,667,782
Ameriprise Financial		7,707		2,424,391
Berkshire Hathaway, Cl B *		21,867		7,463,863
First Horizon		104,474		1,123,095
Hartford Financial Services Group		41,194		3,025,699
JPMorgan Chase		23,314		3,242,045
Morgan Stanley		32,630		2,310,857
Prudential Financial		21,757		1,989,460



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Toronto-Dominion Bank		26,288	$	1,467,922
Visa, Cl A		9,276		2,180,788
Wells Fargo		73,189		2,910,726

				33,587,690


HEALTH CARE — 9.5%
Boston Scientific *		52,435		2,684,148
Cencora, Cl A		12,921		2,392,323
Exact Sciences *		19,270		1,186,839
Neurocrine Biosciences *		7,524		834,713
Quest Diagnostics		18,500		2,406,850
Select Medical Holdings		70,760		1,608,375
STERIS PLC		10,582		2,222,008
Stryker		5,196		1,404,063

				14,739,319


INDUSTRIALS — 10.5%
AECOM		31,729		2,428,855
Copart *		51,000		2,219,520
CSX		73,923		2,206,602
Cummins		8,998		1,946,267
Eaton PLC		3,725		774,465
Emerson Electric		19,119		1,701,017
Quanta Services		8,232		1,375,732
United Rentals		3,571		1,450,790
Waste Management		13,533		2,223,878

				16,327,126


INFORMATION TECHNOLOGY — 9.6%
Advanced Micro Devices *		19,873		1,957,490
Cisco Systems		73,220		3,816,959
Dell Technologies, Cl C		41,677		2,788,608
Intel		16,820		613,930
Microsoft		4,569		1,544,825
Motorola Solutions		7,776		2,165,305
Salesforce *		10,106		2,029,588

				14,916,705


MATERIALS — 4.2%
Linde PLC		8,770		3,351,543
Steel Dynamics		19,192		2,044,140
Westlake		10,083		1,163,175

				6,558,858


REAL ESTATE — 4.0%
Host Hotels & Resorts ‡		120,456		1,864,659
Iron Mountain ‡		39,476		2,331,847
Lamar Advertising, Cl A ‡		23,807		1,958,602

				6,155,108


UTILITIES — 7.2%
Constellation Energy		16,650		1,880,118
Entergy		18,837		1,800,629
Exelon		49,965		1,945,637
FirstEnergy		40,428		1,439,237
Fortis		38,927		1,546,570

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LARGE CAP VALUE FUND
		OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

UTILITIES— continued
Vistra		81,041	$	2,651,661

				11,263,852


Total Common Stock (Cost $131,124,543)				148,718,005

Total Investments in Securities— 95.4% (Cost $131,124,543)			$	148,718,005

Percentages are based on Net Assets of $155,912,452.

*	Non-income producing security.

‡	Real Estate Investment Trust.

See “Glossary” for abbreviations.

As of October 31, 2023, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LARGE CAP GROWTH FUND
		OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 95.4%#

	Shares		Value

COMMUNICATION SERVICES — 13.9%
Alphabet, Cl A *		62,724	$	7,782,794
Alphabet, Cl C *		39,463		4,944,714
Meta Platforms, Cl A *		19,811		5,968,460
Netflix *		4,411		1,815,965
T-Mobile US		9,048		1,301,645

				21,813,578


CONSUMER DISCRETIONARY — 12.6%
AutoZone *		722		1,788,488
Darden Restaurants		9,946		1,447,441
Expedia Group *		9,258		882,195
Home Depot		4,571		1,301,318
Lowe’s		10,828		2,063,492
Lululemon Athletica *		3,233		1,272,121
Marriott International, Cl A		12,753		2,404,706
MercadoLibre *		965		1,197,314
NIKE, Cl B		12,272		1,261,194
Tesla *		18,929		3,801,700
TJX		25,747		2,267,538

				19,687,507


CONSUMER STAPLES — 4.0%
BJ’s Wholesale Club Holdings *		24,784		1,688,286
Coca-Cola		34,329		1,939,245
PepsiCo		16,041		2,619,175

				6,246,706


ENERGY — 1.0%
Cheniere Energy		9,464		1,574,999


FINANCIALS — 5.9%
LPL Financial Holdings		3,995		896,957
Mastercard, Cl A		6,737		2,535,470
Progressive		6,342		1,002,607
Visa, Cl A		20,212		4,751,841

				9,186,875


HEALTH CARE — 8.3%
Boston Scientific *		32,003		1,638,234



COMMON STOCK — continued

	Shares		Value

HEALTH CARE— continued
Cencora, Cl A		7,940	$	1,470,091
Dexcom *		3,178		282,302
Edwards Lifesciences *		4,531		288,715
Exact Sciences *		10,920		672,563
IDEXX Laboratories *		657		262,452
Intuitive Surgical *		4,090		1,072,480
IQVIA Holdings *		1,529		276,489
Neurocrine Biosciences *		11,389		1,263,496
Seagen *		6,095		1,297,077
STERIS PLC		6,978		1,465,240
Stryker		5,534		1,495,397
Zoetis, Cl A		10,266		1,611,762

				13,096,298


INDUSTRIALS — 4.1%
Caterpillar		7,539		1,704,191
Deere		3,769		1,377,041
Howmet Aerospace		26,790		1,181,439
KBR		20,373		1,184,690
Uber Technologies *		23,303		1,008,554

				6,455,915


INFORMATION TECHNOLOGY — 43.4%
Accenture PLC, Cl A		7,459		2,215,994
Adobe *		4,411		2,346,917
Advanced Micro Devices *		16,362		1,611,657
Apple		108,684		18,559,967
Broadcom		3,368		2,833,734
Crowdstrike Holdings, Cl A *		5,009		885,441
Dynatrace *		28,875		1,291,001
HubSpot *		1,207		511,490
Keysight Technologies *		5,245		640,152
KLA		2,890		1,357,433
Microchip Technology		21,576		1,538,153
Microsoft		58,071		19,634,386
NVIDIA		18,688		7,620,966
ON Semiconductor *		9,212		577,040
Oracle		12,031		1,244,005
Palo Alto Networks *		4,491		1,091,403
Salesforce *		5,603		1,125,251
ServiceNow *		4,170		2,426,315
Synopsys *		1,200		563,328

				68,074,633


MATERIALS — 0.9%
Linde PLC		3,546		1,355,139


REAL ESTATE — 1.3%
Iron Mountain ‡		34,490		2,037,324


Total Common Stock (Cost $121,497,198)				149,528,974

Total Investments in Securities— 95.4% (Cost $121,497,198)			$	149,528,974

Percentages are based on Net Assets of $156,801,046.

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

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		LARGE CAP GROWTH FUND
		OCTOBER 31, 2023

*	Non-income producing security.

‡	Real Estate Investment Trust.

See “Glossary” for abbreviations.

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.


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		SMALL CAP FUND
		OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 95.7%

	Shares		Value

COMMUNICATION SERVICES — 2.1%
Cars.com *		54,802	$	834,634
IMAX *		98,124		1,786,838

				2,621,472


CONSUMER DISCRETIONARY — 7.2%
Adient PLC *		22,903		771,602
BJ’s Restaurants *		27,124		697,629
Bloomin’ Brands		72,691		1,696,608
Boot Barn Holdings *		20,904		1,452,828
Dana		45,848		526,335
KB Home		28,290		1,250,418
LGI Homes *		7,614		719,599
Norwegian Cruise Line Holdings *		34,446		468,466
YETI Holdings *		29,233		1,242,987

				8,826,472


CONSUMER STAPLES — 4.2%
Dole		130,806		1,493,805
MGP Ingredients		10,064		952,658
Primo Water		67,641		883,392
Sprouts Farmers Market *		44,367		1,864,301

				5,194,156


ENERGY — 9.7%
Chord Energy		7,722		1,276,601
Civitas Resources		20,128		1,518,255
Crescent Point Energy		108,363		867,987
International Seaways		19,887		956,366
Magnolia Oil & Gas, Cl A		106,405		2,388,792
Matador Resources		27,090		1,671,182
PBF Energy, Cl A		28,373		1,348,569
Permian Resources, Cl A		47,784		696,213
Weatherford International *		13,611		1,267,048

				11,991,013


FINANCIALS — 14.4%
American Equity Investment Life Holding		12,695		672,327



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Axis Capital Holdings		15,475	$	883,622
ConnectOne Bancorp		47,734		777,587
Enterprise Financial Services		21,161		735,768
Essent Group		18,973		896,285
Federated Hermes, Cl B		40,381		1,280,078
FirstCash Holdings		10,772		1,173,286
Hancock Whitney		25,364		873,283
Merchants Bancorp		23,984		716,867
OceanFirst Financial		47,705		603,945
OFG Bancorp		42,848		1,269,158
Old Second Bancorp		71,512		969,703
Piper Sandler		7,104		993,494
Popular		15,199		988,543
PROG Holdings *		24,040		658,456
QCR Holdings		23,531		1,116,546
Selective Insurance Group		3,276		341,064
Stifel Financial		16,649		948,993
WaFd		38,055		939,197
Wintrust Financial		12,825		957,899

				17,796,101


HEALTH CARE — 14.9%
Apellis Pharmaceuticals *		2,921		142,136
AtriCure *		20,365		705,444
Castle Biosciences *		26,338		411,400
CONMED		10,122		986,490
Denali Therapeutics *		16,793		316,212
Globus Medical, Cl A *		10,448		477,555
Guardant Health *		20,653		534,500
Haemonetics *		4,667		397,768
Halozyme Therapeutics *		43,213		1,463,624
Inari Medical *		11,801		716,439
Inmode *		22,165		423,352
Insmed *		49,774		1,247,336
Inspire Medical Systems *		1,438		211,616
Integer Holdings *		10,502		852,447
Intra-Cellular Therapies *		13,314		662,505
Karuna Therapeutics *		1,051		175,107
Lantheus Holdings *		10,595		684,437
Madrigal Pharmaceuticals *		1,872		245,943
Merit Medical Systems *		12,293		845,021
Mirum Pharmaceuticals *		25,429		697,517
NextGen Healthcare *		67,595		1,616,872
PTC Therapeutics *		12,958		242,963
UFP Technologies *		6,085		948,773
Varex Imaging *		74,102		1,337,541
Vericel *		49,537		1,742,712
Viking Therapeutics *		17,631		172,960
Viridian Therapeutics *		13,025		162,813

				18,421,483


INDUSTRIALS — 15.7%
Allient		21,250		586,500
API Group *		14,521		375,658
Aris Water Solutions, Cl A		104,511		872,667
Atkore *		8,382		1,041,715
Brink’s		22,637		1,513,510

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


THE ADVISORS’ INNER CIRCLE FUND III		KNIGHTS OF COLUMBUS
		SMALL CAP FUND
		OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

INDUSTRIALS— continued
Comfort Systems USA		5,610	$	1,020,179
CSW Industrials		5,489		972,980
EnerSys		8,765		750,109
Great Lakes Dredge & Dock *		109,140		829,464
H&E Equipment Services		24,833		1,011,200
Herc Holdings		10,005		1,068,434
JELD-WEN Holding *		51,778		586,645
KBR		11,982		696,753
Limbach Holdings *		13,665		407,217
Maximus		11,153		833,352
McGrath RentCorp		8,525		857,615
MYR Group *		13,177		1,526,292
Shyft Group		43,180		474,116
SP Plus *		12,484		630,817
SPX Technologies *		9,887		792,146
Standex International		9,234		1,325,725
Sterling Infrastructure *		16,020		1,167,057

				19,340,151


INFORMATION TECHNOLOGY — 13.6%
Amkor Technology		14,541		303,325
Belden		21,994		1,559,375
Box, Cl A *		24,644		612,650
DigitalOcean Holdings *		18,151		371,369
DoubleVerify Holdings *		15,672		436,152
Extreme Networks *		20,139		415,266
Fabrinet *		7,231		1,120,805
Five9 *		7,673		444,037
FormFactor *		31,433		1,064,950
Freshworks, Cl A *		12,818		229,955
Instructure Holdings *		65,633		1,616,541
LiveRamp Holdings *		28,568		790,191
MACOM Technology Solutions Holdings *		8,205		578,781
Mitek Systems *		39,284		419,553
Perficient *		15,055		876,050
Rambus *		17,620		957,295
Rapid7 *		12,543		583,124
Silicon Laboratories *		6,847		631,156
Sprout Social, Cl A *		14,285		618,255
SPS Commerce *		6,522		1,045,737
Super Micro Computer *		2,626		628,848
Viavi Solutions *		75,764		589,444
Workiva, Cl A *		9,769		850,782

				16,743,641


MATERIALS — 4.9%
ATI *		54,435		2,056,010
Constellium, Cl A *		92,429		1,460,378
Greif, Cl A		17,188		1,091,438
Summit Materials, Cl A *		42,047		1,383,346

				5,991,172


REAL ESTATE — 7.6%
Apple Hospitality ‡		68,232		1,069,878
Armada Hoffler Properties ‡		76,286		759,808
COPT Defense Properties ‡		42,848		976,934
Plymouth Industrial ‡		42,024		837,959



COMMON STOCK — continued

	Shares		Value

REAL ESTATE— continued
Ryman Hospitality Properties ‡		20,536	$	1,757,882
STAG Industrial ‡		35,643		1,184,060
Tanger Factory Outlet Centers ‡		87,845		1,980,905
UMH Properties ‡		53,480		738,559

				9,305,985


UTILITIES — 1.4%
Clearway Energy, Cl C		32,794		711,958
Southwest Gas Holdings		16,616		973,864

				1,685,822

Total Common Stock (Cost $117,143,485)				117,917,468

Total Investments in Securities— 95.7% (Cost $117,143,485)			$	117,917,468

Percentages are based on Net Assets of $123,185,976.

*	Non-income producing security.

‡	Real Estate Investment Trust.

See “Glossary” for abbreviations.

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.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

†	Percentages based on total investments.



SCHEDULE OF INVESTMENTS COMMON STOCK — 95.6%#

	Shares		Value

COMMUNICATION SERVICES — 9.5%
Alphabet, Cl A *		17,875	$	2,217,930
Alphabet, Cl C *		15,662		1,962,449
Altice USA, Cl A *		517		1,494
AMC Entertainment Holdings, Cl A *		147		1,575
AMC Networks, Cl A *		75		885
Anterix *		46		1,403
AT&T		21,520		331,408
ATN International		27		836
Bandwidth, Cl A *		57		605
Boston Omaha, Cl A *		73		1,039
Bumble, Cl A *		215		2,890
Cable One		11		6,049
Cardlytics *		82		1,016
Cargurus, Cl A *		215		3,704
Cars.com *		152		2,315
Charter Communications, Cl A *		315		126,882
Cinemark Holdings *		271		4,469
Clear Channel Outdoor Holdings, Cl A *		1,176		1,294
Cogent Communications Holdings		112		7,278
Comcast, Cl A		12,616		520,915
Consolidated Communications Holdings *		181		755
Daily Journal *		3		873
DHI Group *		103		282
DISH Network, Cl A *		624		3,058
EchoStar, Cl A *		83		1,150
Electronic Arts		778		96,309
Endeavor Group Holdings, Cl A		501		11,403
Entravision Communications, Cl A		180		644
Eventbrite, Cl A *		199		1,648
EW Scripps, Cl A *		150		820
Fox		884		26,865



COMMON STOCK — continued

	Shares		Value

COMMUNICATION SERVICES— continued
Frontier Communications Parent *		595	$	10,662
fuboTV *		506		1,224
Gannett *		351		821
Globalstar *		1,759		2,480
Gogo *		153		1,606
Gray Television		205		1,337
IAC *		211		8,978
IDT, Cl B *		40		1,122
iHeartMedia *		300		705
Integral Ad Science Holding *		89		1,022
Interpublic Group of Companies		1,160		32,944
Iridium Communications		346		12,819
John Wiley & Sons, Cl A		107		3,239
Liberty Broadband, Cl C *		352		29,325
Liberty Latin America, Cl C *		358		2,452
Live Nation Entertainment *		438		35,049
Lumen Technologies *		2,489		3,634
Madison Square Garden Entertainment, Cl A *		67		2,042
Madison Square Garden Sports *		45		7,566
Magnite *		295		1,959
Marcus		55		855
Match Group *		853		29,514
MediaAlpha, Cl A *		62		637
Meta Platforms, Cl A *		6,671		2,009,772
Netflix *		1,340		551,665
New York Times, Cl A		489		19,712
News		1,141		23,596
Nexstar Media Group, Cl A		104		14,568
Nextdoor Holdings *		272		495
NII Holdings *(A)		46		100
Omnicom Group		596		44,646
Ooma *		57		622
Paramount Global, Cl B		1,846		20,084
Pinterest, Cl A *		1,758		52,529
Playstudios *		208		589
PubMatic, Cl A *		104		1,172
QuinStreet *		124		1,402
Reservoir Media *		79		445
ROBLOX, Cl A *		1,304		41,480
Roku, Cl A *		372		22,160
Scholastic		70		2,583
Shenandoah Telecommunications		121		2,863
Shutterstock		61		2,481
Sinclair		104		1,130
Sirius XM Holdings		1,835		7,854
Skillz, Cl A *		33		170
Snap, Cl A *		2,873		28,759
Sphere Entertainment *		67		2,205
Spotify Technology *		398		65,574
Stagwell, Cl A *		278		1,145
Take-Two Interactive Software *		473		63,206
TechTarget *		65		1,637
TEGNA		600		8,706
Telephone and Data Systems		246		4,475
Thryv Holdings *		77		1,342

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

COMMUNICATION SERVICES— continued
TKO Group Holdings		118	$	9,674
T-Mobile US		1,571		226,004
Trade Desk, Cl A *		1,340		95,086
TripAdvisor *		268		3,956
TrueCar *		163		298
United States Cellular *		35		1,471
Verizon Communications		12,671		445,132
Vimeo *		362		1,115
Vivid Seats, Cl A *		180		1,058
Walt Disney *		5,522		450,540
Warner Bros Discovery *		6,650		66,105
WideOpenWest *		128		901
Yelp, Cl A *		162		6,835
Ziff Davis *		126		7,618
ZipRecruiter, Cl A *		107		1,140
ZoomInfo Technologies, Cl A *		860		11,146
				9,859,481

CONSUMER DISCRETIONARY — 8.5%
1-800-Flowers.com, Cl A *		72		541
2U *		188		399
Aaron’s		75		556
Abercrombie & Fitch, Cl A *		119		7,238
Academy Sports & Outdoors		205		9,192
Acushnet Holdings		76		3,873
Adient PLC *		255		8,591
ADT		2,394		13,550
Adtalem Global Education *		112		5,802
Advance Auto Parts		160		8,325
Airbnb, Cl A *		1,166		137,926
American Axle & Manufacturing Holdings *		274		1,849
American Eagle Outfitters		451		7,879
America’s Car-Mart *		15		1,005
Aramark		785		21,140
Arko		170		1,284
Asbury Automotive Group *		63		12,056
AutoNation *		75		9,756
AutoZone *		55		136,242
Bath & Body Works		686		20,340
Beazer Homes USA *		70		1,693
Best Buy		580		38,756
Beyond *		112		1,747
Big 5 Sporting Goods		53		374
Big Lots *		68		310
Biglari Holdings, Cl B *		5		739
BJ’s Restaurants *		57		1,466
Bloomin’ Brands		209		4,878
Bluegreen Vacations Holding,
Cl A		23		771
Booking Holdings *		114		318,010
Boot Barn Holdings *		74		5,143
BorgWarner		699		25,793
Bowlero *		252		2,543
Bright Horizons Family Solutions *		169		12,516
Brinker International *		108		3,663



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Brunswick		212	$	14,728
Buckle		76		2,567
Build-A-Bear Workshop, Cl A *		34		843
Burlington Stores *		194		23,480
Caleres		84		2,149
Camping World Holdings, Cl A		108		1,809
Canoo *		856		235
Capri Holdings *		356		18,220
CarMax *		476		29,079
Carnival *		2,992		34,288
CarParts.com *		126		357
Carriage Services, Cl A		33		713
Carter’s		92		6,179
Carvana, Cl A *		230		6,210
Cavco Industries *		20		4,990
Century Communities		70		4,305
Cheesecake Factory		121		3,759
Chegg *		309		2,327
Chewy, Cl A *		250		4,832
Chico’s FAS *		303		2,266
Children’s Place *		29		794
Chipotle Mexican Grill, Cl A *		84		163,145
Choice Hotels International		85		9,392
Chuy’s Holdings *		45		1,515
Columbia Sportswear		90		6,642
ContextLogic, Cl A *		48		188
Cooper-Standard Holdings *		42		522
Coursera *		273		4,734
Cracker Barrel Old Country Store		55		3,650
Cricut, Cl A *		106		904
Crocs *		180		16,078
Dana		358		4,110
Darden Restaurants		364		52,973
Dave & Buster’s Entertainment *		119		4,158
Deckers Outdoor *		80		47,765
Denny’s *		136		1,172
Designer Brands, Cl A		122		1,233
Destination XL Group *		150		624
Dick’s Sporting Goods		177		18,930
Dillard’s, Cl A		22		6,830
Dine Brands Global		36		1,774
Domino’s Pizza		107		36,272
DoorDash, Cl A *		726		54,414
Dorman Products *		66		4,104
DR Horton		909		94,900
Dream Finders Homes, Cl A *		54		1,063
Duluth Holdings, Cl B *		69		347
Duolingo, Cl A *		82		11,976
Dutch Bros, Cl A *		102		2,483
eBay		1,623		63,670
El Pollo Loco Holdings *		74		618
Ethan Allen Interiors		57		1,497
Etsy *		371		23,113
European Wax Center, Cl A *		83		1,226
EVgo, Cl A *		176		363
Expedia Group *		444		42,309

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Figs, Cl A *		386	$	2,127
First Watch Restaurant Group *		41		685
Fisker *		443		1,993
Five Below *		164		28,533
Floor & Decor Holdings, Cl A *		315		25,956
Foot Locker *		203		4,261
Ford Motor		11,776		114,816
Fossil Group *		117		182
Fox Factory Holding *		114		9,288
Frontdoor *		205		5,931
Funko, Cl A *		78		601
GameStop, Cl A *		778		10,713
Gap		521		6,669
Garmin		463		47,471
General Motors		4,209		118,694
Genesco *		30		822
Gentex		705		20,219
Gentherm *		83		3,338
Genuine Parts		425		54,765
G-III Apparel Group *		102		2,606
Goodyear Tire & Rubber *		762		9,068
GoPro, Cl A *		315		791
Graham Holdings, Cl B		9		5,208
Grand Canyon Education *		83		9,821
Green Brick Partners *		108		4,180
Group 1 Automotive		36		9,084
GrowGeneration *		146		298
Guess?		72		1,548
H&R Block		440		18,062
Hanesbrands *		870		3,645
Harley-Davidson		426		11,438
Hasbro		384		17,338
Haverty Furniture		34		886
Helen of Troy *		64		6,292
Hibbett		31		1,428
Hilton Grand Vacations *		212		7,621
Hilton Worldwide Holdings		789		119,557
Home Depot		3,052		868,874
Hooker Furnishings		27		451
Hovnanian Enterprises, Cl A *		12		834
Hyatt Hotels, Cl A		135		13,829
Installed Building Products		63		7,035
iRobot *		67		2,206
Jack in the Box		41		2,590
Johnson Outdoors, Cl A		21		999
KB Home		215		9,503
Kohl’s		275		6,201
Kontoor Brands		137		6,364
Krispy Kreme		167		2,159
Kura Sushi USA, Cl A *		12		686
Las Vegas Sands		1,002		47,555
Laureate Education, Cl A *		314		4,440
La-Z-Boy, Cl Z		108		3,158
LCI Industries		65		7,052
Lear		179		23,227
Legacy Housing *		25		463



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Leggett & Platt		354	$	8,294
Lennar, Cl A		751		80,117
Leslie’s *		424		2,095
Levi Strauss, Cl A		213		2,912
LGI Homes *		51		4,820
Life Time Group Holdings *		87		1,028
Lindblad Expeditions Holdings *		87		541
Lithia Motors, Cl A		81		19,619
LKQ		802		35,224
Lovesac *		34		560
Lowe’s		1,795		342,073
Lucid Group *		1,828		7,531
Luminar Technologies, Cl A *		567		1,797
M/I Homes *		65		5,335
Macy’s		730		8,891
Malibu Boats, Cl A *		50		2,181
MarineMax *		53		1,451
Marriott International, Cl A		792		149,339
Marriott Vacations Worldwide		92		8,267
MasterCraft Boat Holdings *		44		899
Mattel *		1,067		20,358
McDonald’s		2,209		579,134
MDC Holdings		145		5,503
Meritage Homes		104		11,858
MGM Resorts International *		938		32,755
Mister Car Wash *		212		1,102
Modine Manufacturing *		127		5,016
Mohawk Industries *		154		12,378
Monro		77		1,911
Movado Group		38		1,059
Murphy USA		60		21,761
Nathan’s Famous		8		524
National Vision Holdings *		196		3,046
Nerdy *		205		631
NIKE, Cl B		3,593		369,253
Noodles, Cl A *		92		196
Nordstrom		243		3,397
Norwegian Cruise Line Holdings *		1,318		17,925
NVR *		8		43,301
ODP *		97		4,357
Ollie’s Bargain Outlet Holdings *		168		12,976
ONE Group Hospitality *		62		273
OneWater Marine, Cl A *		26		588
O’Reilly Automotive *		184		171,201
Oxford Industries		38		3,207
Papa John’s International		86		5,592
Patrick Industries		53		3,983
Peloton Interactive, Cl A *		755		3,594
Penske Automotive Group		55		7,869
Perdoceo Education		163		2,949
Petco Health & Wellness, Cl A *		378		1,308
PetMed Express		53		365
Phinia		120		3,116
Planet Fitness, Cl A *		240		13,265
Playa Hotels & Resorts *		342		2,473
Polaris		162		14,000

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Pool		117	$	36,945
Portillo’s, Cl A *		102		1,525
PulteGroup		668		49,158
Purple Innovation, Cl A		262		254
PVH		184		13,680
QuantumScape, Cl A *		646		3,372
Qurate Retail *		863		380
Ralph Lauren, Cl A		118		13,279
Red Robin Gourmet Burgers *		38		307
Revolve Group, Cl A *		102		1,402
RH *		56		12,206
Rivian Automotive, Cl A *		1,788		29,001
Rocky Brands		17		209
Ross Stores		1,003		116,318
Rover Group, Cl A *		236		1,522
Royal Caribbean Cruises *		675		57,193
Sabre *		760		2,660
Sally Beauty Holdings *		266		2,261
SeaWorld Entertainment *		170		7,324
Service International		447		24,326
Shake Shack, Cl A *		94		5,268
Shoe Carnival		40		915
Signet Jewelers		115		8,031
Six Flags Entertainment *		206		4,099
Skechers USA, Cl A *		404		19,481
Skyline Champion *		151		8,853
Sleep Number *		52		846
Snap One Holdings *		44		330
Solid Power *		285		376
Solo Brands, Cl A *		55		212
Sonic Automotive, Cl A		35		1,675
Sonos *		299		3,223
Sportsman’s Warehouse Holdings *		92		468
Standard Motor Products		47		1,642
Starbucks		3,395		313,155
Stellantis		7,119		132,983
Steven Madden		184		6,033
Stitch Fix, Cl A *		200		656
Stoneridge *		65		1,058
Strategic Education		60		4,939
Stride *		102		5,608
Sweetgreen, Cl A *		220		2,273
Tapestry		693		19,099
Target Hospitality *		79		1,085
Taylor Morrison Home, Cl A *		303		11,611
Tempur Sealy International		504		20,125
Tesla *		8,139		1,634,637
Texas Roadhouse, Cl A		202		20,511
Thor Industries		149		13,102
ThredUp, Cl A *		165		531
Tilly’s, Cl A *		56		454
TJX		3,453		304,106
Toll Brothers		331		23,405
TopBuild *		95		21,732
Topgolf Callaway Brands *		358		4,375
Tractor Supply		331		63,737



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Traeger *		146	$	384
Travel + Leisure		196		6,670
TRI Pointe Group *		258		6,465
Udemy *		126		1,125
Ulta Beauty *		151		57,578
Under Armour, Cl A *		474		3,247
Universal Technical Institute *		82		716
Upbound Group, Cl A		124		3,231
Urban Outfitters *		133		4,604
Vail Resorts		122		25,894
Valvoline *		516		15,310
VF		1,097		16,159
Victoria’s Secret *		174		3,111
Visteon *		76		8,750
Vizio Holding, Cl A *		166		845
VOXX International, Cl A *		31		284
Warby Parker, Cl A *		207		2,687
Wayfair, Cl A *		219		9,332
Wendy’s		527		10,024
Whirlpool		160		16,730
Williams-Sonoma		197		29,597
Wingstop		89		16,267
Winmark		7		2,823
Winnebago Industries		73		4,230
Wolverine World Wide		192		1,546
Workhorse Group *		414		173
WW International *		172		1,345
Wyndham Hotels & Resorts		255		18,462
Wynn Resorts		291		25,544
XPEL *		51		2,361
Xponential Fitness, Cl A *		52		742
YETI Holdings *		233		9,907
Yum! Brands		846		102,248
Zumiez *		40		657
				8,876,533

CONSUMER STAPLES — 4.0%
Albertsons, Cl A		797		17,295
Andersons		80		4,010
Archer-Daniels-Midland		1,647		117,876
B&G Foods		176		1,420
Beauty Health *		215		871
BellRing Brands *		386		16,884
Benson Hill *		422		65
Beyond Meat *		146		872
BJ’s Wholesale Club Holdings *		401		27,316
Boston Beer, Cl A *		26		8,683
BRC, Cl A *		144		418
Brown-Forman, Cl B		907		50,937
Bunge		449		47,585
Calavo Growers		42		1,064
Cal-Maine Foods		102		4,622
Campbell Soup		597		24,125
Casey’s General Stores		114		30,998
Celsius Holdings *		128		19,468
Central Garden & Pet, Cl A *		99		3,929

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES— continued
Chefs’ Warehouse *		85	$	1,618
Clorox		374		44,020
Coca-Cola		12,922		729,964
Coca-Cola Consolidated		12		7,637
Colgate-Palmolive		2,507		188,326
Conagra Brands		1,437		39,316
Constellation Brands, Cl A		499		116,841
Coty, Cl A *		922		8,639
Darling Ingredients *		475		21,038
Dollar General		659		78,447
Dollar Tree *		666		73,986
Duckhorn Portfolio *		107		1,116
Edgewell Personal Care		128		4,467
elf Beauty *		152		14,080
Energizer Holdings		166		5,242
Estee Lauder, Cl A		701		90,338
Flowers Foods		572		12,544
Fresh Del Monte Produce		94		2,350
Freshpet *		126		7,232
General Mills		1,766		115,214
Grocery Outlet Holding *		225		6,226
Hain Celestial Group *		222		2,453
Herbalife *		240		3,420
Hershey		444		83,183
Hormel Foods		876		28,514
Hostess Brands, Cl A *		381		12,725
Ingles Markets, Cl A		36		2,888
Ingredion		192		17,967
Inter Parfums		46		5,847
J&J Snack Foods		37		5,795
JM Smucker		313		35,632
John B Sanfilippo & Son		22		2,250
Kellanova		1,030		51,984
Keurig Dr Pepper		2,715		82,346
Kimberly-Clark		1,017		121,674
Kraft Heinz		3,638		114,452
Lamb Weston Holdings		434		38,973
Lancaster Colony		53		8,966
Limoneira		41		586
McCormick		756		48,308
Medifast		27		1,867
MGP Ingredients		34		3,218
Mission Produce *		106		997
Molson Coors Beverage, Cl B		598		34,546
Mondelez International, Cl A		4,111		272,189
Monster Beverage *		2,230		113,953
National Beverage *		54		2,505
Nu Skin Enterprises, Cl A		122		2,317
Oil-Dri Corp of America		12		687
Olaplex Holdings *		319		453
PepsiCo		4,137		675,489
Performance Food Group *		459		26,512
Pilgrim’s Pride *		100		2,550
Post Holdings *		155		12,443
PriceSmart		64		3,999
Reynolds Consumer Products		136		3,459



COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES— continued
Seaboard		1	$	3,507
Seneca Foods, Cl A *		13		710
Simply Good Foods *		264		9,845
Sovos Brands *		91		1,976
SpartanNash		86		1,934
Spectrum Brands Holdings		109		8,210
Sprouts Farmers Market *		290		12,186
Sysco		1,520		101,065
Target		1,375		152,336
Tootsie Roll Industries		39		1,213
TreeHouse Foods *		140		5,837
Tyson Foods, Cl A		841		38,980
United Natural Foods *		147		2,143
US Foods Holding *		657		25,584
USANA Health Sciences *		28		1,275
Utz Brands		167		2,036
Village Super Market, Cl A		21		514
Vita Coco *		61		1,653
Vital Farms *		64		708
WD-40		36		7,610
Weis Markets		38		2,474
Westrock Coffee *		46		379
WK Kellogg		245		2,450
				4,156,851

ENERGY — 5.5%
Amplify Energy *		95		660
Antero Midstream		870		10,736
Antero Resources *		775		22,816
APA		929		36,900
Archrock		346		4,384
Ardmore Shipping		93		1,236
Baker Hughes, Cl A		3,016		103,811
Baytex Energy		352		1,521
Berry		186		1,553
Bristow Group *		68		1,778
Cactus, Cl A		172		8,074
California Resources		179		9,414
Callon Petroleum *		131		4,893
Centrus Energy, Cl A *		29		1,539
ChampionX		589		18,141
Cheniere Energy		726		120,821
Chesapeake Energy		340		29,267
Chevron		5,860		853,978
Chord Energy		123		20,378
Civitas Resources		198		14,941
Clean Energy Fuels *		417		1,455
CNX Resources *		451		9,796
Comstock Resources		339		4,271
ConocoPhillips		3,666		435,521
CONSOL Energy		85		7,811
Core Laboratories		116		2,485
Coterra Energy		2,264		62,260
Crescent Energy, Cl A		98		1,189
CVR Energy (A)		272		8,908
Delek US Holdings		165		4,348

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

ENERGY— continued
Denbury *		140	$	12,445
Devon Energy		1,950		90,812
DHT Holdings		338		3,759
Diamond Offshore Drilling *		253		3,140
Diamondback Energy		524		84,008
DMC Global *		47		891
Dorian LPG *		85		2,717
Dril-Quip *		84		1,819
DT Midstream		281		15,166
Earthstone Energy, Cl A *		131		2,773
Enviva *		91		329
EOG Resources		1,761		222,326
Equities		1,019		43,185
Equitrans Midstream		1,247		11,061
Excelerate Energy, Cl A		65		924
Expro Group Holdings *		263		4,142
Exxon Mobil		12,226		1,294,122
Gevo *		578		618
Green Plains *		144		4,231
Gulfport Energy *		46		5,686
Halliburton		2,695		106,021
Helix Energy Solutions Group *		359		3,518
Helmerich & Payne		289		11,436
Hess		828		119,563
Hess Midstream, Cl A		108		3,240
HF Sinclair		478		26,472
HighPeak Energy		42		744
International Seaways		86		4,136
Kinder Morgan		5,925		95,985
Kinetik Holdings, Cl A		32		1,134
Liberty Energy, Cl A		427		8,412
Magnolia Oil & Gas, Cl A		492		11,045
Marathon Oil		1,884		51,452
Marathon Petroleum		1,339		202,524
Matador Resources		332		20,481
Murphy Oil		443		19,877
Nabors Industries *		22		2,148
New Fortress Energy, Cl A		196		5,939
Newpark Resources *		194		1,342
NextDecade *		336		1,475
Noble PLC		307		14,334
Northern Oil and Gas		200		7,668
NOV		1,174		23,433
Occidental Petroleum		2,699		166,825
Oceaneering International *		247		5,432
Oil States International *		155		1,125
ONEOK		1,342		87,498
Ovintiv		726		34,848
Par Pacific Holdings *		149		4,890
Patterson-UTI Energy		945		12,006
PBF Energy, Cl A		336		15,970
Peabody Energy		389		9,176
Permian Resources, Cl A		542		7,897
Phillips 66		1,387		158,215
Pioneer Natural Resources		702		167,778
Plains GP Holdings, Cl A		495		7,762



COMMON STOCK — continued

	Shares		Value

ENERGY— continued
ProFrac Holding, Cl A *		47	$	443
ProPetro Holding *		208		2,180
Range Resources		698		25,016
REX American Resources *		38		1,444
Riley Exploration Permian		16		506
Ring Energy *		251		437
RPC		233		1,939
SandRidge Energy		92		1,458
Schlumberger		4,258		237,000
Select Water Solutions, Cl A		221		1,644
SilverBow Resources *		24		818
Sitio Royalties, Cl A		198		4,887
SM Energy		347		13,991
Solaris Oilfield Infrastructure, Cl A		70		647
Southwestern Energy *		2,927		20,869
Talos Energy *		282		4,371
Targa Resources		665		55,601
Teekay *		248		1,743
Tellurian *		1,345		928
TETRA Technologies *		293		1,389
Texas Pacific Land		24		44,303
Tidewater *		118		8,065
Transocean *		1,914		12,671
US Silica Holdings *		185		2,233
VAALCO Energy		264		1,180
Valero Energy		1,113		141,351
Vertex Energy *		162		698
Viper Energy Partners		154		4,386
Vital Energy *		40		2,002
W&T Offshore *		245		1,017
Weatherford International *		202		18,804
Williams		3,648		125,491
World Kinect		151		2,793
				5,773,145

FINANCIALS — 14.9%
1st Source		45		2,053
Acacia Research *		143		513
ACNB		20		688
Affiliated Managers Group		103		12,644
Affirm Holdings, Cl A *		607		10,689
Aflac		1,670		130,444
AGNC Investment ‡		1,720		12,694
Alerus Financial		45		779
Allstate		787		100,838
Ally Financial		904		21,868
Amalgamated Financial		42		766
A-Mark Precious Metals		47		1,273
Ambac Financial Group *		111		1,346
Amerant Bancorp, Cl A		59		1,076
American Equity Investment Life Holding *		244		12,922
American Express		2,244		327,691
American Financial Group		239		26,137
American International Group		2,224		136,353

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
American National Bankshares		26	$	992
Ameriprise Financial		318		100,033
Ameris Bancorp		165		6,154
AMERISAFE		47		2,396
Annaly Capital Management ‡		1,484		23,165
Aon PLC, Cl A		611		189,043
Apollo Commercial Real Estate Finance ‡		351		3,496
Apollo Global Management		1,181		91,481
Arbor Realty Trust ‡		410		5,170
Arch Capital Group *		1,076		93,268
Ares Commercial Real Estate ‡		136		1,247
Ares Management, Cl A		429		42,295
Argo Group International Holdings *		84		2,507
ARMOUR Residential REIT ‡		96		1,405
Arrow Financial		41		874
Arthur J Gallagher		634		149,301
Artisan Partners Asset Management, Cl A		165		5,445
AssetMark Financial Holdings *		54		1,291
Associated Banc-Corp		372		6,030
Assurant		158		23,526
Assured Guaranty		149		9,298
Atlantic Union Bankshares		186		5,359
Avantax *		97		2,504
AvidXchange Holdings *		319		2,756
Axis Capital Holdings		226		12,905
Axos Financial *		135		4,864
B. Riley Financial		36		1,304
Banc of California		138		1,547
BancFirst		50		4,055
Bancorp *		134		4,777
Bank First		23		1,816
Bank of America		24,110		635,057
Bank of Hawaii		98		4,840
Bank of Marin Bancorp		37		622
Bank of New York Mellon		2,434		103,445
Bank OZK		344		12,319
BankUnited		187		4,078
Banner		84		3,546
Bar Harbor Bankshares		37		926
BayCom		30		594
BCB Bancorp		38		391
Berkshire Hathaway, Cl B *		3,888		1,327,091
Berkshire Hills Bancorp		110		2,157
BGC Group, Cl A		745		4,373
BlackRock, Cl A		447		273,689
Blackstone, Cl A		2,121		195,874
Blackstone Mortgage Trust, Cl A ‡		441		8,798
Block, Cl A *		1,608		64,722
Blue Foundry Bancorp *		61		461
Blue Owl Capital, Cl A		1,262		15,560
BOK Financial		71		4,652
Bread Financial Holdings		124		3,352
Bridgewater Bancshares *		50		481



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Brighthouse Financial *		182	$	8,245
Brightsphere Investment Group		104		1,629
BrightSpire Capital, Cl A ‡		318		1,800
Brookline Bancorp		218		1,771
Brown & Brown		717		49,774
BRP Group, Cl A *		154		3,223
Business First Bancshares		59		1,153
Byline Bancorp		58		1,100
Cadence Bank		493		10,442
Cambridge Bancorp		19		1,020
Camden National		35		1,021
Cannae Holdings *		178		2,910
Cantaloupe *		172		1,132
Capital City Bank Group		33		943
Capital One Financial		1,130		114,458
Capitol Federal Financial		322		1,674
Capstar Financial Holdings		45		683
Carlyle Group		609		16,772
Carter Bankshares *		59		664
Cass Information Systems		31		1,172
Cathay General Bancorp		173		5,866
Cboe Global Markets		315		51,625
Central Pacific Financial		66		1,041
Charles Schwab		5,054		263,010
Chimera Investment ‡		572		2,746
Chubb		1,236		265,270
Cincinnati Financial		466		46,446
Citigroup		5,847		230,898
Citizens & Northern		38		688
Citizens Financial Group		1,448		33,927
City Holding		36		3,268
Civista Bancshares		37		539
Claros Mortgage Trust ‡		323		3,369
CME Group, Cl A		1,075		229,469
CNA Financial		64		2,586
CNB Financial		52		945
CNO Financial Group		280		6,490
Coastal Financial *		26		966
Cohen & Steers		63		3,291
Coinbase Global, Cl A *		471		36,324
Colony Bankcorp		41		408
Columbia Banking System		559		10,996
Columbia Financial *		76		1,224
Comerica		392		15,445
Commerce Bancshares		363		15,921
Community Bank System		134		5,353
Community Trust Bancorp		44		1,653
ConnectOne Bancorp		92		1,499
Corebridge Financial		203		4,060
Credit Acceptance *		22		8,853
CrossFirst Bankshares *		108		1,143
Cullen		180		16,378
Customers Bancorp *		74		2,976
CVB Financial		332		5,186
Diamond Hill Investment Group		7		1,100
Dime Community Bancshares		90		1,655

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Discover Financial Services		784	$	64,351
Donegal Group, Cl A		37		522
Donnelley Financial Solutions *		67		3,647
Dynex Capital ‡		133		1,335
Eagle Bancorp		76		1,480
East West Bancorp		421		22,574
Eastern Bankshares		400		4,404
eHealth *		59		506
Ellington Financial ‡		163		1,961
Employers Holdings		67		2,546
Enact Holdings		76		2,095
Encore Capital Group *		56		2,110
Enova International *		77		3,071
Enstar Group *		33		7,820
Enterprise Bancorp		23		605
Enterprise Financial Services		88		3,060
Equitable Holdings		1,091		28,988
Equity Bancshares, Cl A		34		823
Erie Indemnity, Cl A		72		19,886
Esquire Financial Holdings		17		779
Essent Group		307		14,503
Euronet Worldwide *		128		9,836
Evercore, Cl A		102		13,278
Everest Group		88		34,815
EZCORP, Cl A *		128		1,050
FactSet Research Systems		117		50,531
Farmers & Merchants Bancorp		32		557
Farmers National Banc		87		982
FB Financial		88		2,585
Federal Agricultural Mortgage, Cl C		23		3,417
Federated Hermes, Cl B		212		6,720
Fidelity D&D Bancorp		11		493
Fidelity National Financial		770		30,099
Fidelity National Information Services		1,781		87,465
Fifth Third Bancorp		2,037		48,297
Financial Institutions		38		602
First American Financial		297		15,278
First Bancorp		24		562
First Bancorp		99		2,873
First Bancshares		68		1,647
First Bank		45		498
First Busey		129		2,562
First Business Financial Services		20		614
First Citizens BancShares, Cl A		32		43,742
First Commonwealth Financial		258		3,142
First Community Bankshares		36		1,175
First Financial		28		963
First Financial Bancorp		233		4,310
First Financial Bankshares		371		8,923
First Foundation		128		581
First Hawaiian		319		5,720
First Horizon		1,599		17,189
First Interstate BancSystem, Cl A		218		5,019
First Merchants		148		4,042



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
First Mid Bancshares		46	$	1,257
First of Long Island		53		569
FirstCash Holdings		104		11,328
Fiserv *		1,893		215,329
Five Star Bancorp		25		487
FleetCor Technologies *		211		47,511
Flushing Financial		70		864
Flywire *		230		6,185
FNB		966		10,327
Franklin BSP Realty Trust ‡		207		2,610
Franklin Resources		879		20,032
FS Bancorp		16		462
Fulton Financial		416		5,404
FVCBankcorp *		35		382
GCM Grosvenor		101		813
Genworth Financial, Cl A *		1,224		7,332
German American Bancorp		71		1,940
Glacier Bancorp		299		9,027
Global Payments		789		83,808
Globe Life		286		33,279
Goldman Sachs Group		1,008		306,039
Goosehead Insurance, Cl A *		51		3,308
Granite Point Mortgage Trust ‡		130		546
Great Southern Bancorp		23		1,144
Green Dot, Cl A *		125		1,397
Guaranty Bancshares		21		599
Hagerty, Cl A *		185		1,428
Hamilton Lane, Cl A		84		7,066
Hancock Whitney		230		7,919
Hanmi Financial		76		1,116
Hannon Armstrong Sustainable Infrastructure Capital ‡		227		3,891
Hanover Insurance Group		95		11,135
HarborOne Bancorp		107		1,053
Hartford Financial Services Group		942		69,190
HBT Financial		33		594
HCI Group		15		885
Heartland Financial USA		99		2,713
Heritage Commerce		147		1,202
Heritage Financial		87		1,415
Hilltop Holdings		114		3,149
Hingham Institution For Savings The		4		594
Hippo Holdings *		32		230
Home Bancorp		18		617
Home BancShares		511		10,450
HomeStreet		45		217
HomeTrust Bancshares		35		721
Hope Bancorp		285		2,497
Horace Mann Educators		102		3,236
Horizon Bancorp		106		1,006
Houlihan Lokey, Cl A		147		14,776
Huntington Bancshares		4,296		41,456
I3 Verticals, Cl A *		56		1,050
Independent Bank		113		5,511
Independent Bank Group		90		3,181

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Independent Bank/MI		52	$	1,037
Interactive Brokers Group, Cl A		297		23,781
Intercontinental Exchange		1,665		178,888
International Bancshares		134		5,873
International Money Express *		81		1,293
Invesco		1,356		17,587
Invesco Mortgage Capital ‡		98		668
Investors Title		4		575
Jack Henry & Associates		219		30,877
Jackson Financial, Cl A		179		6,571
James River Group Holdings		91		1,251
Jefferies Financial Group		564		18,150
John Marshall Bancorp		32		588
JPMorgan Chase		8,772		1,219,834
Kearny Financial		153		1,062
Kemper		165		6,580
KeyCorp		2,809		28,708
Kinsale Capital Group		66		22,038
KKR Real Estate Finance Trust ‡		145		1,514
Ladder Capital, Cl A ‡		283		2,861
Lakeland Bancorp		154		1,737
Lakeland Financial		62		3,053
Lazard, Cl A		294		8,164
Lemonade *		152		1,663
LendingClub *		255		1,323
LendingTree *		27		357
Lincoln National		470		10,232
Live Oak Bancshares		83		2,395
Loews		587		37,574
LPL Financial Holdings		237		53,211
Luther Burbank *		51		415
M&T Bank		504		56,787
Macatawa Bank		66		603
Markel Group *		39		57,350
MarketAxess Holdings		112		23,940
Marqeta, Cl A *		968		5,005
Marsh & McLennan		1,492		282,958
Mastercard, Cl A		2,543		957,058
MBIA *		120		826
Mercantile Bank		37		1,219
Merchants Bancorp		40		1,181
Mercury General		67		2,069
MetLife		1,964		117,860
Metrocity Bankshares		45		902
Metropolitan Bank Holding *		24		778
MFA Financial ‡		255		2,269
MGIC Investment		842		14,179
Mid Penn Bancorp		33		629
Midland States Bancorp		53		1,156
MidWestOne Financial Group		36		717
Moelis, Cl A		166		6,912
Moody’s		552		170,016
Morgan Stanley		3,929		278,252
Morningstar		75		18,993
Mr Cooper Group *		172		9,723
MSCI, Cl A		232		109,400



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
MVB Financial		28	$	550
Nasdaq		1,021		50,642
National Bank Holdings, Cl A		93		2,900
National Western Life Group, Cl A		5		2,395
Navient		311		4,948
NBT Bancorp		105		3,514
NCR Atleos *		180		3,960
Nelnet, Cl A		33		2,799
NerdWallet, Cl A *		76		819
New York Community Bancorp		2,019		19,136
New York Mortgage Trust ‡		227		1,770
Nexpoint Real Estate Finance ‡		42		623
Nicolet Bankshares		32		2,330
NMI Holdings, Cl A *		206		5,634
Northeast Bank		21		1,003
Northern Trust		616		40,601
Northfield Bancorp		104		894
Northrim BanCorp		14		584
Northwest Bancshares		303		3,157
OceanFirst Financial		144		1,823
Ocwen Financial *		16		385
Old National Bancorp		827		11,327
Old Republic International		831		22,753
Old Second Bancorp		105		1,424
OneMain Holdings, Cl A		362		13,007
Open Lending, Cl A *		256		1,533
Oppenheimer Holdings, Cl A		16		561
Orchid Island Capital, Cl A ‡		98		615
Origin Bancorp		71		2,101
Orrstown Financial Services		25		528
Oscar Health, Cl A *		293		1,500
Pacific Premier Bancorp		232		4,408
PacWest Bancorp		291		2,060
Palomar Holdings *		60		3,005
Park National		40		4,056
Parke Bancorp		26		438
Pathward Financial		68		3,080
Payoneer Global *		585		3,387
PayPal Holdings *		3,385		175,343
Paysafe *		67		651
PCB Bancorp		29		446
Peapack-Gladstone Financial		39		911
PennyMac Financial Services		121		8,131
PennyMac Mortgage Investment Trust ‡		221		2,796
Peoples Bancorp		70		1,931
Peoples Financial Services		17		667
Perella Weinberg Partners, Cl A		97		952
Pinnacle Financial Partners		220		13,719
Piper Sandler		43		6,014
PJT Partners		57		4,467
PNC Financial Services Group		1,199		137,250
PRA Group *		95		1,169
Preferred Bank		34		2,025
Premier Financial		90		1,561
Primerica		111		21,219

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Primis Financial		53	$	496
Principal Financial Group		731		49,474
ProAssurance *		134		2,278
PROG Holdings *		120		3,287
Progressive		1,757		277,764
Prosperity Bancshares		256		13,962
Provident Financial Services		173		2,431
Prudential Financial		1,100		100,584
QCR Holdings		41		1,945
Radian Group		441		11,175
Raymond James Financial		588		56,143
RBB Bancorp		39		451
Ready Capital ‡		424		4,001
Red River Bancshares		12		558
Redwood Trust ‡		283		1,777
Regional Management		22		547
Regions Financial		2,818		40,946
Reinsurance Group of America, Cl A		202		30,193
Remitly Global *		308		8,294
Renasant		137		3,341
Repay Holdings, Cl A *		190		1,138
Republic Bancorp, Cl A		21		928
Rithm Capital ‡		1,384		12,913
RLI		118		15,722
Robinhood Markets, Cl A *		1,304		11,919
Rocket, Cl A *		273		2,017
Ryan Specialty Holdings, Cl A *		226		9,763
S&P Global		969		338,499
S&T Bancorp		97		2,499
Safety Insurance Group		36		2,706
Sandy Spring Bancorp		109		2,229
Seacoast Banking Corp of Florida		210		4,250
SEI Investments		334		17,922
Selective Insurance Group		179		18,636
Selectquote *		322		425
ServisFirst Bancshares		125		5,895
Shift4 Payments, Cl A *		145		6,455
Shore Bancshares		44		451
Sierra Bancorp		34		598
Silvercrest Asset Management Group, Cl A		24		426
Simmons First National, Cl A		315		4,477
SLM		644		8,372
SmartFinancial		36		751
SoFi Technologies *		2,305		17,403
South Plains Financial		31		831
Southern First Bancshares *		19		513
Southern Missouri Bancorp		24		971
Southside Bancshares		75		2,002
SouthState		220		14,566
Starwood Property Trust ‡		883		15,673
State Street		1,041		67,280
Stellar Bancorp		113		2,462
StepStone Group, Cl A		126		3,566
Stewart Information Services		67		2,926



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Stifel Financial		310	$	17,670
Stock Yards Bancorp		67		2,620
StoneX Group *		44		4,194
Summit Financial Group		30		645
SWK Holdings *		31		500
Synchrony Financial		1,285		36,044
Synovus Financial		393		10,245
T Rowe Price Group		661		59,820
Texas Capital Bancshares *		119		6,552
TFS Financial		129		1,530
Tiptree		55		831
Toast, Cl A *		952		15,222
Tompkins Financial		33		1,653
Towne Bank		183		4,381
TPG, Cl A		156		4,312
TPG RE Finance Trust ‡		152		838
Tradeweb Markets, Cl A		334		30,063
Travelers		694		116,203
TriCo Bancshares		77		2,491
Triumph Financial *		54		3,361
Truist Financial		3,974		112,703
Trupanion *		89		1,833
TrustCo Bank NY		46		1,174
Trustmark		141		2,836
Two Harbors Investment ‡		243		2,818
UMB Financial		122		7,652
United Bankshares		357		10,153
United Community Banks		311		6,863
United Fire Group		61		1,229
Unity Bancorp		20		481
Universal Insurance Holdings		69		1,081
Univest Financial		72		1,200
Unum Group		592		28,949
Upstart Holdings *		177		4,253
US Bancorp		4,592		146,393
UWM Holdings		213		1,033
Valley National Bancorp		1,159		9,017
Velocity Financial *		49		566
Veritex Holdings		132		2,273
Victory Capital Holdings, Cl A		83		2,445
Virtu Financial, Cl A		242		4,475
Virtus Investment Partners		17		3,132
Visa, Cl A		4,890		1,149,639
Voya Financial		287		19,163
WaFd		162		3,998
Walker & Dunlop		79		5,119
Washington Trust Bancorp		43		997
Waterstone Financial		46		497
Webster Financial		517		19,625
Wells Fargo		11,452		455,446
WesBanco		145		3,537
West Bancorporation		37		608
Westamerica Bancorporation		65		3,071
Western Alliance Bancorp		299		12,289
Western Union		1,094		12,351
WEX *		128		21,309

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
White Mountains Insurance Group		6	$	8,584
Willis Towers Watson PLC		319		75,249
Wintrust Financial		178		13,295
WisdomTree		282		1,748
World Acceptance *		13		1,282
WR Berkley		627		42,239
WSFS Financial		154		5,466
Zions Bancorp		432		13,327
				15,502,764

HEALTH CARE — 3.8%
2seventy bio *		115		281
ACADIA Pharmaceuticals *		434		9,795
Accuray *		226		597
AdaptHealth, Cl A *		183		1,341
Adaptive Biotechnologies *		348		1,545
Adicet Bio *		76		100
ADMA Biologics *		534		1,805
Aerovate Therapeutics *		40		424
Agenus *		760		608
Agios Pharmaceuticals *		134		2,815
Akero Therapeutics *		97		1,156
Aldeyra Therapeutics *		141		241
Alector *		154		801
Align Technology *		216		39,871
Alkermes PLC *		481		11,635
Allakos *		119		227
Allogene Therapeutics *		191		539
Allovir *		91		136
Alnylam Pharmaceuticals *		375		56,925
Alphatec Holdings *		166		1,524
American Well, Cl A *		522		611
Amicus Therapeutics *		741		8,129
Anavex Life Sciences *		191		1,066
AngioDynamics *		96		595
Anika Therapeutics *		36		702
Apellis Pharmaceuticals *		278		13,527
Arcus Biosciences *		119		1,869
Arcutis Biotherapeutics *		110		247
Arrowhead Pharmaceuticals *		282		6,934
Artivion *		98		1,249
Asensus Surgical *		589		133
Atara Biotherapeutics *		229		295
AtriCure *		114		3,949
Atrion		3		1,026
Avanos Medical *		115		2,111
Avantor *		1,978		34,477
Avidity Biosciences *		163		839
Avita Medical *		58		540
Axonics *		124		6,350
Azenta *		184		8,363
Becton Dickinson		847		214,105
BioCryst Pharmaceuticals *		468		2,569
BioLife Solutions *		101		1,020
BioMarin Pharmaceutical *		558		45,449



COMMON STOCK — continued

	Shares		Value

HEALTH CARE— continued
Biomea Fusion *		74	$	756
Bionano Genomics *		75		104
Bioxcel Therapeutics *		50		201
Blueprint Medicines *		147		8,652
Boston Scientific *		4,335		221,909
Butterfly Network *		377		319
Cardinal Health		776		70,616
CareDx *		130		703
Catalyst Pharmaceuticals *		250		3,103
Cencora, Cl A		506		93,686
Cerevel Therapeutics Holdings *		170		4,021
Certara *		195		2,377
Cerus *		428		599
Codexis *		160		266
Cogent Biosciences *		142		1,159
Coherus Biosciences *		187		626
Computer Programs and Systems *		35		493
CONMED		82		7,992
Crinetics Pharmaceuticals *		109		3,193
CryoPort *		119		1,154
Cullinan Oncology *		59		550
Cutera *		48		149
Cytokinetics *		233		8,122
Day One Biopharmaceuticals *		115		1,360
Deciphera Pharmaceuticals *		131		1,571
Definitive Healthcare, Cl A *		99		570
Denali Therapeutics *		266		5,009
DENTSPLY SIRONA		646		19,645
Dexcom *		1,151		102,243
Doximity, Cl A *		280		5,720
Dyne Therapeutics *		80		564
Eagle Pharmaceuticals *		29		398
Edwards Lifesciences *		1,822		116,098
Embecta		143		2,162
Entrada Therapeutics *		44		704
Envista Holdings *		488		11,356
EQRx *		654		1,426
Erasca *		208		480
Evolent Health, Cl A *		244		5,961
Exact Sciences *		534		32,889
Exelixis *		957		19,705
Fate Therapeutics *		230		416
FibroGen *		217		117
Gilead Sciences		3,754		294,839
Glaukos *		123		8,389
Globus Medical, Cl A *		337		15,416
GoodRx Holdings, Cl A *		170		838
Haemonetics *		149		12,699
Halozyme Therapeutics *		396		13,413
Harvard Bioscience *		92		404
Health Catalyst *		135		1,011
HealthStream		61		1,549
Henry Schein *		388		25,212
Heron Therapeutics *		297		189
HilleVax *		34		374
Hologic *		739		48,900

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

HEALTH CARE— continued
ICU Medical *		53	$	5,197
Ideaya Biosciences *		103		2,799
IDEXX Laboratories *		249		99,468
IGM Biosciences *		44		173
Immuneering, Cl A *		51		359
ImmunoGen *		606		9,005
Immunovant *		131		4,330
Inari Medical *		117		7,103
Inhibrx *		74		1,145
Inogen *		56		250
Insmed *		337		8,445
Inspire Medical Systems *		85		12,509
Insulet *		212		28,105
Integer Holdings *		82		6,656
Integra LifeSciences Holdings *		192		6,904
Intuitive Surgical *		1,057		277,167
IQVIA Holdings *		556		100,541
iRadimed *		17		693
iRhythm Technologies *		77		6,046
iTeos Therapeutics *		73		734
Janux Therapeutics *		57		366
KalVista Pharmaceuticals *		59		501
Karuna Therapeutics *		93		15,495
Kiniksa Pharmaceuticals, Cl A *		84		1,281
Kodiak Sciences *		122		177
Krystal Biotech *		53		6,194
Kura Oncology *		159		1,344
Kymera Therapeutics *		111		1,295
Lantheus Holdings *		194		12,532
LeMaitre Vascular		49		2,380
LivaNova PLC *		139		6,818
Lyell Immunopharma *		302		500
Madrigal Pharmaceuticals *		35		4,598
MannKind *		646		2,771
Masimo *		146		11,845
McKesson		412		187,608
Medpace Holdings *		71		17,230
Medtronic PLC		4,047		285,556
Merit Medical Systems *		151		10,380
Mesa Laboratories		13		1,220
Mettler-Toledo International *		66		65,023
MiNK Therapeutics *		11		12
Mirati Therapeutics *		135		7,497
Mirum Pharmaceuticals *		62		1,701
Monte Rosa Therapeutics *		100		340
Morphic Holding *		74		1,476
Multiplan *		675		1,141
Myriad Genetics *		196		3,054
Neogen *		605		9,008
Neurocrine Biosciences *		286		31,729
Nevro *		87		1,255
NextGen Healthcare *		134		3,205
Nkarta *		89		181
Nurix Therapeutics *		106		593
Nuvalent, Cl A *		111		5,782
Omnicell *		112		3,980

COMMON STOCK — continued



	Shares		Value

HEALTH CARE— continued
OptimizeRx *		41	$	330
OraSure Technologies *		176		908
ORIC Pharmaceuticals *		78		523
Orthofix Medical *		87		960
OrthoPediatrics *		39		954
Outset Medical *		116		411
Owens & Minor *		184		2,637
Paragon 28 *		96		828
Patterson		228		6,945
PDL BioPharma *(A)		64		—
Penumbra *		108		20,644
PepGen *		48		246
PetIQ, Cl A *		68		1,276
Phreesia *		126		1,721
PMV Pharmaceuticals *		78		118
Prelude Therapeutics *		86		145
Prime Medicine *		69		448
PROCEPT BioRobotics *		107		2,867
Protagonist Therapeutics *		126		1,832
PTC Therapeutics *		179		3,356
Pulmonx *		80		703
Quanterix *		84		1,824
Quantum-Si *		239		287
QuidelOrtho *		131		7,998
RAPT Therapeutics *		67		881
Recursion Pharmaceuticals, Cl A *		290		1,531
Replimune Group *		103		1,501
ResMed		440		62,137
Rigel Pharmaceuticals *		431		348
RxSight *		57		1,262
Schrodinger *		147		3,190
Scilex Holding Co - Restricted *		122		1,240
Seagen *		553		117,684
Seer, Cl A *		101		166
Senseonics Holdings *		1,056		522
Seres Therapeutics *		238		364
Sharecare *		718		754
Shockwave Medical *		106		21,864
SI-BONE *		75		1,276
Sight Sciences *		72		114
Silk Road Medical *		93		698
Simulations Plus		40		1,411
SomaLogic *		381		850
Sotera Health *		248		3,140
SpringWorks Therapeutics *		118		2,702
STAAR Surgical *		120		5,018
STERIS PLC		295		61,944
Stryker		1,070		289,135
Surmodics *		34		1,002
Sutro Biopharma *		133		366
Syndax Pharmaceuticals *		146		2,056
Tactile Systems Technology *		55		601
Tandem Diabetes Care *		162		2,803
Tango Therapeutics *		127		1,067
Teladoc Health *		438		7,245
Teleflex		142		26,235

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

HEALTH CARE— continued
TG Therapeutics *		334	$	2,582
TransMedics Group *		78		2,923
Travere Therapeutics *		176		1,140
Treace Medical Concepts *		103		1,033
Twist Bioscience *		138		2,175
Tyra Biosciences *		45		522
UFP Technologies *		18		2,807
United Therapeutics *		135		30,086
Vanda Pharmaceuticals *		137		600
Varex Imaging *		100		1,805
Vaxcyte *		171		8,225
Veeva Systems, Cl A *		436		84,022
Vera Therapeutics, Cl A *		66		688
Veracyte *		179		3,709
Veradigm *		267		3,522
Verve Therapeutics *		96		1,156
ViewRay *		427		—
Viking Therapeutics *		216		2,119
Viridian Therapeutics *		91		1,138
Vor BioPharma *		137		251
West Pharmaceutical Services		221		70,342
XOMA *		29		547
Y-mAbs Therapeutics *		83		443
Zimmer Biomet Holdings		639		66,718
Zimvie *		63		445
Zymeworks *		147		1,032
Zynex *		50		444
				3,924,137

INDUSTRIALS — 9.1%
3D Systems *		323		1,205
3M		1,660		150,977
AAON		179		9,725
AAR *		83		4,927
ABM Industries		170		6,688
ACCO Brands		229		1,159
Acuity Brands		93		15,063
ACV Auctions, Cl A *		308		4,106
Advanced Drainage Systems		206		22,007
AECOM		416		31,845
AeroVironment *		63		7,224
AerSale *		52		795
AGCO		188		21,556
Air Lease, Cl A		279		9,662
Air Transport Services Group *		142		2,779
Alamo Group		29		4,649
Alaska Air Group *		386		12,209
Albany International, Cl A		78		6,366
Alight, Cl A *		795		5,279
Allegiant Travel, Cl A		39		2,598
Allegion PLC		263		25,869
Allient		34		938
Allison Transmission Holdings		269		13,563
Alta Equipment Group		59		542
Ameresco, Cl A *		80		2,092
American Airlines Group *		1,938		21,609

COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
American Woodmark *		41	$	2,756
AMETEK		692		97,413
AO Smith		377		26,300
API Group *		652		16,867
Apogee Enterprises		55		2,361
Applied Industrial Technologies		115		17,654
ArcBest		60		6,533
Archer Aviation, Cl A *		333		1,582
Arcosa		129		8,910
Argan		32		1,464
Aris Water Solutions, Cl A		70		584
Armstrong World Industries		121		9,183
Array Technologies *		378		6,551
ASGN *		129		10,766
Astec Industries		56		2,242
Astronics *		64		981
Atkore *		118		14,665
Automatic Data Processing		1,243		271,247
Avis Budget Group *		117		19,048
Axon Enterprise *		209		42,738
AZEK, Cl A *		430		11,266
AZZ		61		2,883
Babcock & Wilcox Enterprises *		215		565
Barnes Group		120		2,495
Barrett Business Services		17		1,555
Beacon Roofing Supply *		133		9,466
Blink Charging *		125		297
Bloom Energy, Cl A *		446		4,638
Blue Bird *		52		947
BlueLinx Holdings *		22		1,564
Boise Cascade		106		9,937
Booz Allen Hamilton Holding, Cl A		390		46,773
Brady, Cl A		114		5,866
BrightView Holdings *		96		647
Brink’s		122		8,157
Broadridge Financial Solutions		351		59,895
Builders FirstSource *		406		44,059
CACI International, Cl A *		69		22,408
Cadre Holdings		40		1,122
Carlisle		153		38,876
Carrier Global		2,504		119,341
Casella Waste Systems, Cl A *		136		10,261
Caterpillar		1,552		350,830
CBIZ *		121		6,287
CECO Environmental *		73		1,181
Ceridian HCM Holding *		441		28,228
CH Robinson Worldwide		347		28,395
ChargePoint Holdings *		653		1,659
Chart Industries *		125		14,529
Cintas		261		132,358
Clean Harbors *		153		23,512
Columbus McKinnon		71		2,170
Comfort Systems USA		104		18,912
Commercial Vehicle Group *		73		509
Concentrix		117		8,917

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
Concrete Pumping Holdings *		62	$	436
Conduent *		502		1,601
Construction Partners, Cl A *		100		3,845
Copart *		2,587		112,586
Core & Main, Cl A *		171		5,144
CoreCivic *		279		3,543
Covenant Logistics Group, Cl A		19		750
CRA International		17		1,651
CSG Systems International		76		3,561
CSW Industrials		38		6,736
CSX		6,102		182,145
Cummins		418		90,413
Curtiss-Wright		116		23,062
Custom Truck One Source *		154		889
Daseke *		95		422
Deere		893		326,266
Delta Air Lines		1,920		60,000
Deluxe		108		1,841
Desktop Metal, Cl A *		606		525
Distribution Solutions Group *		94		2,834
Donaldson		364		20,988
Douglas Dynamics		56		1,360
Dover		420		54,579
Driven Brands Holdings *		156		1,775
Ducommun *		28		1,340
Dun & Bradstreet Holdings		555		4,862
DXP Enterprises *		37		1,206
Dycom Industries *		71		6,048
Eagle Bulk Shipping		32		1,306
Eaton PLC		1,199		249,284
EMCOR Group		140		28,931
Emerson Electric		1,711		152,228
Encore Wire		44		7,869
Energy Recovery *		127		1,930
Enerpac Tool Group, Cl A		141		3,990
EnerSys		109		9,328
Ennis		63		1,346
Enovix *		294		2,620
EnPro Industries		52		5,775
Enviri *		196		1,125
Eos Energy Enterprises *		271		477
Equifax		371		62,910
Esab		152		9,622
ESCO Technologies		64		6,222
ExlService Holdings *		472		12,324
Expeditors International of Washington		461		50,364
Exponent		147		10,774
Fastenal		1,723		100,520
Federal Signal		161		9,344
FedEx		694		166,629
First Advantage *		132		1,717
Flowserve		384		14,100
Fluence Energy, Cl A *		145		2,511
Fluor *		409		13,616
Forrester Research *		29		673

COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
Fortive		1,063	$	69,393
Fortune Brands Innovations		385		21,483
Forward Air		66		4,251
Franklin Covey *		30		1,182
Franklin Electric		108		9,366
Frontier Group Holdings *		94		319
FTI Consulting *		99		21,014
FuelCell Energy *		1,020		1,112
Gates Industrial PLC *		259		2,828
GATX		94		9,831
Genco Shipping & Trading		100		1,317
Generac Holdings *		184		15,469
GEO Group *		295		2,578
Gibraltar Industries *		77		4,686
Global Industrial		16		511
GMS *		112		6,550
Gorman-Rupp		57		1,684
Graco		502		37,324
GrafTech International *		485		1,673
Granite Construction		109		4,412
Great Lakes Dredge & Dock *		161		1,224
Greenbrier		77		2,663
Griffon		119		4,753
GXO Logistics *		353		17,830
H&E Equipment Services		80		3,258
Hawaiian Holdings *		126		530
Hayward Holdings *		456		4,788
Healthcare Services Group *		186		1,767
Heartland Express		117		1,364
HEICO		127		20,118
Heidrick & Struggles International		49		1,193
Helios Technologies		81		4,189
Herc Holdings		76		8,116
Hertz Global Holdings *		902		7,604
Hexcel		252		15,604
Hillenbrand		186		7,074
Hillman Solutions *		428		2,808
HireRight Holdings *		43		396
HNI		115		3,975
Honeywell International		2,013		368,902
Howmet Aerospace		1,231		54,287
Hub Group, Cl A *		81		5,569
Hubbell, Cl B		161		43,486
Hudson Technologies *		95		1,224
Huron Consulting Group *		48		4,769
Hyliion Holdings *		277		165
Hyster-Yale Materials Handling		15		600
ICF International		46		5,830
IDEX		228		43,641
IES Holdings *		49		3,049
Illinois Tool Works		917		205,518
Ingersoll Rand		1,213		73,605
Insperity		96		10,161
Insteel Industries		47		1,312
Interface, Cl A		143		1,271

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
ITT		249	$	23,244
Janus International Group *		208		1,947
JB Hunt Transport Services		249		42,796
JELD-WEN Holding *		209		2,368
JetBlue Airways *		821		3,087
Joby Aviation *		774		4,079
John Bean Technologies		85		8,842
Johnson Controls International PLC		2,052		100,589
Kadant		29		6,380
Kaman		70		1,303
KBR		409		23,783
Kelly Services, Cl A		82		1,464
Kennametal		192		4,437
Kforce		48		2,930
Kirby *		174		12,998
Knight-Swift Transportation Holdings, Cl A		454		22,196
Korn Ferry		129		5,872
Landstar System		108		17,796
Legalzoom.com *		204		2,034
Lennox International		95		35,201
Leonardo DRS *		115		2,193
Lincoln Electric Holdings		169		29,541
Lindsay		28		3,498
Liquidity Services *		58		1,118
Lyft, Cl A *		855		7,840
Manitowoc *		86		1,101
ManpowerGroup		136		9,516
Marten Transport		144		2,532
Masco		678		35,317
MasTec *		189		11,234
Matson		95		8,270
Matthews International, Cl A		74		2,623
Maximus		178		13,300
Mayville Engineering *		34		411
McGrath RentCorp		61		6,137
MDU Resources Group		529		9,845
Mercury Systems *		143		5,145
Microvast Holdings *		348		428
Middleby *		154		17,382
Miller Industries		28		1,018
MillerKnoll		189		4,442
Montrose Environmental Group *		62		1,433
Moog, Cl A		77		8,936
MRC Global *		200		2,102
MSA Safety		113		17,840
MSC Industrial Direct, Cl A		133		12,602
Mueller Industries		298		11,238
Mueller Water Products, Cl A		386		4,775
MYR Group *		41		4,749
Nikola *		1,167		1,260
Nordson		155		32,951
Norfolk Southern		690		131,645
Northwest Pipe *		24		654
NOW *		274		3,019

COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
NuScale Power *		85	$	287
NV5 Global *		31		2,925
nVent Electric PLC		484		23,295
Old Dominion Freight Line		285		107,348
Omega Flex		8		585
OPENLANE *		269		3,613
Oshkosh		191		16,756
Otis Worldwide		1,250		96,512
Owens Corning		271		30,723
PACCAR		1,544		127,426
Park Aerospace		50		734
Parker-Hannifin		383		141,293
Parsons *		303		17,135
Paychex		970		107,718
Paycom Software		157		38,460
Paycor HCM *		159		3,431
Paylocity Holding *		126		22,604
Pentair PLC		494		28,711
PGT Innovations *		144		4,311
Pitney Bowes		389		1,257
Planet Labs PBC *		400		864
Plug Power *		1,478		8,705
Powell Industries		23		1,763
Preformed Line Products		7		947
Primoris Services		132		3,968
Proterra *		445		29
Proto Labs *		66		1,558
Quanex Building Products		82		2,202
Quanta Services		429		71,694
Radiant Logistics *		93		545
RBC Bearings *		87		19,126
Regal Rexnord		200		23,682
Republic Services, Cl A		621		92,212
Resideo Technologies *		363		5,256
Resources Connection		80		1,078
REV Group		75		1,068
Robert Half		315		23,553
Rocket Lab USA *		659		2,788
Rockwell Automation		342		89,881
Rollins		766		28,809
Rush Enterprises, Cl A		158		5,604
RXO *		289		5,060
Ryder System		132		12,875
Saia *		82		29,396
Schneider National, Cl B		144		3,648
Science Applications International		161		17,588
Sensata Technologies Holding PLC		459		14,633
SES AI *		325		588
Shoals Technologies Group, Cl A *		348		5,345
Shyft Group		80		878
Simpson Manufacturing		128		17,047
SiteOne Landscape Supply *		133		18,323
SkyWest *		121		5,103
Snap-on		157		40,497

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
Southwest Airlines		1,790	$	39,792
SP Plus *		47		2,375
Spirit AeroSystems Holdings, Cl A *		263		5,944
Spirit Airlines *		272		3,123
SPX Technologies *		120		9,614
SS&C Technologies Holdings		660		33,165
Standex International		29		4,164
Stanley Black & Decker		457		38,868
Steelcase, Cl A		209		2,280
Stem *		350		1,183
Stericycle *		249		10,269
Sterling Check *		205		2,292
Sterling Infrastructure *		74		5,391
Sun Country Airlines Holdings *		80		1,042
SunPower, Cl A *		215		918
Sunrun *		565		5,452
TaskUS, Cl A *		67		622
Tennant		46		3,414
Terex		177		8,107
Tetra Tech		158		23,844
Thermon Group Holdings *		83		2,215
Timken		196		13,548
Titan International *		129		1,465
Titan Machinery *		51		1,267
Toro		312		25,222
TPI Composites *		104		240
Trane Technologies PLC		686		130,553
Transcat *		18		1,620
TransDigm Group *		160		132,494
TransUnion		579		25,407
Trex *		323		18,156
TriNet Group *		162		16,646
Trinity Industries		202		4,208
Triumph Group *		161		1,201
TrueBlue *		75		830
TTEC Holdings		48		988
TuSimple Holdings, Cl A *		347		371
Tutor Perini *		105		757
Uber Technologies *		5,767		249,596
UFP Industries		181		17,226
U-Haul Holding *		19		933
UniFirst		37		6,084
Union Pacific		1,825		378,888
United Airlines Holdings *		979		34,275
United Parcel Service, Cl B		2,170		306,512
United Rentals		208		84,504
Universal Logistics Holdings		18		403
Upwork *		292		3,051
Valmont Industries		63		12,405
Velo3D *		229		302
Verisk Analytics, Cl A		461		104,813
Veritiv		32		5,421
Verra Mobility, Cl A *		361		7,137
Vertiv Holdings, Cl A		930		36,521
Vestis *		373		5,703



COMMON STOCK — continued



	Shares		Value

INDUSTRIALS— continued
Viad *		50	$	1,211
Vicor *		56		2,169
Virgin Galactic Holdings *		549		813
VSE		27		1,453
Wabash National		117		2,421
Waste Management		1,178		193,581
Watsco		98		34,191
Watts Water Technologies, Cl A		80		13,841
Werner Enterprises		147		5,339
WESCO International		130		16,666
Westinghouse Air Brake Technologies		537		56,933
Willdan Group *		31		547
WillScot Mobile Mini Holdings, Cl A *		606		23,882
Woodward		168		20,950
WW Grainger		133		97,067
XPO *		341		25,851
Xylem		716		67,016
Zurn Elkay Water Solutions		390		10,319
				9,431,300

INFORMATION TECHNOLOGY — 31.3%
8x8 *		271		645
908 Devices *		58		344
A10 Networks		172		1,870
Accenture PLC, Cl A		1,995		592,695
ACI Worldwide *		268		5,459
ACM Research, Cl A *		113		1,537
Adeia		260		2,192
Adobe *		1,383		735,839
ADTRAN Holdings		178		1,169
Advanced Energy Industries		100		8,726
Advanced Micro Devices *		4,841		476,794
Aehr Test Systems *		66		1,555
Agilysys *		60		5,147
Akamai Technologies *		463		47,842
Akoustis Technologies *		172		87
Alarm.com Holdings *		118		6,033
Alkami Technology *		90		1,615
Allegro MicroSystems *		175		4,543
Alpha & Omega Semiconductor *		55		1,305
Altair Engineering, Cl A *		139		8,635
Alteryx, Cl A *		147		4,705
Ambarella *		94		4,229
Amdocs		365		29,258
American Software, Cl A		79		867
Amkor Technology		205		4,276
Amphenol, Cl A		1,784		143,701
Amplitude, Cl A *		125		1,245
Analog Devices		1,523		239,614
ANSYS *		259		72,069
Appfolio, Cl A *		51		9,566
Appian, Cl A *		102		4,025
Apple		47,641		8,135,654
Applied Digital *		136		664

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

INFORMATION TECHNOLOGY— continued
Applied Materials		2,546	$	336,963
AppLovin, Cl A *		259		9,438
Arista Networks *		715		143,265
Arlo Technologies *		207		1,757
Arrow Electronics *		177		20,074
Asana, Cl A *		198		3,657
Aspen Technology *		84		14,881
Atlassian, Cl A *		455		82,191
Aurora Innovation, Cl A *		776		1,358
Autodesk *		649		128,262
AvePoint *		278		2,082
Aviat Networks *		28		748
Avid Technology *		101		2,729
Avnet		268		12,416
Axcelis Technologies *		96		12,240
Badger Meter		86		11,915
Belden		114		8,083
Benchmark Electronics		86		2,082
Bentley Systems, Cl B		650		31,616
BigCommerce Holdings *		154		1,369
BILL Holdings *		309		28,209
Blackbaud *		115		7,521
BlackLine *		123		6,039
Box, Cl A *		375		9,322
Braze, Cl A *		115		4,897
Brightcove *		101		311
Broadcom		1,228		1,033,202
C3.ai, Cl A *		230		5,612
Cadence Design Systems *		817		195,957
Calix *		146		4,836
Cambium Networks *		30		149
CCC Intelligent Solutions Holdings *		323		3,479
CDW		407		81,563
Cerence *		98		1,500
CEVA *		57		979
Ciena *		447		18,863
Cirrus Logic *		149		9,973
Cisco Systems		12,332		642,867
Cleanspark *		179		734
Clear Secure, Cl A		202		3,398
Clearfield *		33		793
Clearwater Analytics Holdings, Cl A *		147		2,658
Cloudflare, Cl A *		855		48,470
Cognex		524		18,859
Cognizant Technology Solutions, Cl A		1,538		99,155
Coherent *		350		10,364
Cohu *		117		3,526
CommScope Holding *		516		764
CommVault Systems *		118		7,711
Comtech Telecommunications		64		781
Confluent, Cl A *		502		14,513
Consensus Cloud Solutions *		46		993
CoreCard *		16		342



COMMON STOCK — continued



	Shares		Value

INFORMATION TECHNOLOGY— continued
Corsair Gaming *		105	$	1,343
Couchbase *		73		1,136
Crane NXT		120		6,240
Credo Technology Group Holding *		236		3,356
Crowdstrike Holdings, Cl A *		640		113,133
CS Disco *		74		415
CTS		78		2,918
Daktronics *		91		875
Datadog, Cl A *		799		65,095
Dell Technologies, Cl C		739		49,446
Digi International *		87		2,191
Digimarc *		35		908
Digital Turbine *		237		1,123
DigitalOcean Holdings *		145		2,967
Diodes *		119		7,745
DocuSign, Cl A *		602		23,406
Dolby Laboratories, Cl A		175		14,164
Domo, Cl B *		73		596
DoubleVerify Holdings *		274		7,625
Dropbox, Cl A *		802		21,093
DXC Technology *		685		13,816
Dynatrace *		646		28,883
DZS *		55		70
E2open Parent Holdings *		601		1,737
Eastman Kodak *		156		580
Ebix		61		371
Elastic *		223		16,734
Enfusion, Cl A *		69		573
EngageSmart *		108		2,446
Enphase Energy *		404		32,150
Entegris		450		39,577
Envestnet *		134		4,958
EPAM Systems *		171		37,204
ePlus *		66		4,125
Everbridge *		100		2,061
EverCommerce *		53		508
Evolv Technologies Holdings *		193		820
Expensify, Cl A *		80		214
Extreme Networks *		342		7,052
F5 *		181		27,438
Fabrinet *		106		16,430
Fair Isaac *		73		61,748
FARO Technologies *		47		605
Fastly, Cl A *		284		4,166
First Solar *		304		43,305
Five9 *		214		12,384
FormFactor *		192		6,505
Fortinet *		1,979		113,139
Freshworks, Cl A *		331		5,938
Gartner *		214		71,057
Gen Digital		1,741		29,005
Gitlab, Cl A *		212		9,175
GLOBALFOUNDRIES *		221		10,966
GoDaddy, Cl A *		462		33,832
Grid Dynamics Holdings *		133		1,349

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

INFORMATION TECHNOLOGY— continued
Guidewire Software *		245	$	22,082
Hackett Group		59		1,315
Harmonic *		273		2,946
Hewlett Packard Enterprise		3,888		59,797
HP		2,960		77,937
HubSpot *		141		59,752
Ichor Holdings *		72		1,747
Impinj *		63		4,070
indie Semiconductor, Cl A *		257		1,257
Infinera *		553		1,620
Informatica, Cl A *		277		5,313
Information Services Group		85		345
Insight Enterprises *		98		14,043
Instructure Holdings *		36		887
Intapp *		97		3,317
Intel		12,518		456,907
InterDigital		73		5,493
International Business Machines		2,733		395,301
Intuit		822		406,849
IonQ *		343		3,307
IPG Photonics *		80		6,872
Iteris *		106		469
Itron *		121		6,931
Jabil		385		47,278
Jamf Holding *		117		1,879
Juniper Networks		970		26,112
Keysight Technologies *		534		65,175
Kimball Electronics *		60		1,572
KLA		418		196,335
Knowles *		225		2,923
Kulicke & Soffa Industries		143		5,950
Kyndryl Holdings *		587		8,588
Lam Research		405		238,229
Lattice Semiconductor *		411		22,856
Lightwave Logic *		283		1,282
Littelfuse		73		15,817
LivePerson *		178		470
LiveRamp Holdings *		159		4,398
Lumentum Holdings *		179		7,019
Luna Innovations *		80		454
MACOM Technology Solutions
Holdings *		154		10,863
Manhattan Associates *		186		36,266
Marathon Digital Holdings *		407		3,586
Marvell Technology		2,578		121,733
Matterport *		608		1,240
MaxLinear, Cl A *		181		2,751
MeridianLink *		49		805
Methode Electronics		86		1,967
Microchip Technology		1,624		115,775
Micron Technology		3,276		219,066
Microsoft		22,149		7,488,798
MicroStrategy, Cl A *		26		11,008
MicroVision *		439		830
Mirion Technologies, Cl A *		502		3,479
Mitek Systems *		108		1,153

COMMON STOCK — continued



	Shares		Value

INFORMATION TECHNOLOGY— continued
MKS Instruments		176	$	11,556
Model N *		90		2,169
MongoDB, Cl A *		203		69,952
Monolithic Power Systems		134		59,193
Motorola Solutions		503		140,065
N-Able *		142		1,840
Napco Security Technologies		83		1,525
Navitas Semiconductor, Cl A *		250		1,310
nCino *		151		4,243
NCR Voyix *		359		5,489
NetApp		641		46,652
NETGEAR *		69		872
NetScout Systems *		171		3,733
New Relic *		183		15,861
nLight *		109		908
Nutanix, Cl A *		697		25,224
NVE		12		816
NVIDIA		7,170		2,923,926
Okta, Cl A *		446		30,065
Olo, Cl A *		243		1,242
ON Semiconductor *		1,299		81,369
ON24 *		100		615
OneSpan *		91		719
Onto Innovation *		147		16,518
Oracle		4,665		482,361
OSI Systems *		39		4,067
PagerDuty *		215		4,337
Palantir Technologies, Cl A *		5,284		78,203
Palo Alto Networks *		895		217,503
PAR Technology *		65		1,897
PC Connection		29		1,554
PDF Solutions *		76		2,016
Pegasystems		98		4,189
Perficient *		85		4,946
Photronics *		144		2,644
Plexus *		68		6,686
Power Integrations		164		11,370
PowerSchool Holdings, Cl A *		125		2,490
Procore Technologies *		358		21,870
Progress Software		107		5,498
PROS Holdings *		104		3,240
PTC *		332		46,619
Pure Storage, Cl A *		870		29,415
Q2 Holdings *		139		4,174
Qorvo *		301		26,313
QUALCOMM		3,373		367,623
Qualys *		106		16,213
Rambus *		325		17,657
Rapid7 *		147		6,834
Ribbon Communications *		349		656
Rimini Street *		129		280
RingCentral, Cl A *		220		5,848
Riot Platforms *		393		3,844
Rogers *		46		5,653
Roper Technologies		318		155,365
Salesforce *		2,918		586,022

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued



	Shares		Value

INFORMATION TECHNOLOGY— continued
Samsara, Cl A *		266	$	6,137
Sanmina *		154		7,834
ScanSource *		63		1,915
Seagate Technology Holdings PLC		613		41,837
SEMrush Holdings, Cl A *		76		614
Semtech *		159		2,220
SentinelOne, Cl A *		542		8,471
ServiceNow *		611		355,510
Silicon Laboratories *		84		7,743
SiTime *		40		3,992
Skyworks Solutions		479		41,549
SMART Global Holdings *		117		1,603
SmartRent, Cl A *		389		937
Smartsheet, Cl A *		372		14,709
Snowflake, Cl A *		849		123,215
SolarWinds *		93		857
SoundThinking *		21		317
Splunk *		455		66,958
Sprinklr, Cl A *		181		2,460
Sprout Social, Cl A *		115		4,977
SPS Commerce *		110		17,637
Squarespace, Cl A *		92		2,614
Super Micro Computer *		139		33,286
Synaptics *		106		8,868
Synopsys *		458		215,004
TD SYNNEX		134		12,285
Teledyne Technologies *		139		52,068
Tenable Holdings *		320		13,475
Teradata *		293		12,517
Teradyne		471		39,220
Texas Instruments		2,728		387,403
Thoughtworks Holding *		227		770
Trimble *		743		35,018
TTM Technologies *		211		2,424
Twilio, Cl A *		527		27,014
Tyler Technologies *		125		46,612
Ubiquiti		10		1,214
UiPath, Cl A *		1,129		17,533
Ultra Clean Holdings *		110		2,625
Unisys *		165		459
Unity Software *		676		17,150
Universal Display		133		18,511
Varonis Systems, Cl B *		281		9,453
Veeco Instruments *		118		2,825
Verint Systems *		160		3,010
VeriSign *		311		62,094
Veritone *		80		201
Vertex, Cl A *		97		2,348
ViaSat *		182		3,356
Viavi Solutions *		560		4,357
Vishay Intertechnology		347		7,717
Vishay Precision Group *		29		868
VMware, Cl A *		647		94,201
Vontier		453		13,391
Vuzix *		148		481
Western Digital *		937		37,621



COMMON STOCK — continued



	Shares		Value

INFORMATION TECHNOLOGY— continued
Wolfspeed *		372	$	12,588
Workday, Cl A *		605		128,085
Workiva, Cl A *		136		11,844
Xerox Holdings		371		4,764
Xperi *		103		874
Yext *		244		1,471
Zebra Technologies, Cl A *		157		32,880
Zeta Global Holdings, Cl A *		351		2,738
Zoom Video Communications, Cl A *		658		39,467
Zscaler *		259		41,101
Zuora, Cl A *		318		2,356
				32,571,183

MATERIALS — 3.0%
5E Advanced Materials *		76		171
AdvanSix		66		1,818
Air Products and Chemicals		659		186,128
Albemarle		353		44,753
Alcoa		529		13,564
Alpha Metallurgical Resources		32		7,039
American Vanguard		70		655
Amyris *		617		2
AptarGroup		197		24,087
Arch Resources		41		6,184
Ardagh Metal Packaging		357		1,203
Ashland		159		12,184
Aspen Aerogels *		171		1,320
ATI *		372		14,050
Avery Dennison		241		41,951
Avient		229		7,241
Axalta Coating Systems *		667		17,495
Balchem		86		9,997
Ball		945		45,502
Berry Global Group		367		20,185
Cabot		150		9,972
Carpenter Technology		119		7,464
Celanese, Cl A		325		37,216
Century Aluminum *		198		1,309
CF Industries Holdings		587		46,831
Chase		18		2,287
Chemours		409		9,861
Clearwater Paper *		41		1,386
Cleveland-Cliffs *		1,523		25,556
Coeur Mining *		731		1,835
Commercial Metals		347		14,675
Compass Minerals International		103		2,538
Corteva		2,140		103,020
Crown Holdings		361		29,097
Danimer Scientific *		225		322
Dow		2,123		102,626
DuPont de Nemours		1,374		100,137
Eagle Materials		108		16,622
Eastman Chemical		355		26,529
Ecolab		765		128,321
Ecovyst *		237		2,180

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

MATERIALS— continued
Element Solutions		630	$	11,485
FMC		375		19,950
Freeport-McMoRan		4,256		143,768
FutureFuel		65		426
Ginkgo Bioworks Holdings *		2,972		4,072
Glatfelter *		108		187
Graphic Packaging Holding		920		19,789
Greif, Cl A		62		3,937
Hawkins		48		2,757
Haynes International		31		1,334
HB Fuller		145		9,592
Hecla Mining		1,421		5,783
Huntsman		512		11,945
Ingevity *		93		3,746
Innospec		62		6,076
International Flavors & Fragrances		764		52,219
International Paper		1,044		35,214
Intrepid Potash *		22		438
Kaiser Aluminum		39		2,215
Knife River *		123		6,189
Koppers Holdings		50		1,829
Kronos Worldwide		55		380
Linde PLC		1,471		562,157
Livent *		483		7,047
Louisiana-Pacific		192		9,846
LSB Industries *		121		1,102
LyondellBasell Industries, Cl A		774		69,846
Martin Marietta Materials		185		75,654
Materion		51		4,946
Mativ Holdings		135		1,774
Minerals Technologies		81		4,379
Mosaic		1,011		32,837
MP Materials *		394		6,462
Myers Industries		91		1,526
NewMarket		20		9,643
Newmont		2,384		89,328
Nucor		756		111,729
O-I Glass, Cl I *		411		6,350
Olympic Steel		25		1,269
Origin Materials *		253		250
Packaging Corp of America		264		40,405
Pactiv Evergreen		95		819
Perimeter Solutions *		379		1,213
Piedmont Lithium *		45		1,236
PPG Industries		710		87,167
PureCycle Technologies *		292		1,299
Quaker Chemical		35		5,030
Ramaco Resources, Cl A		62		730
Ramaco Resources, Cl B		12		155
Ranpak Holdings, Cl A *		184		581
Rayonier Advanced Materials *		155		429
Reliance Steel & Aluminum		177		45,025
Royal Gold		197		20,553
RPM International		384		35,048
Ryerson Holding		60		1,743

COMMON STOCK — continued



	Shares		Value

MATERIALS— continued
Schnitzer Steel Industries, Cl A		64	$	1,453
Scotts Miracle-Gro, Cl A		104		4,622
Sealed Air		431		13,270
Sensient Technologies		105		5,924
Sherwin-Williams		722		171,988
Silgan Holdings		225		9,014
Sonoco Products		294		15,232
Southern Copper		257		18,221
Steel Dynamics		482		51,338
Stepan		53		3,964
Summit Materials, Cl A *		319		10,495
SunCoke Energy		208		1,978
Sylvamo		90		3,987
TimkenSteel *		95		1,931
Tredegar *		63		282
TriMas		103		2,494
Trinseo PLC		86		532
Tronox Holdings PLC, Cl A		288		3,079
United States Lime & Minerals		5		990
United States Steel		663		22,469
Vulcan Materials		397		78,007
Warrior Met Coal		129		6,286
Westlake		86		9,921
WestRock		763		27,415
Worthington Industries		77		4,745
				3,175,859

REAL ESTATE — 3.2%
Acadia Realty Trust ‡		241		3,451
Agree Realty ‡		268		14,992
Alexander & Baldwin ‡		181		2,860
Alexander’s ‡		5		940
Alexandria Real Estate Equities ‡		515		47,962
American Assets Trust ‡		122		2,165
American Homes 4 Rent, Cl A ‡		1,005		32,904
American Tower ‡		1,389		247,506
Americold Realty Trust ‡		809		21,212
Anywhere Real Estate *		268		1,251
Apartment Income ‡		437		12,765
Apartment Investment and Management, Cl A *‡		345		2,022
Apple Hospitality ‡		577		9,047
Armada Hoffler Properties ‡		167		1,663
AvalonBay Communities ‡		420		69,611
Boston Properties ‡		471		25,231
Braemar Hotels & Resorts ‡		132		346
Brandywine Realty Trust ‡		423		1,582
Brixmor Property Group ‡		898		18,669
Broadstone Net Lease, Cl A ‡		435		6,155
BRT Apartments ‡		29		471
Camden Property Trust ‡		317		26,907
CareTrust ‡		246		5,294
CBL & Associates Properties ‡		64		1,327
CBRE Group, Cl A *		929		64,417
Centerspace ‡		37		1,797
Chatham Lodging Trust ‡		120		1,110

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued



	Shares		Value

REAL ESTATE— continued
Community Healthcare Trust ‡		61	$	1,749
Compass, Cl A *		752		1,489
COPT Defense Properties ‡		282		6,430
CoStar Group *		1,214		89,120
Cousins Properties ‡		408		7,291
Crown Castle ‡		1,298		120,688
CTO Realty Growth ‡		52		842
CubeSmart ‡		668		22,772
Cushman & Wakefield PLC *		475		3,501
DiamondRock Hospitality ‡		520		4,020
Digital Realty Trust ‡		869		108,069
DigitalBridge Group		396		6,281
Diversified Healthcare Trust ‡		602		1,246
Douglas Elliman *		182		321
Douglas Emmett ‡		430		4,820
Easterly Government Properties, Cl A ‡		222		2,389
EastGroup Properties ‡		128		20,896
Elme Communities ‡		218		2,782
Empire State Realty Trust, Cl A ‡		329		2,662
EPR Properties ‡		201		8,583
Equinix ‡		280		204,299
Equity Commonwealth *‡		268		5,076
Equity LifeStyle Properties ‡		538		35,400
Equity Residential ‡		1,121		62,025
Essential Properties Realty Trust ‡		386		8,473
Essex Property Trust ‡		192		41,073
eXp World Holdings		190		2,521
Extra Space Storage ‡		631		65,366
Farmland Partners ‡		125		1,302
Federal Realty Investment Trust ‡		244		22,250
First Industrial Realty Trust ‡		397		16,793
Forestar Group *		46		1,092
Four Corners Property Trust ‡		214		4,558
FRP Holdings *		15		807
Gaming and Leisure Properties ‡		756		34,315
Getty Realty ‡		106		2,822
Gladstone Commercial ‡		100		1,195
Gladstone Land ‡		83		1,134
Global Medical ‡		156		1,351
Global Net Lease ‡		486		3,860
Healthpeak Properties ‡		1,636		25,440
Hersha Hospitality Trust, Cl A ‡		84		833
Highwoods Properties ‡		261		4,669
Host Hotels & Resorts ‡		2,144		33,189
Howard Hughes Holdings *		134		8,888
Hudson Pacific Properties *‡		347		1,548
Independence Realty Trust ‡		604		7,484
InvenTrust Properties ‡		169		4,242
Invitation Homes ‡		1,833		54,422
Iron Mountain ‡		867		51,214
JBG SMITH Properties ‡		285		3,668
Jones Lang LaSalle *		143		18,292
Kennedy-Wilson Holdings		295		3,797
Kilroy Realty ‡		313		8,945
Kimco Realty ‡		1,827		32,776



COMMON STOCK — continued



	Shares		Value
REAL ESTATE— continued
Kite Realty Group Trust ‡		637	$	13,581
Lamar Advertising, Cl A ‡		260		21,390
LTC Properties ‡		102		3,224
LXP Industrial Trust, Cl B ‡		718		5,679
Macerich ‡		537		5,220
Marcus & Millichap		62		1,779
Mid-America Apartment Communities ‡		349		41,234
National Health Investors ‡		104		5,204
National Storage Affiliates Trust ‡ .		211		6,018
NETSTREIT ‡		145		2,066
Newmark Group, Cl A		352		1,996
NexPoint Residential Trust ‡		57		1,538
NNN REIT ‡		541		19,654
Office Properties Income Trust ‡		120		539
Omega Healthcare Investors ‡		702		23,236
One Liberty Properties ‡		40		736
Opendoor Technologies *		1,214		2,307
Orion Office REIT ‡		131		626
Outfront Media ‡		356		3,475
Paramount Group ‡		448		1,917
Park Hotels & Resorts ‡		546		6,296
Pebblebrook Hotel Trust ‡		312		3,722
Phillips Edison ‡		316		11,158
Piedmont Office Realty Trust, Cl A ‡		307		1,599
Plymouth Industrial ‡		107		2,134
Postal Realty Trust, Cl A ‡		47		622
PotlatchDeltic ‡		212		9,065
Prologis ‡		2,769		278,962
Public Storage ‡		477		113,865
Rayonier ‡		396		9,995
RE/MAX Holdings, Cl A		43		463
Realty Income ‡		1,990		94,293
Redfin *		265		1,235
Regency Centers ‡		540		32,518
Retail Opportunity Investments ‡ .		304		3,569
Rexford Industrial Realty ‡		604		26,117
RLJ Lodging Trust ‡		399		3,751
RMR Group, Cl A		38		856
RPT Realty ‡		214		2,309
Ryman Hospitality Properties ‡		156		13,354
Sabra Health Care ‡		573		7,816
Safehold ‡		118		1,920
Saul Centers ‡		33		1,147
SBA Communications, Cl A ‡		321		66,970
Seritage Growth Properties *‡		95		688
Service Properties Trust ‡		407		2,951
Simon Property Group ‡		975		107,143
SITE Centers ‡		475		5,538
SL Green Realty ‡		161		4,716
Spirit MTA ‡(A)		11		—
Spirit Realty Capital ‡		427		15,368
St. Joe		154		7,183
STAG Industrial ‡		536		17,806
Summit Hotel Properties ‡		262		1,478

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

REAL ESTATE— continued
Sun Communities ‡		374	$	41,604
Sunstone Hotel Investors ‡		520		4,836
Tanger Factory Outlet Centers ‡		255		5,750
Tejon Ranch *		65		1,009
Terreno Realty ‡		233		12,414
UDR ‡		980		31,174
UMH Properties ‡		136		1,878
Uniti Group ‡		579		2,663
Urban Edge Properties ‡		286		4,536
Ventas ‡		1,188		50,442
Veris Residential ‡		225		3,013
VICI Properties, Cl A ‡		3,008		83,936
Vornado Realty Trust *‡		452		8,678
Welltower ‡		1,466		122,572
Weyerhaeuser ‡		2,204		63,233
Whitestone, Cl B ‡		117		1,164
WP Carey ‡		631		33,853
Xenia Hotels & Resorts ‡		277		3,221
Zillow Group, Cl C *		472		17,110
				3,325,839

UTILITIES — 2.8%
AES		1,976		29,442
ALLETE		155		8,299
Alliant Energy		753		36,739
Altus Power, Cl A *		193		1,025
Ameren		781		59,129
American Electric Power		1,544		116,634
American States Water		99		7,727
American Water Works		584		68,708
Artesian Resources, Cl A		21		825
Atmos Energy		433		46,617
Avangrid		178		5,317
Avista		187		5,926
Black Hills		178		8,606
California Water Service Group		139		6,766
CenterPoint Energy		1,878		50,481
Chesapeake Utilities		43		3,810
Clearway Energy, Cl C		203		4,407
CMS Energy		877		47,656
Consolidated Edison		1,066		93,584
Constellation Energy		980		110,662
Dominion Energy		2,499		100,760
DTE Energy		611		58,888
Duke Energy		2,313		205,603
Edison International		1,149		72,456
Entergy		632		60,413
Essential Utilities		794		26,567
Evergy		682		33,513
Eversource Energy		1,048		56,372
Exelon		2,988		116,353
FirstEnergy		1,738		61,873
Hawaiian Electric Industries *		283		3,673
IDACORP		147		13,922
MGE Energy		91		6,518
Middlesex Water		44		2,795



COMMON STOCK — continued

	Shares		Value

UTILITIES— continued
Montauk Renewables *		109	$	1,097
National Fuel Gas		257		13,094
New Jersey Resources		261		10,591
NextEra Energy		5,995		349,508
NextEra Energy Partners		234		6,334
NiSource		1,226		30,846
Northwest Natural Holding		89		3,267
Northwestern Energy Group		161		7,730
NRG Energy		668		28,310
OGE Energy		602		20,588
ONE Gas		147		8,879
Ormat Technologies		176		10,831
Otter Tail		101		7,771
PG&E *		5,244		85,477
Pinnacle West Capital		340		25,221
PNM Resources		230		9,720
Portland General Electric		240		9,605
PPL		2,212		54,349
Public Service Enterprise Group		1,495		92,167
Pure Cycle *		58		554
Sempra		1,890		132,357
SJW Group		70		4,374
Southern		3,259		219,331
Southwest Gas Holdings		207		12,132
Spire		138		7,677
Star Group		74		870
Sunnova Energy International *		283		2,584
UGI		631		13,125
Unitil		40		1,827
Vistra		1,091		35,698
WEC Energy Group		942		76,669
Xcel Energy		1,648		97,677
York Water		36		1,299
				2,913,625
Total Common Stock
(Cost $99,946,824)				99,510,717

RIGHTS — 0.0%

	Number Of Rights
AbioMed*‡‡(A)		101		—
Achillion Pharmaceuticals*‡‡(A)		78		78
Akouos*‡‡(A)		41		—
Alibero Pharma*‡‡(A)		36		77
Cincor Pharma*‡‡(A)		31		901
Concert Pharmaceuticals*‡‡(A)		89		33
Flexion Therapeutics*‡‡(A)		42		—
Novartis*‡‡(A)		104		41
Prevail Therapeutics*‡‡(A)		16		—
Radius Health*‡‡(A)		82		—

Total Rights
(Cost $–)				1,130
Total Investments in Securities— 95.6%
(Cost $99,946,824)			$	99,511,847

Percentages are based on Net Assets of $104,049,490.

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

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

*	Non-income producing security.

‡	Real Estate Investment Trust.

‡‡	Expiration Date or Rate unavailable.

(A)	Level 3 security in accordance with fair value hierarchy.

See “Glossary for abbreviations”.

A list of the open OTC swap agreements held by the Fund at October 31, 2023, is as follows:

Total Return Swaps

Counterparty

Reference Entity/

Obligation

Fund Pays

Fund Receives

Payment

Frequency

Termination

Date

Currency

Notional

Amount

Value

Upfront
Payments/
Receipts

Net Unrealized
Depreciation

Wells Fargo

WFCBL2N41

Custom Basket*

FEDL01+ 0.450%

Asset Return

Annually

06/06/2024

USD

4,270,668

(93,178

)

—

(93,178

)

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

*The following table represents the individual common stock exposures comprising the WFCBL2N31 Custom Basket Total Return Swaps as of October 31, 2023:


Shares	Description	Notional Amount ($)		Unrealized Depreciation ($)			Percentage of Basket (%)
291	Accenture PLC		35,459		(774	)		0.8
200	Adobe Inc		43,753		(955	)		1.0
703	Advanced Micro Devices Inc		28,427		(620	)		0.7
2,609	Alphabet Inc, Class A		132,915		(2,900	)		3.1
2,277	Alphabet Inc, Class C		117,140		(2,556	)		2.7
327	American Express Co		19,601		(428	)		0.5
6,954	Apple Inc		487,545		(10,637	)		11.4
370	Applied Materials Inc		20,118		(439	)		0.5
3,133	AT&T Inc		19,806		(432	)		0.5
3,515	Bank Of America Corp		38,009		(829	)		0.9
569	Berkshire Hathaway Inc		79,744		(1,740	)		1.9
16	Booking Holdings Inc		18,807		(410	)		0.4
227	Caterpillar Inc		21,050		(459	)		0.5
838	Chevron Corp		50,160		(1,094	)		1.2
1,798	Cisco Systems Inc		38,476		(839	)		0.9
1,891	Coca-Cola Co/The		43,860		(957	)		1.0
1,836	Comcast Corp		31,116		(679	)		0.7
535	Conocophillips		26,118		(570	)		0.6
130	Deere & Co		19,526		(426	)		0.5
1,788	Exxon Mobil Corp		77,685		(1,695	)		1.8
147	Goldman Sachs Group Inc/The		18,300		(399	)		0.4
445	Home Depot Inc/The		52,058		(1,136	)		1.2
294	Honeywell International Inc		22,094		(482	)		0.5
1,819	Intel Corp		27,256		(595	)		0.6
399	International Business Machines Corp		23,678		(517	)		0.6
120	Intuit Inc		24,365		(532	)		0.6
1,282	JPMorgan Chase & Co		73,211		(1,597	)		1.7
214	Linde PLC		33,634		(734	)		0.8
262	Lowe’s Cos Inc		20,509		(447	)		0.5
321	Mcdonald’S Corp		34,586		(755	)		0.8
975	Meta Platforms Inc		120,656		(2,632	)		2.8
3,225	Microsoft Corp		447,679		(9,768	)		10.5
193	Netflix Inc		32,620		(712	)		0.8
885	Nextera Energy Inc		21,175		(462	)		0.5
524	Nike Inc		22,089		(482	)		0.5
1,043	Nvidia Corp		174,553		(3,808	)		4.1
681	Oracle Corp		28,891		(630	)		0.7
604	Pepsico Inc		40,477		(883	)		0.9
490	Qualcomm Inc		21,914		(478	)		0.5
141	S&P Global Inc		20,289		(443	)		0.5
425	Salesforce Inc		35,011		(764	)		0.8
89	Servicenow Inc		21,217		(463	)		0.5
492	Starbucks Corp		18,644		(407	)		0.4
1,189	Tesla Inc		98,042		(2,139	)		2.3
399	Texas Instruments Inc		23,237		(507	)		0.5
506	Tjx Cos Inc/The		18,299		(399	)		0.4
268	Union Pacific Corp		22,884		(499	)		0.5
319	United Parcel Service Inc		18,483		(403	)		0.4
1,847	Verizon Communications Inc		26,639		(581	)		0.6
803	Walt Disney Co/The		26,905		(587	)		0.6
37,588	Other		1,351,958		(29,498	)		31.9
		$	4,270,668	$	(93,178	)		100.0	%

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

OCTOBER 31, 2023

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2			Level 3⁽¹⁾		Total

Common Stock	$	99,501,086	$	623		$	9,008	$	99,510,717
Rights		—		—			1,130		1,130

Total Investments in Securities	$	99,501,086	$	623		$	10,138	$	99,511,847


Other Financial Instruments	Level 1		Level 2			Level 3		Total
OTC Swaps
Total Return
Swaps*
Unrealized Depreciation		—		(93,178	)		—		(93,178	)

Total Other Financial Instruments	$	—	$	(93,178	)	$	—	$	(93,178	)

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

*	Swap contracts are valued at the unrealized depreciation on the instrument.

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

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.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

REAL ESTATE FUND

OCTOBER 31, 2023



SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.



SCHEDULE OF INVESTMENTS COMMON STOCK — 94.3%#

	Shares		Value

FINANCIALS — 3.6%
Ellington Financial ‡		349,320	$	4,202,320

REAL ESTATE — 90.7%
Acadia Realty Trust ‡		249,042		3,566,281
Alexandria Real Estate Equities ‡		32,386		3,016,108
American Homes 4 Rent, Cl A ‡		134,139		4,391,711
Broadstone Net Lease, Cl A ‡		108,133		1,530,082
Camden Property Trust ‡		45,586		3,869,340
CubeSmart ‡		150,650		5,135,658
Equinix ‡		3,461		2,525,284
Equity LifeStyle Properties ‡		35,395		2,328,991
Extra Space Storage ‡		61,826		6,404,572
Independence Realty Trust ‡		295,586		3,662,311
Lamar Advertising, Cl A ‡		70,412		5,792,795
NNN REIT ‡		97,846		3,554,745
Prologis ‡		63,779		6,425,734
Public Storage ‡		23,039		5,499,640
Realty Income ‡		124,041		5,877,063
Retail Opportunity Investments ‡		317,239		3,724,386
Rexford Industrial Realty ‡		164,235		7,101,521
SBA Communications, Cl A ‡		32,650		6,811,769
Sun Communities ‡		40,034		4,453,382
Terreno Realty ‡		90,838		4,839,849
UDR ‡		151,538		4,820,424
Ventas ‡		110,652		4,698,284
Veris Residential ‡		281,102		3,763,956
VICI Properties, Cl A ‡		141,666		3,952,481
				107,746,367
Total Common Stock
(Cost $145,882,867)				111,948,687
Total Investments in Securities— 94.3%
(Cost $145,882,867)			$	111,948,687

Percentages are based on Net Assets of $118,750,452.

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

‡	Real Estate Investment Trust.

See “Glossary” for abbreviations.

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.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS† (Unaudited)

LOGO

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.8%



	Shares		Value

AUSTRALIA — 3.9%
BHP Group		81,936		$2,319,397
Macquarie Group		17,804		1,830,069
Woodside Energy Group		77,306		1,683,704
				5,833,170

BRAZIL — 0.5%
MercadoLibre *		610		756,851

CANADA — 7.0%
Bank of Montreal		24,193		1,828,148
Canadian National Railway		19,500		2,063,267
Canadian Natural Resources		30,800		1,955,830
Constellation Software		860		1,724,037
Dollarama		21,500		1,468,217
Stantec, Cl Common Subs. Receipt		23,400		1,431,758
				10,471,257

CHINA — 8.0%
Alibaba Group Holding *		140,000		1,441,311
Baidu, Cl A *		77,900		1,022,734
NetEase		73,215		1,566,915
PDD Holdings ADR *		11,070		1,122,719
People’s Insurance Group of China, Cl H		4,560,000		1,504,615
Tencent Holdings		30,000		1,110,263
Weichai Power, Cl H		940,000		1,407,012
Xiaomi, Cl B *		790,000		1,416,489
Yum China Holdings		25,200		1,320,532
				11,912,590

DENMARK — 2.0%
Coloplast, Cl B		15,000		1,564,265
Genmab *		5,180		1,464,298
				3,028,563

COMMON STOCK — continued



	Shares		Value

FRANCE — 11.6%
BNP Paribas		33,700		$1,937,886
Danone		29,400		1,749,020
Dassault Systemes		49,300		2,030,834
Edenred		34,200		1,820,517
Ipsen		16,886		1,995,798
L’Oreal		4,520		1,899,895
LVMH Moet Hennessy Louis Vuitton		1,540		1,102,534
TotalEnergies		37,650		2,517,185
Vinci		19,740		2,182,739
				17,236,408

GERMANY — 6.6%
Daimler Truck Holding		46,086		1,448,033
Deutsche Telekom		90,500		1,964,182
Mercedes-Benz Group		28,552		1,679,836
SAP		18,300		2,454,623
Siemens		17,400		2,308,961
				9,855,635

INDIA — 4.3%
Divi’s Laboratories		18,000		732,537
ICICI Bank		139,000		1,529,251
Infosys		124,000		2,039,275
Power Grid Corp of India		846,667		2,056,331
				6,357,394

INDONESIA — 1.2%
Bank Negara Indonesia Persero		5,940,000		1,792,612

JAPAN — 15.5%
Fuji Electric		48,230		1,836,339
Honda Motor		177,000		1,814,033
Hoya		16,460		1,584,581
ITOCHU		56,500		2,035,189
Komatsu		87,000		1,998,947
Mitsubishi UFJ Financial Group		356,200		2,988,214
Mitsui Fudosan		99,300		2,152,314
Nippon Telegraph & Telephone		2,020,500		2,377,675
Seven & i Holdings		49,700		1,820,944
Shin-Etsu Chemical		73,300		2,191,918
Tokio Marine Holdings		102,600		2,295,391
				23,095,545

LUXEMBOURG — 1.0%
ArcelorMittal		67,580		1,495,361

MEXICO — 1.5%
Cemex *		1,009,100		603,926
Grupo Financiero Banorte, Cl O		197,000		1,595,865
				2,199,791

NETHERLANDS — 4.9%
ASML Holding		4,180		2,512,684
Koninklijke Ahold Delhaize		56,141		1,662,436
Shell		43,000		1,385,755

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023

COMMON STOCK — continued



	Shares		Value

NETHERLANDS — continued
Wolters Kluwer		13,600		$1,744,962
				7,305,837

NORWAY — 1.2%
Equinor		53,750		1,801,873

SINGAPORE — 1.4%
United Overseas Bank		104,440		2,060,048

SOUTH AFRICA — 1.0%
Sasol		119,995		1,516,706

SOUTH KOREA — 2.9%
KB Financial Group		59,171		2,255,496
Samsung Electronics		43,000		2,140,320
				4,395,816

SPAIN — 4.3%
Amadeus IT Group		21,200		1,209,944
CaixaBank		445,800		1,812,419
Industria de Diseno Textil		48,000		1,656,863
Mapfre		855,000		1,777,307
				6,456,533

TAIWAN — 3.3%
Largan Precision		19,000		1,216,890
Taiwan Semiconductor Manufacturing		229,160		3,742,760
				4,959,650

UNITED KINGDOM — 8.1%
3i Group PLC		87,500		2,063,041
BAE Systems		165,000		2,218,655
Compass Group PLC		81,500		2,054,729
Lloyds Banking Group PLC		3,825,000		1,861,629
SSE PLC		81,000		1,609,760
Unilever PLC		48,450		2,294,627
				12,102,441

UNITED STATES — 6.6%
Biogen *		5,660		1,344,477
Ferguson		11,600		1,742,365
Linde PLC		5,183		1,980,735
Nestle		30,730		3,313,886
Waste Connections		11,450		1,482,576
				9,864,039
Total Common Stock
(Cost $143,050,040)				144,498,120
Total Investments in Securities— 96.8%
(Cost $143,050,040)			$	144,498,120

Percentages are based on Net Assets of $149,306,325.

*	Non-income producing security.

See “Glossary” for abbreviations.

The following is a summary of the level of inputs used as of October 31, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	5,833,170	$	—	$	5,833,170
Brazil		756,851		—		—		756,851
Canada		10,471,257		—		—		10,471,257
China		1,122,719		10,789,871		—		11,912,590
Denmark		—		3,028,563		—		3,028,563
France		—		17,236,408		—		17,236,408
Germany		—		9,855,635		—		9,855,635
India		—		6,357,394		—		6,357,394
Indonesia		—		1,792,612		—		1,792,612
Japan		—		23,095,545		—		23,095,545
Luxembourg		1,495,361		—		—		1,495,361
Mexico		2,199,791		—		—		2,199,791
Netherlands		—		7,305,837		—		7,305,837
Norway		—		1,801,873		—		1,801,873
Singapore		—		2,060,048		—		2,060,048
South Africa		—		1,516,706		—		1,516,706
South Korea		—		4,395,816		—		4,395,816
Spain		—		6,456,533		—		6,456,533
Taiwan		—		4,959,650		—		4,959,650
United Kingdom		—		12,102,441		—		12,102,441
United States		4,807,788		5,056,251		—		9,864,039

Total Common Stock		20,853,767		123,644,353		—		144,498,120

Total Investments in Securities	$	20,853,767	$	123,644,353	$	—	$	144,498,120

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

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.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

OCTOBER 31, 2023

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

Fund Abbreviations

ADR — American Depositary Receipt

BDC — Business Development Company

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

ETF — Exchange Traded Fund

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

H15T1Y — 1 Year U.S. Treasury Yield Curve Constant Maturity

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

Ser — Series

SOFR — Secured Overnight Financing Rate

TSFR — Term Secured Overnight Financing Rate

Currency Abbreviation

USD — United States Dollar

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023

STATEMENTS OF ASSETS AND LIABILITIES



	Limited			Core Bond			Long/Short			Large Cap		Large Cap
	Duration Fund			Fund			Equity Fund			Value Fund		Growth Fund
Assets:
Investments in securities, at value†	$	180,195,760		$	180,140,079		$	56,606,629		$	148,718,005	$	149,528,974
Foreign currency, at value††		–			–			1			–		–
Cash		6,319,829			2,356,912			24,228,354			7,479,542		7,116,108
Receivable due from Prime Broker		–			–			42,815,741			–		–
Receivable for investment securities sold		2,127,414			622,140			–			–		–
Dividends and Interest receivable		1,754,915			1,611,472			283,766			134,301		82,224
Receivable for capital shares sold		1,131,262			826,575			172,374			858,774		238,717
Tax reclaim receivable		–			–			–			12,772		3,422
Prepaid expenses		6,828			7,013			5,741			6,673		6,476

Total Assets		191,536,008			185,564,191			124,112,606			157,210,067		156,975,921

Liabilities:
Securities sold short, at value†††		–			–			35,335,816			–		–
Payable for investment securities purchased		7,461,116			1,822,363			–			1,113,550		–
Payable for capital shares redeemed		24,566			41,145			14,269			30,036		19,791
Audit fees payable		33,581			28,381			23,181			23,181		23,181
Pricing fees payable		6,158			6,764			477			705		727
Investment Adviser fees payable		46,911			43,957			91,634			94,025		94,260
Payable due to Administrator		9,366			9,421			4,563			8,014		8,213
Chief Compliance Officer fees payable		2,064			2,095			1,007			1,792		1,854
Payable due to Trustees		191			194			93			166		172
Shareholder servicing fees payable (Class S Shares)		28			186			–			50		498
Accrued expenses		31,546			32,845			17,675			26,096		26,179

Total Liabilities		7,615,527			1,987,351			35,488,715			1,297,615		174,875
Commitments and Contingencies‡

Net Assets	$	183,920,481		$	183,576,840		$	88,623,891		$	155,912,452	$	156,801,046

† Cost of securities	$	184,501,421		$	207,246,810		$	57,303,809		$	131,124,543	$	121,497,198
†† Cost of foreign currency		–			–			–			–		–
††† Proceeds from securities sold short		–			–			(38,927,364	)		–		–

Net Assets:
Paid-in Capital	$	190,925,462		$	217,269,931		$	87,028,388		$	140,147,317	$	142,921,234
Total Distributable Earnings (Accumulated Losses)		(7,004,981	)		(33,693,091	)		1,595,503			15,765,135		13,879,812

Net Assets	$	183,920,481		$	183,576,840		$	88,623,891		$	155,912,452	$	156,801,046

I Shares:
Net Assets	$	183,690,568		$	182,734,878		$	88,623,891		$	155,484,356	$	155,287,734
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		19,330,395			22,229,970			8,409,727			11,164,459		10,853,709
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.50		$	8.22		$	10.54		$	13.93	$	14.31
Class S Shares:
Net Assets	$	229,913		$	841,962			N/A		$	428,096	$	1,513,312
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		24,210			102,535			N/A			30,742		106,377
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.50		$	8.21			N/A		$	13.93	$	14.23

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

‡	See Note 7 in the Notes to Financial Statements.

N/A Not Applicable.

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023



STATEMENTS OF ASSETS AND LIABILITIES

	Small Cap Fund		U.S. All Cap Index Fund		Real Estate Fund			International Equity Fund
Assets:
Investments in securities, at value†	$	117,917,468	$	99,511,847	$	111,948,687		$	144,498,120
Foreign currency, at value††		–		–		75			16,782
Cash		4,573,872		3,857,423		6,904,098			3,780,235
Cash held as collateral for swaps (Note 2)		–		300,000		–			–
Receivable for investment securities sold		1,350,322		–		1,391,214			–
Receivable for capital shares sold		87,649		371,631		200,566			373,959
Dividends and Interest receivable		54,816		73,075		149,235			385,643
Receivable due from Investment Adviser		–		39,640		–			–
Receivable from Custodian		–		85,269		–			–
Tax reclaim receivable		–		832		12,427			530,426
Prepaid expenses		6,403		4,901		14,347			6,707

Total Assets		123,990,530		104,244,618		120,620,649			149,591,872

Liabilities:
OTC Swap Contracts, at Value		–		93,178		–			–
Payable for investment securities purchased		672,228		–		1,728,926			–
Payable for capital shares redeemed		6,251		41,993		3,667			57,337
Audit fees payable		17,981		23,181		23,181			23,181
Pricing fees payable		1,114		11,002		1,653			1,314
Investment Adviser fees payable		77,340		–		83,805			108,098
Payable due to Administrator		6,481		5,367		6,285			7,801
Chief Compliance Officer fees payable		1,479		1,203		1,423			1,758
Shareholder servicing fees payable (Class S Shares)		628		–		–			184
Payable due to Trustees		137		111		132			163
Accrued Foreign Capital Gains Tax on Appreciated Securities		–		–		–			56,451
Accrued expenses		20,915		19,093		21,125			29,260

Total Liabilities		804,554		195,128		1,870,197			285,547
Commitments and Contingencies‡

Net Assets	$	123,185,976	$	104,049,490	$	118,750,452		$	149,306,325

† Cost of securities	$	117,143,485	$	99,946,824	$	145,882,867		$	143,050,040
†† Cost of foreign currency		–		–		79			5,372
†††Premiums received from OTC swap contracts		–		–		–			–

Net Assets:
Paid-in Capital	$	121,101,688	$	103,758,035	$	167,597,225		$	163,411,641
Total Distributable Earnings (Accumulated Losses)		2,084,288		291,455		(48,846,773	)		(14,105,316	)

Net Assets	$	123,185,976	$	104,049,490	$	118,750,452		$	149,306,325

I Shares:
Net Assets	$	123,125,807	$	104,049,490	$	118,750,452		$	149,143,148
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		11,383,359		8,125,734		17,518,708			14,206,664
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	10.82	$	12.80	$	6.78		$	10.50
Class S Shares:
Net Assets	$	60,169		N/A		N/A		$	163,177
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		5,589		N/A		N/A			15,594
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	10.77		N/A		N/A		$	10.46

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

‡	See Note 7 in the Notes to Financial Statements.

N/A Not Applicable.

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

FOR THE YEAR ENDED

OCTOBER 31, 2023



STATEMENTS OF OPERATIONS

	Limited Duration Fund			Core Bond Fund			Long/Short Equity Fund			Large Cap Value Fund			Large Cap Growth Fund
Investment Income
Interest	$	5,171,789		$	6,352,006		$	2,518,911		$	245,287		$	271,419
Dividends		–			–			885,458			3,141,761			1,255,655
Less: Foreign Taxes Withheld		–			–			(6,197	)		(64,237	)		–


Total Investment Income		5,171,789			6,352,006			3,398,172			3,322,811			1,527,074


Expenses
Investment Advisory Fees		648,901			674,134			962,652			888,172			841,309
Administration Fees		107,607			111,923			51,114			98,557			92,590
Trustees’ Fees		13,188			13,743			6,165			12,027			11,013
Chief Compliance Officer Fees		4,747			4,860			3,019			4,415			4,460
Shareholder Servicing Fees (Class S Shares)		223			918			–			435			1,378
Transfer Agent Fees		47,831			48,218			25,472			45,263			44,117
Legal Fees		37,436			39,023			22,011			34,232			32,118
Registration & Filing Fees		36,610			38,202			29,533			35,091			33,346
Audit Fees		29,600			29,600			24,400			24,400			24,400
Pricing Fees		28,135			30,317			2,526			3,742			3,333
Printing Fees		23,740			23,984			12,598			20,034			19,458
Custodian Fees		1,810			5,516			20,993			7,395			4,526
Dividend Expense		–			–			407,230			–			–
Other Expenses		24,322			24,966			12,403			21,857			21,418

Total Expenses		1,004,150			1,045,404			1,580,116			1,195,620			1,133,466

Recovery of Investment Advisory fees previously waived (Note 7)		–			–			8,240			137,086			129,881
Less:
Investment Advisory Fees Waiver		(192,731)			(201,983)			(25,917)			–			–

Net Expenses		811,419			843,421			1,562,439			1,332,706			1,263,347

Net Investment Income		4,360,370			5,508,585			1,835,733			1,990,105			263,727


Net Realized Gain (Loss) on:
Investments		(2,286,802)			(2,995,601)			915,442			(1,791,802)			(11,378,974)
Securities Sold Short		–			–			(2,186,649)			–			–
Purchased Option Contracts		–			–			(112,016)			–			–
Foreign Currency Transactions		–			–			3,586			–			–

Net Realized Loss		(2,286,802	)		(2,995,601	)		(1,379,637	)		(1,791,802	)		(11,378,974	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,288,042			(3,773,016	)		(931,875	)		4,140,670			31,364,146
Securities Sold Short		–			–			1,765,308			–			–
Purchased Option Contracts		–			–			(88,721	)		–			–
Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			–			(57,106)			–			–

Net Change in Unrealized Appreciation (Depreciation)		3,288,042			(3,773,016)			687,606			4,140,670			31,364,146

Net Realized and Unrealized Gain (Loss)		1,001,240			(6,768,617)			(692,031)			2,348,868			19,985,172

Net Increase (Decrease) in Net Assets from Operations	$	5,361,610		$	(1,260,032)		$	1,143,702		$	4,338,973		$	20,248,899

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

FOR THE YEAR ENDED

OCTOBER 31, 2023



STATEMENTS OF OPERATIONS

	Small Cap Fund			U.S. All Cap Index Fund			Real Estate Fund			International Equity Fund
Investment Income
Dividends	$	1,860,521		$	1,308,065		$	3,256,224		$	4,676,371
Interest		229,207			139,270			304,422			270,478
Less: Foreign Taxes Withheld		(21,071)			(1,249)			–			(389,142)


Total Investment Income		2,068,657			1,446,086			3,560,646			4,557,707


Expenses
Investment Advisory Fees		923,079			173,457			1,100,541			1,343,298
Administration Fees		84,966			57,171			86,493			99,381
Trustees’ Fees		10,511			7,601			9,611			12,000
Chief Compliance Officer Fees		3,947			3,717			3,616			4,501
Shareholder Servicing Fees (Class S Shares)		61			–			–			167
Transfer Agent Fees		42,666			26,549			33,524			45,659
Registration & Filing Fees		31,649			30,952			32,327			33,230
Legal Fees		29,600			19,667			30,378			35,165
Audit Fees		24,400			24,400			24,400			24,400
Printing Fees		17,607			24,403			17,007			22,900
Pricing Fees		5,056			47,020			2,797			5,539
Custodian Fees		4,469			90,648			3,618			31,279
Other Expenses		21,365			14,360			18,801			33,965

Total Expenses		1,199,376			519,945			1,363,113			1,691,484

Recovery of Investment Advisory fees previously waived (Note 7)		51,867			–			–			–
Less:
Investment Advisory Fees Waiver		–			(173,457)			(68,350)			(49,478)
Reimbursement from Adviser		–			(129,664)			–			–

Net Expenses		1,251,243			216,824			1,294,763			1,642,006

Net Investment Income		817,414			1,229,262			2,265,883			2,915,701


Net Realized Gain (Loss) on:
Investments		1,950,856			429,653			(13,878,226	)		(5,143,003	)
Foreign Capital Gains Tax		–			–			–			(18,046	)
Swap Contracts		–			327,053			–			–
Foreign Currency Transactions		–			–			(37)			(150,543)

Net Realized Gain (Loss)		1,950,856			756,706			(13,878,263	)		(5,311,592	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(6,200,289	)		4,575,953			(288,888	)		16,366,417
Foreign Capital Gains Tax on Appreciated Securities		–			–			–			15,568
Swap Contracts		–			(164,579	)		–			–
Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			–			824			23,593

Net Change in Unrealized Appreciation (Depreciation)		(6,200,289)			4,411,374			(288,064)			16,405,578

Net Realized and Unrealized Gain (Loss)		(4,249,433)			5,168,080			(14,166,327)			11,093,986

Net Increase (Decrease) in Net Assets from Operations	$	(3,432,019)		$	6,397,342		$	(11,900,444)		$	14,009,687

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	4,360,370		$	1,750,407
Net Realized Loss		(2,286,802	)		(1,531,022	)
Net Change in Unrealized Appreciation (Depreciation)		3,288,042			(7,560,380	)

Net Increase (Decrease) in Net Assets Resulting from Operations		5,361,610			(7,340,995	)


Distributions:
I Shares		(4,044,971	)		(1,734,634	)
Class S Shares		(5,205	)		(2,265	)

Total Distributions		(4,050,176	)		(1,736,899	)

Capital Share Transactions:
I Shares
Issued		55,692,979			46,056,282
Reinvestment of Dividends		3,255,617			1,588,205
Redemption Fees — Note 2		9,034			90
Redeemed		(19,134,677	)		(35,025,079	)

Net Increase in Net Assets from I Shares Transactions		39,822,953			12,619,498

Class S Shares
Issued		51,934			207,457
Reinvestment of Dividends		5,205			2,265
Redeemed		(43,229	)		(62,416	)

Net Increase in Net Assets from Class S Shares Transactions		13,910			147,306

Net Increase in Net Assets from Capital Share Transactions		39,836,863			12,766,804

Total Increase in Net Assets		41,148,297			3,688,910
Net Assets:
Beginning of Year		142,772,184			139,083,274

End of Year	$	183,920,481		$	142,772,184

Share Transactions:
I Shares
Issued		5,848,909			4,720,367
Reinvestment of Dividends		343,374			164,416
Redeemed		(2,009,576	)		(3,613,272	)

Total Increase in I Shares		4,182,707			1,271,511

Class S Shares
Issued		5,533			20,885
Reinvestment of Dividends		549			235
Redeemed		(4,519	)		(6,361	)

Total Increase in Class S Shares		1,563			14,759

Net Increase in Shares Outstanding		4,184,270			1,286,270

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

CORE BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	5,508,585		$	3,650,290
Net Realized Loss		(2,995,601	)		(3,982,342	)
Net Change in Unrealized Depreciation		(3,773,016	)		(26,754,976	)

Net Decrease in Net Assets Resulting from Operations		(1,260,032	)		(27,087,028	)


Distributions:
I Shares		(5,314,310	)		(3,609,383	)
Class S Shares		(27,937	)		(23,265	)

Total Distributions		(5,342,247	)		(3,632,648	)

Capital Share Transactions:
I Shares
Issued		61,486,298			54,586,639
Reinvestment of Dividends		3,812,663			3,194,988
Redemption Fees — Note 2		513			85
Redeemed		(21,325,048	)		(18,336,655	)

Net Increase in Net Assets from I Shares Transactions		43,974,426			39,445,057

Class S Shares
Issued		59,203			140,622
Reinvestment of Dividends		27,936			23,264
Redeemed		(99,556	)		(227,088	)

Net Decrease in Net Assets from Class S Shares Transactions		(12,417	)		(63,202	)

Net Increase in Net Assets from Capital Share Transactions		43,962,009			39,381,855

Total Increase in Net Assets		37,359,730			8,662,179
Net Assets:
Beginning of Year		146,217,110			137,554,931

End of Year	$	183,576,840		$	146,217,110

Share Transactions:
I Shares
Issued		7,114,757			5,676,882
Reinvestment of Dividends		442,665			341,279
Redeemed		(2,456,489	)		(1,971,860	)

Total Increase in I Shares		5,100,933			4,046,301

Class S Shares
Issued		6,826			14,642
Reinvestment of Dividends		3,246			2,488
Redeemed		(11,727	)		(23,821	)

Total Decrease in Class S Shares		(1,655	)		(6,691	)

Net Increase in Shares Outstanding		5,099,278			4,039,610

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

LONG/SHORT EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	1,835,733		$	241,776
Net Realized Gain (Loss)		(1,379,637	)		7,311,328
Net Change in Unrealized Appreciation (Depreciation)		687,606			(199,081	)

Net Increase in Net Assets Resulting from Operations		1,143,702			7,354,023


Distributions:
I Shares		(6,209,796	)		(128,619	)

Total Distributions		(6,209,796	)		(128,619	)

Capital Share Transactions:
I Shares
Issued		38,744,862			32,513,178
Reinvestment of Dividends		5,432,048			95,236
Redemption Fees — Note 2		22,359			500
Redeemed		(17,011,533	)		(6,636,592	)

Net Increase in Net Assets from I Shares Transactions		27,187,736			25,972,322

Net Increase in Net Assets from Capital Share Transactions		27,187,736			25,972,322

Total Increase in Net Assets		22,121,642			33,197,726
Net Assets:
Beginning of Year		66,502,249			33,304,523

End of Year	$	88,623,891		$	66,502,249

Share Transactions:
I Shares
Issued		3,618,897			3,014,527
Reinvestment of Dividends		508,642			8,733
Redeemed		(1,585,767	)		(604,755	)

Total Increase in I Shares		2,541,772			2,418,505

Net Increase in Shares Outstanding		2,541,772			2,418,505

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

LARGE CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	1,990,105		$	1,499,447
Net Realized Gain (Loss)		(1,791,802	)		5,981,275
Net Change in Unrealized Appreciation (Depreciation)		4,140,670			(16,589,648	)

Net Increase (Decrease) in Net Assets Resulting from Operations		4,338,973			(9,108,926	)


Distributions:
I Shares		(7,985,420	)		(7,416,280	)
Class S Shares		(23,848	)		(26,852	)

Total Distributions		(8,009,268	)		(7,443,132	)

Capital Share Transactions:
I Shares
Issued		42,929,276			42,369,423
Reinvestment of Dividends		7,461,753			7,254,739
Redemption Fees — Note 2		111			117
Redeemed		(28,655,193	)		(20,798,324	)

Net Increase in Net Assets from I Shares Transactions		21,735,947			28,825,955

Class S Shares
Issued		31,084			29,075
Reinvestment of Dividends		23,848			26,851
Redeemed		(35,582	)		(56,222	)

Net Increase (Decrease) in Net Assets from Class S Shares Transactions		19,350			(296	)

Net Increase in Net Assets from Capital Share Transactions		21,755,297			28,825,659

Total Increase in Net Assets		18,085,002			12,273,601
Net Assets:
Beginning of Year		137,827,450			125,553,849

End of Year	$	155,912,452		$	137,827,450

Share Transactions:
I Shares
Issued		3,025,710			2,828,992
Reinvestment of Dividends		543,528			474,429
Redeemed		(2,018,615	)		(1,381,779	)

Total Increase in I Shares		1,550,623			1,921,642

Class S Shares
Issued		2,192			1,970
Reinvestment of Dividends		1,737			1,755
Redeemed		(2,519	)		(3,778	)

Total Increase (Decrease) in Class S Shares		1,410			(53	)

Net Increase in Shares Outstanding		1,552,033			1,921,589

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

LARGE CAP GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income (Loss)	$	263,727		$	(192,678	)
Net Realized Loss		(11,378,974	)		(2,759,609	)
Net Change in Unrealized Appreciation (Depreciation)		31,364,146			(39,064,404	)

Net Increase (Decrease) in Net Assets Resulting from Operations		20,248,899			(42,016,691	)


Distributions:
I Shares		(181,915	)		(17,141,415	)
Class S Shares		(1,179	)		(201,922	)

Total Distributions		(183,094	)		(17,343,337	)

Return of Capital:
I Shares		(51,708	)		(18,979	)
Class S Shares		(335	)		(224	)

Total Return of Capital		(52,043	)		(19,203	)

Capital Share Transactions:
I Shares
Issued		42,298,052			35,905,713
Reinvestment of Dividends		169,612			17,123,720
Redemption Fees — Note 2		624			53
Redeemed		(23,409,495	)		(16,596,433	)

Net Increase in Net Assets from I Shares Transactions		19,058,793			36,433,053

Class S Shares
Issued		297,361			114,817
Reinvestment of Dividends		1,513			202,145
Redeemed		(149,635	)		(120,372	)

Net Increase in Net Assets from Class S Shares Transactions		149,239			196,590

Net Increase in Net Assets from Capital Share Transactions		19,208,032			36,629,643

Total Increase (Decrease) in Net Assets		39,221,794			(22,749,588	)
Net Assets:
Beginning of Year		117,579,252			140,328,840

End of Year	$	156,801,046		$	117,579,252

Share Transactions:
I Shares
Issued		3,097,458			2,451,770
Reinvestment of Dividends		12,476			998,239
Redeemed		(1,726,929	)		(1,063,551	)

Total Increase in I Shares		1,383,005			2,386,458

Class S Shares
Issued		21,725			8,054
Reinvestment of Dividends		111			11,835
Redeemed		(10,614	)		(8,066	)

Total Increase in Class S Shares		11,222			11,823

Net Increase in Shares Outstanding		1,394,227			2,398,281

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	817,414		$	280,241
Net Realized Gain		1,950,856			1,367,624
Net Change in Unrealized Depreciation		(6,200,289	)		(27,097,842	)

Net Decrease in Net Assets Resulting from Operations		(3,432,019	)		(25,449,977	)


Distributions:
I Shares		(2,112,950	)		(14,031,380	)
Class S Shares		(983	)		(8,390	)

Total Distributions		(2,113,933	)		(14,039,770	)

Capital Share Transactions:
I Shares
Issued		22,244,150			28,009,236
Reinvestment of Dividends		1,947,062			13,992,373
Redemption Fees — Note 2		313			23
Redeemed		(17,911,766	)		(9,330,414	)

Net Increase in Net Assets from I Shares Transactions		6,279,759			32,671,218

Class S Shares
Issued		11,215			27,422
Reinvestment of Dividends		983			8,390
Redemption Fees — Note 2		—			1
Redeemed		(10,255	)		(684,907	)

Net Increase (Decrease) in Net Assets from Class S Shares Transactions		1,943			(649,094	)

Net Increase in Net Assets from Capital Share Transactions		6,281,702			32,022,124

Total Increase (Decrease) in Net Assets		735,750			(7,467,623	)
Net Assets:
Beginning of Year		122,450,226			129,917,849

End of Year	$	123,185,976		$	122,450,226

Share Transactions:
I Shares
Issued		1,948,693			2,207,228
Reinvestment of Dividends		176,283			1,027,865
Redeemed		(1,573,063	)		(715,761	)

Total Increase in I Shares		551,913			2,519,332

Class S Shares
Issued		986			2,005
Reinvestment of Dividends		90			619
Redeemed		(935	)		(44,976	)

Total Increase (Decrease) in Class S Shares		141			(42,352	)

Net Increase in Shares Outstanding		552,054			2,476,980

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

U.S. ALL CAP INDEX FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	1,229,262		$	729,903
Net Realized Gain		756,706			34,241
Net Change in Unrealized Appreciation (Depreciation)		4,411,374			(13,086,192	)

Net Increase (Decrease) in Net Assets Resulting from Operations		6,397,342			(12,322,048	)


Distributions:
I Shares		(1,249,872	)		(1,049,998	)

Total Distributions		(1,249,872	)		(1,049,998	)

Capital Share Transactions:
I Shares
Issued		42,234,673			43,769,763
Reinvestment of Dividends		1,069,578			1,008,008
Redemption Fees — Note 2		256			73
Redeemed		(8,757,131	)		(7,544,316	)

Net Increase in Net Assets from I Shares Transactions		34,547,376			37,233,528

Net Increase in Net Assets from Capital Share Transactions		34,547,376			37,233,528

Total Increase in Net Assets		39,694,846			23,861,482
Net Assets:
Beginning of Year		64,354,644			40,493,162

End of Year	$	104,049,490		$	64,354,644

Share Transactions:
I Shares
Issued		3,287,829			3,188,582
Reinvestment of Dividends		84,501			75,872
Redeemed		(681,759	)		(571,824	)

Total Increase in I Shares		2,690,571			2,692,630

Net Increase in Shares Outstanding		2,690,571			2,692,630

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	2,265,883		$	1,254,548
Net Realized Gain (Loss)		(13,878,263	)		10,382,652
Net Change in Unrealized Depreciation		(288,064	)		(34,576,655	)

Net Decrease in Net Assets Resulting from Operations		(11,900,444	)		(22,939,455	)


Distributions:
I Shares		(12,733,015	)		(24,653,093	)

Total Distributions		(12,733,015	)		(24,653,093	)

Return of Capital:
I Shares		(272,941	)		—

Total Return of Capital		(272,941	)		—

Capital Share Transactions:
I Shares
Issued		16,519,674			28,552,158
Reinvestment of Dividends		12,636,835			24,616,175
Redemption Fees — Note 2		—			35
Redeemed		(6,036,741	)		(4,916,200	)

Net Increase in Net Assets from I Shares Transactions		23,119,768			48,252,168

Net Increase in Net Assets from Capital Share Transactions		23,119,768			48,252,168

Total Increase (Decrease) in Net Assets		(1,786,632	)		659,620
Net Assets:
Beginning of Year		120,537,084			119,877,464

End of Year	$	118,750,452		$	120,537,084

Share Transactions:
I Shares
Issued		2,116,442			2,705,592
Reinvestment of Dividends		1,646,099			2,309,173
Redeemed		(782,248	)		(491,572	)

Total Increase in I Shares		2,980,293			4,523,193

Net Increase in Shares Outstanding		2,980,293			4,523,193

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

INTERNATIONAL EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment Income	$	2,915,701		$	3,321,716
Net Realized Loss		(5,311,592	)		(10,579,273	)
Net Change in Unrealized Appreciation (Depreciation)		16,405,578			(36,678,494	)

Net Increase (Decrease) in Net Assets Resulting from Operations		14,009,687			(43,936,051	)


Distributions:
I Shares		(2,581,037	)		(15,800,098	)
Class S Shares		(2,707	)		(14,183	)

Total Distributions		(2,583,744	)		(15,814,281	)

Return of Capital:
I Shares		—			(31,908	)
Class S Shares		—			(35	)

Total Return of Capital		—			(31,943	)

Capital Share Transactions:
I Shares
Issued		30,332,140			33,181,631
Reinvestment of Dividends		2,187,816			15,620,528
Redemption Fees — Note 2		381			435
Redeemed		(17,102,686	)		(17,318,094	)

Net Increase in Net Assets from I Shares Transactions		15,417,651			31,484,500

Class S Shares
Issued		14,208			91,760
Reinvestment of Dividends		2,707			14,218
Redeemed		(10,248	)		(5,294	)

Net Increase in Net Assets from Class S Shares Transactions		6,667			100,684

Net Increase in Net Assets from Capital Share Transactions		15,424,318			31,585,184

Total Increase (Decrease) in Net Assets		26,850,261			(28,197,091	)
Net Assets:
Beginning of Year		122,456,064			150,653,155

End of Year	$	149,306,325		$	122,456,064

Share Transactions:
I Shares
Issued		2,798,157			2,754,189
Reinvestment of Dividends		197,480			1,228,759
Redeemed		(1,552,292	)		(1,546,111	)

Total Increase in I Shares		1,443,345			2,436,837

Class S Shares
Issued		1,303			6,941
Reinvestment of Dividends		245			1,139
Redeemed		(948	)		(487	)

Total Increase in Class S Shares		600			7,593

Net Increase in Shares Outstanding		1,443,945			2,444,430

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

FINANCIAL HIGHLIGHTS


		Selected Per Share Data & Ratios
		For a Share Outstanding Throughout Each Year or Period


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)*			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Redemption Fees**			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets (including waivers and reimbursements)			Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate†


Limited Duration Fund‡

I Shares^⁽¹⁾

2023	$	9.41	$	0.26		$	0.06		$	0.32		$	(0.23	)	$	–		$	–		$	(0.23	)	$	–	#	$	9.50		3.46	%	$	183,690		0.50	%		0.62	%		2.69	%		50	%

2022	$	10.02	$	0.12		$	(0.61	)	$	(0.49	)	$	(0.11	)	$	(0.01	)	$	–		$	(0.12	)	$	–	#	$	9.41		(4.94	)%	$	142,559		0.50	%		0.66	%		1.22	%		46	%

2021	$	10.09	$	0.11		$	(0.07	)	$	0.04		$	(0.11	)	$	–		$	–		$	(0.11	)	$	–	#	$	10.02		0.43	%	$	139,004		0.50	%		0.71	%		1.05	%		59	%

2020	$	10.00	$	0.20		$	0.10		$	0.30		$	(0.21	)	$	–		$	–		$	(0.21	)	$	–		$	10.09		3.00	%	$	118,637		0.50	%		0.80	%		1.96	%		49	%

2019	$	9.79	$	0.25		$	0.21		$	0.46		$	(0.25	)	$	–		$	–		$	(0.25	)	$	–		$	10.00		4.76	%	$	100,482		0.50	%		0.82	%		2.48	%		76	%

Class S Shares

2023	$	9.41	$	0.24		$	0.07		$	0.31		$	(0.22	)	$	–		$	–		$	(0.22	)	$	–		$	9.50		3.36	%	$	230		0.60	%		0.72	%		2.55	%		50	%

2022	$	10.02	$	0.11		$	(0.61	)	$	(0.50	)	$	(0.10	)	$	(0.01	)	$	–		$	(0.11	)	$	–		$	9.41		(5.03	)%	$	213		0.60	%		0.76	%		1.13	%		46	%

2021	$	10.09	$	0.10		$	(0.07	)	$	0.03		$	(0.10	)	$	–		$	–		$	(0.10	)	$	–		$	10.02		0.33	%	$	79		0.60	%		0.81	%		0.97	%		59	%

2020	$	10.00	$	0.18		$	0.11		$	0.29		$	(0.20	)	$	–		$	–		$	(0.20	)	$	–		$	10.09		2.91	%	$	77		0.60	%		0.91	%		1.76	%		49	%

2019	$	9.79	$	0.24		$	0.21		$	0.45		$	(0.24	)	$	–		$	–		$	(0.24	)	$	–		$	10.00		4.66	%	$	14		0.60	%		0.92	%		2.38	%		76	%

Core Bond Fund

I Shares^⁽¹⁾

2023	$	8.48	$	0.28		$	(0.27	)	$	0.01		$	(0.27	)	$	–		$	–		$	(0.27	)	$	–	#	$	8.22		0.04	%	$	182,735		0.50	%		0.62	%		3.27	%		19	%

2022	$	10.43	$	0.23		$	(1.95	)	$	(1.72	)	$	(0.23	)	$	–		$	–		$	(0.23	)	$	–	#	$	8.48		(16.68	)%	$	145,334		0.50	%		0.66	%		2.48	%		50	%

2021	$	10.61	$	0.23		$	(0.11	)	$	0.12		$	(0.24	)	$	(0.06	)	$	–		$	(0.30	)	$	–	#	$	10.43		1.12	%	$	136,400		0.50	%		0.71	%		2.17	%		24	%

2020	$	10.34	$	0.26		$	0.30		$	0.56		$	(0.29	)	$	–		$	–		$	(0.29	)	$	–		$	10.61		5.50	%	$	107,887		0.50	%		0.80	%		2.49	%		39	%

2019	$	9.55	$	0.30		$	0.80		$	1.10		$	(0.31	)	$	–		$	–		$	(0.31	)	$	–		$	10.34		11.68	%	$	91,451		0.50	%		0.84	%		3.05	%		47	%

Class S Shares

2023	$	8.48	$	0.27		$	(0.28	)	$	(0.01	)	$	(0.26	)	$	–		$	–		$	(0.26	)	$	–		$	8.21		(0.18	)%	$	842		0.60	%		0.72	%		3.15	%		19	%

2022	$	10.41	$	0.22		$	(1.93	)	$	(1.71	)	$	(0.22	)	$	–		$	–		$	(0.22	)	$	–		$	8.48		(16.60	)%	$	883		0.60	%		0.76	%		2.35	%		50	%

2021	$	10.60	$	0.22		$	(0.12	)	$	0.10		$	(0.23	)	$	(0.06	)	$	–		$	(0.29	)	$	–		$	10.41		0.92	%	$	1,155		0.60	%		0.82	%		2.07	%		24	%

2020	$	10.33	$	0.25		$	0.30		$	0.55		$	(0.28	)	$	–		$	–		$	(0.28	)	$	–		$	10.60		5.40	%	$	1,093		0.60	%		0.90	%		2.39	%		39	%

2019	$	9.55	$	0.29		$	0.79		$	1.08		$	(0.30	)	$	–		$	–		$	(0.30	)	$	–		$	10.33		11.46	%	$	1,128		0.60	%		0.94	%		2.95	%		47	%

Long/Short Equity Fund

I Shares

2023	$	11.33	$	0.25		$	(0.09	)	$	0.16		$	(0.23	)	$	(0.72	)	$	–		$	(0.95	)	$	–	#	$	10.54		1.52	%	$	88,624		2.03	%⁽²⁾⁽³⁾		2.05	%		2.38	%		119	%

2022	$	9.66	$	0.05		$	1.64		$	1.69		$	(0.02	)	$	–		$	–		$	(0.02	)	$	–	#	$	11.33		17.55	%	$	66,502		2.06	%⁽²⁾		2.15	%		0.45	%		128	%

2021	$	8.61	$	(0.10	)	$	1.15		$	1.05		$	–		$	–		$	–		$	–		$	–	#	$	9.66		12.20	%	$	33,305		2.28	%⁽⁴⁾		2.65	%⁽⁴⁾		(1.06	)%⁽⁴⁾		97	%

2020⁽⁵⁾	$	10.00	$	(0.03	)	$	(1.35	)	$	(1.38	)	$	–		$	–		$	(0.01	)	$	(0.01	)	$	–		$	8.61		(13.78	)%	$	20,942		1.73	%⁽⁶⁾		2.40	%⁽⁶⁾		(0.35	)%⁽⁶⁾		114	%

Large Cap Value Fund

I Shares^⁽¹⁾

2023	$	14.29	$	0.19		$	0.26		$	0.45		$	(0.19	)	$	(0.62	)	$	–		$	(0.81	)	$	–	#	$	13.93		3.30	%	$	155,484		0.90	%⁽³⁾		0.81	%		1.34	%		37	%

2022	$	16.26	$	0.17		$	(1.21	)	$	(1.04	)	$	(0.16	)	$	(0.77	)	$	–		$	(0.93	)	$	–	#	$	14.29		(6.73	)%	$	137,408		0.90	%⁽³⁾		0.84	%		1.15	%		36	%

2021	$	11.22	$	0.11		$	5.06		$	5.17		$	(0.13	)	$	–		$	–		$	(0.13	)	$	–	#	$	16.26		46.23	%	$	125,076		0.90	%		0.90	%		0.75	%		24	%

2020	$	12.63	$	0.17		$	(1.17	)	$	(1.00	)	$	(0.17	)	$	(0.24	)	$	–		$	(0.41	)	$	–		$	11.22		(8.19	)%	$	70,842		0.90	%		1.03	%		1.49	%		68	%

2019	$	11.74	$	0.20		$	1.09		$	1.29		$	(0.20	)	$	(0.20	)	$	–		$	(0.40	)	$	–		$	12.63		11.50	%	$	71,968		0.90	%		1.06	%		1.66	%		41	%

Class S Shares

2023	$	14.29	$	0.18		$	0.25		$	0.43		$	(0.17	)	$	(0.62	)	$	–		$	(0.79	)	$	–		$	13.93		3.20	%	$	428		1.00	%⁽³⁾		0.91	%		1.25	%		37	%

2022	$	16.26	$	0.16		$	(1.22	)	$	(1.06	)	$	(0.14	)	$	(0.77	)	$	–		$	(0.91	)	$	–		$	14.29		(6.83	)%	$	419		1.00	%⁽³⁾		0.94	%		1.05	%		36	%

2021	$	11.22	$	0.10		$	5.06		$	5.16		$	(0.12	)	$	–		$	–		$	(0.12	)	$	–		$	16.26		46.09	%	$	478		1.00	%		1.00	%		0.67	%		24	%

2020	$	12.63	$	0.16		$	(1.17	)	$	(1.01	)	$	(0.16	)	$	(0.24	)	$	–		$	(0.40	)	$	–		$	11.22		(8.28	)%	$	312		1.00	%		1.13	%		1.38	%		68	%

2019	$	11.74	$	0.19		$	1.08		$	1.27		$	(0.18	)	$	(0.20	)	$	–		$	(0.38	)	$	–		$	12.63		11.40	%	$	288		1.00	%		1.16	%		1.56	%		41	%

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

FINANCIAL HIGHLIGHTS


		Selected Per Share Data & Ratios
		For a Share Outstanding Throughout Each Year or Period


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)*			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Redemption Fees**			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets (including waivers and reimbursements)			Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate†


Large Cap Growth Fund

I Shares^⁽¹⁾

2023	$	12.29	$	0.03		$	2.01		$	2.04		$	(0.01	)	$	–		$	(0.01	)	$	(0.02	)	$	–	#	$	14.31		16.63	%	$	155,288		0.90	%⁽³⁾		0.81	%		0.19	%		44	%

2022	$	19.58	$	(0.02	)	$	(4.85	)	$	(4.87	)	$	–		$	(2.42	)	$	–#		$	(2.42	)	$	–	#	$	12.29		(28.36	)%	$	116,416		0.90	%⁽³⁾		0.87	%		(0.15	)%		38	%

2021	$	15.42	$	(0.05	)	$	5.14		$	5.09		$	–		$	(0.93	)	$	–		$	(0.93	)	$	–	#	$	19.58		34.10	%	$	138,704		0.90	%		0.89	%		(0.28	)%		78	%

2020	$	12.89	$	(0.01	)	$	3.22		$	3.21		$	–#		$	(0.68	)	$	–		$	(0.68	)	$	–		$	15.42		25.83	%	$	88,825		0.90	%		1.00	%		(0.09	)%		93	%

2019	$	13.23	$	0.01		$	1.09		$	1.10		$	(0.01	)	$	(1.43	)	$	–		$	(1.44	)	$	–		$	12.89		10.94	%	$	71,182		0.90	%		1.05	%		0.06	%		113	%

Class S Shares

2023	$	12.23	$	0.01		$	2.01		$	2.02		$	(0.02	)	$	–		$	–#		$	(0.02	)	$	–		$	14.23		16.49	%	$	1,513		1.00	%⁽³⁾		0.91	%		0.09	%		44	%

2022	$	19.50	$	(0.04	)	$	(4.81	)	$	(4.85	)	$	–		$	(2.42	)	$	–#		$	(2.42	)	$	–		$	12.23		(28.39	)%	$	1,163		1.00	%⁽³⁾		0.97	%		(0.26	)%		38	%

2021	$	15.38	$	(0.07	)	$	5.12		$	5.05		$	–		$	(0.93	)	$	–		$	(0.93	)	$	–		$	19.50		33.93	%	$	1,625		1.00	%		0.99	%		(0.37	)%		78	%

2020	$	12.87	$	(0.03	)	$	3.22		$	3.19		$	–		$	(0.68	)	$	–		$	(0.68	)	$	–		$	15.38		25.71	%	$	1,470		1.00	%		1.10	%		(0.20	)%		93	%

2019	$	13.22	$	–		$	1.09		$	1.09		$	(0.01	)	$	(1.43	)	$	–		$	(1.44	)	$	–		$	12.87		10.82	%	$	1,073		1.00	%		1.15	%		(0.04	)%		113	%

Small Cap Fund††

I Shares^⁽¹⁾

2023	$	11.30	$	0.07		$	(0.36	)	$	(0.29	)	$	(0.10	)	$	(0.09	)	$	–		$	(0.19	)	$	–	#	$	10.82		(2.58	)%	$	123,126		0.98	%⁽³⁾		0.94	%		0.64	%		49	%

2022	$	15.54	$	0.03		$	(2.65	)	$	(2.62	)	$	(0.03	)	$	(1.59	)	$	–		$	(1.62	)	$	–	#	$	11.30		(18.59	)%	$	122,389		1.05	%⁽³⁾		0.97	%		0.23	%		38	%

2021	$	10.04	$	(0.05	)	$	5.55		$	5.50		$	–		$	–		$	–		$	–		$	–	#	$	15.54		54.78	%	$	129,178		1.05	%		1.02	%		(0.32	)%		61	%

2020	$	10.49	$	(0.02	)	$	(0.43	)	$	(0.45	)	$	–		$	–		$	–		$	–		$	–		$	10.04		(4.29	)%	$	81,052		1.05	%		1.14	%		(0.16	)%		107	%

2019	$	11.39	$	(0.02	)	$	0.29		$	0.27		$	–		$	(1.16	)	$	(0.01	)	$	(1.17	)	$	–		$	10.49		4.41	%	$	88,944		1.05	%		1.14	%		(0.19	)%		65	%

Class S Shares

2023	$	11.25	$	0.06		$	(0.36	)	$	(0.30	)	$	(0.09	)	$	(0.09	)	$	–		$	(0.18	)	$	–		$	10.77		(2.69	)%	$	60		1.08	%⁽³⁾		1.04	%		0.54	%		49	%

2022	$	15.47	$	0.01		$	(2.62	)	$	(2.61	)	$	(0.02	)	$	(1.59	)	$	–		$	(1.61	)	$	–	#	$	11.25		(18.61	)%	$	61		1.13	%⁽³⁾		1.05	%		0.06	%		38	%

2021	$	10.01	$	(0.06	)	$	5.52		$	5.46		$	–		$	–		$	–		$	–		$	–		$	15.47		54.55	%	$	740		1.15	%		1.12	%		(0.43	)%		61	%

2020	$	10.47	$	(0.03	)	$	(0.43	)	$	(0.46	)	$	–		$	–		$	–		$	–		$	–		$	10.01		(4.39	)%	$	403		1.15	%		1.25	%		(0.29	)%		107	%

2019	$	11.37	$	(0.03	)	$	0.29		$	0.26		$	–		$	(1.16	)	$	–#		$	(1.16	)	$	–		$	10.47		4.36	%	$	231		1.15	%		1.24	%		(0.26	)%		65	%

U.S. All Cap Index Fund

I Shares

2023	$	11.84	$	0.18		$	0.97		$	1.15		$	(0.18	)	$	(0.01	)	$	–		$	(0.19	)	$	–	#	$	12.80		9.68	%	$	104,049		0.25	%		0.60	%		1.42	%		8	%

2022	$	14.76	$	0.16		$	(2.85	)	$	(2.69	)	$	(0.15	)	$	(0.08	)	$	–		$	(0.23	)	$	–	#	$	11.84		(18.39	)%	$	64,355		0.25	%		0.60	%		1.24	%		4	%

2021	$	10.18	$	0.15		$	4.57		$	4.72		$	(0.14	)	$	–		$	–		$	(0.14	)	$	–		$	14.76		46.61	%	$	40,493		0.25	%		0.96	%		1.12	%		5	%

2020⁽⁷⁾	$	10.00	$	0.12		$	0.17		$	0.29		$	(0.11	)	$	–		$	–		$	(0.11	)	$	–		$	10.18		3.08	%	$	15,989		0.25	%		1.78	%		1.52	%		8	%

Real Estate Fund##

I Shares

2023	$	8.29	$	0.14		$	(0.80	)	$	(0.66	)	$	(0.18	)	$	(0.65	)	$	(0.02	)	$	(0.85	)	$	–		$	6.78		(8.90	)%	$	118,750		1.00	%		1.05	%		1.75	%		88	%

2022	$	11.97	$	0.09		$	(1.49	)	$	(1.40	)	$	(0.15	)	$	(2.13	)	$	–		$	(2.28	)	$	–	#	$	8.29		(15.77	)%	$	120,537		1.00	%		1.07	%		0.94	%		132	%

2021	$	8.88	$	0.10		$	3.35		$	3.45		$	(0.17	)	$	(0.19	)	$	–		$	(0.36	)	$	–		$	11.97		39.65	%	$	119,877		1.00	%		1.16	%		0.94	%		231	%

2020	$	10.33	$	0.13		$	(1.34	)	$	(1.21	)	$	(0.19	)	$	(0.05	)	$	–		$	(0.24	)	$	–		$	8.88		(11.74	)%	$	80,527		1.00	%		1.45	%		1.42	%		232	%

2019⁽⁸⁾	$	10.00	$	0.01		$	0.32		$	0.33		$	–		$	–		$	–		$	–		$	–		$	10.33		3.30	%	$	49,010		1.00	%		1.96	%		0.61	%		10	%

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS

FINANCIAL HIGHLIGHTS


		Selected Per Share Data & Ratios
		For a Share Outstanding Throughout Each Year or Period


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Total Distributions			Redemption Fees**			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets (including waivers and reimbursements)			Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate†


International Equity Fund

I Shares^⁽¹⁾

2023	$	9.58	$	0.22	$	0.89		$	1.11		$	(0.19	)	$	–		$	–		$	(0.19	)	$	–	#	$	10.50		11.49	%	$	149,143		1.10	%		1.13	%		1.95	%		47	%

2022	$	14.58	$	0.27	$	(3.85	)	$	(3.58	)	$	(0.27	)	$	(1.15	)	$	–#		$	(1.42	)	$	–		$	9.58		(26.80	)%	$	122,313		1.10	%		1.16	%		2.34	%		50	%

2021	$	11.05	$	0.17	$	3.50		$	3.67		$	(0.14	)	$	–		$	–		$	(0.14	)	$	–	#	$	14.58		33.26	%	$	150,545		1.10	%		1.21	%		1.21	%		55	%

2020	$	11.20	$	0.15	$	(0.14	)	$	0.01		$	(0.12	)	$	–		$	(0.04	)	$	(0.16	)	$	–		$	11.05		0.20	%	$	87,281		1.10	%		1.33	%		1.37	%		47	%

2019	$	10.85	$	0.21	$	0.62		$	0.83		$	(0.21	)	$	(0.27	)	$	–		$	(0.48	)	$	–		$	11.20		7.94	%	$	81,517		1.10	%		1.36	%		1.93	%		49	%

Class S Shares

2023	$	9.55	$	0.20	$	0.89		$	1.09		$	(0.18	)	$	–		$	–		$	(0.18	)	$	–		$	10.46		11.32	%	$	163		1.20	%		1.23	%		1.84	%		47	%

2022	$	14.54	$	0.27	$	(3.85	)	$	(3.58	)	$	(0.26	)	$	(1.15	)	$	–#		$	(1.41	)	$	–		$	9.55		(26.88	)%	$	143		1.20	%		1.26	%		2.32	%		50	%

2021	$	11.02	$	0.16	$	3.49		$	3.65		$	(0.13	)	$	–		$	–		$	(0.13	)	$	–		$	14.54		33.16	%	$	108		1.20	%		1.31	%		1.14	%		55	%

2020	$	11.18	$	0.15	$	(0.16	)	$	(0.01	)	$	(0.11	)	$	–		$	(0.04	)	$	(0.15	)	$	–		$	11.02		–%		$	62		1.20	%		1.42	%		1.39	%		47	%

2019	$	10.84	$	0.20	$	0.61		$	0.81		$	(0.20	)	$	(0.27	)	$	–		$	(0.47	)	$	–		$	11.18		7.75	%	$	157		1.20	%		1.46	%		1.86	%		49	%

*	Per share data calculated using the average shares method.

**	See Note 2 in the Notes to Financial Statements.

†

Total return and portfolio turnover rate are for the period indicated and have not been annualized. Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^	Effective March 1, 2018, Institutional Shares were renamed as I Shares.

#	Amount is less than $0.005.

##	Effective July 20, 2020, Global Real Estate Fund was renamed as Real Estate Fund.

‡	Effective March 1, 2018, Limited Duration Bond Fund was renamed as Limited Duration Fund.

††	Effective March 1, 2018, Small Cap Equity Fund was renamed as Small Cap Fund.

(1)	Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.

(2)	The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%.

(3)	Ratios include previously waived investment advisory fees recovered.

(4)	The expense ratio includes dividend and interest expense. Had this expense been excluded the ratios would have been 1.50%, 1.86%, and (1.85)%.

(5)	Commenced operations on December 2, 2019. All ratios for the period have been annualized.

(6)	The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%, 2.17%, and (0.58)%.

(7)	Commenced operations on December 31, 2019. All ratios for the period have been annualized.

(8)	Commenced operations on September 30, 2019. All ratios for the period have been annualized.

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

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023

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 Knights of Columbus Limited Duration Fund (the “Limited Duration Fund”), the Knights of Columbus Core Bond Fund (the “Core Bond Fund”), the Knights of Columbus Long/ Short Equity Fund (the “Long/Short Equity Fund”), the Knights of Columbus Large Cap Value Fund (the “Large Cap Value Fund”), the Knights of Columbus Large Cap Growth Fund (the “Large Cap Growth Fund”), the Knights of Columbus Small Cap Fund (the “Small Cap Fund”), the Knights of Columbus U.S. All Cap Index Fund (the “U.S. All Cap Index Fund”), the Knights of Columbus Real Estate Fund (the “Real Estate Fund”) and the Knights of Columbus International Equity Fund (the “International Equity Fund”) (collectively the “Funds,” individually a “Fund”), each of which is a diversified Fund, except the Large Cap Growth Fund, which is a non-diversified Fund. The investment objective of the Limited Duration Fund and Core Bond Fund is to seek current income and capital preservation. The investment objective of the Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund is to seek long-term capital appreciation. The investment objective of the Real Estate Fund is to seek current income and capital appreciation. The U.S. All Cap Index Fund seeks investment results to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (the “USCCB Guidelines”). The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Funds. After the Conversion Date, Investor Shares will no longer be offered by the Funds, and were terminated as a separately designated class of the Funds.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in the preparation of its 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 amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations 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 the NASDAQ Stock Market (the “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 Trusts’ 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. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Adviser and approved by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

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; or the security’s primary pricing source is not able or willing

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023

to provide a price. 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.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC (“ICE”) as a third party fair valuation vendor when the fair value trigger is met. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value theirs non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the 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 under ASC 820 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 (includes 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, etc.); 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.

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

Federal Income Taxes — It is each Fund’s 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, and to distribute substantially all of its income to shareholders. 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 deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. 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., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023

As of and during the year ended October 31, 2023, 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 Statements of Operations. During the period the Funds did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. 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 gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements 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 amounts actually received or paid.

Options Written/Purchased — The Long/Short Equity Fund invested in financial options contracts to add return or to hedge their existing portfolio securities. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that a Fund pays a premium whether or not the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. The Long/Short Equity Fund did not hold option contracts as of October 31, 2023.

For the year ended October 31, 2023, the quarterly average balances of options held by the Long/Short Equity Fund was as follows:


Average Quarterly Market Value Contracts Purchased	$	5,327

Average Quarterly Market Value Contracts Written	$	—

Securities Sold Short — Consistent with Long/Short Equity Fund’s investment objectives, the Fund may engage in short sales. Short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Until the Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Fund’s short positions. As of October 31, 2023, the Long/Short Equity Fund had open short positions as disclosed in the Fund’s Schedule of Investments.

In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short. For the year ended October 31, 2023, the Fund earned rebate income of $1,292,970, which is

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023

included in interest income on the Statements of Operations. In addition, the Fund is required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short and recognized as “dividend expense” on the Statements of Operations.

Short sales are collateralized by cash deposits with the prime broker, Wells Fargo Bank, N.A., and pledged securities held at the custodian, Brown Brothers Harriman & Co. The collateral required is determined daily by reference to the market value on short positions.

The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis and is charged an interest expense at the benchmark rate as defined in the prime brokerage agreement plus 150 basis points on the amount of any shortfall in the required cash margin. During the period, the benchmark rate consisted of a blended rate of the U.S. Overnight Bank Funding Rate and a predetermined spread rate. For the year ended October 31, 2023, the Fund did not incur any interest expense. In the event the Fund has excess cash collateral, the Fund receives interest income as defined in the prime brokerage agreement. During the period, the Fund had positive effective balance and earned daily income based on the benchmark rate. The blended rate included the U.S. Overnight Bank Funding Rate minus 45 basis points. For the year ended October 31, 2023, the Fund earned interest income of $211,853, which is included in interest income on the Statements of Operations.

Swap Contracts — The Long/Short Equity Fund and the U.S. All Cap Index Fund are authorized to enter into swap contracts, including total return swaps and equity swaps contracts. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument — which may be a single asset, a pool of assets or an index of assets — during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedule of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Fund’s custodian.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Fund in the future, or requires increased fees, which could impair the Fund’s ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Fund’s ability to use leverage and reduce investment returns. In addition, if the Fund cannot locate a counterparty willing to enter into transactions with the Fund, it will not be able to implement its investment strategy. During the year ended October 31, 2023, the Funds’ swap agreements were with one counterparty, Wells Fargo Bank, N.A.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

OCTOBER 31, 2023

For the year ended October 31, 2023, only the U.S. All Cap Index Fund employed total returns swaps. The quarterly average balances of swap contracts held by the Fund was as follows:


Average Quarterly Market Value Balance Long	$	3,396,473

Average Quarterly Market Value Balance Short	$	(3,329,763	)

Cash — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements 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.

Expenses — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust 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 and losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

Investments in REITs — Dividend income from Real Estate Investment Trusts (“REIT”) is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Redemption Fees — The Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the year ended October 31, 2023, the Funds retained fees of $9,034, $513, $22,359, $111, $624, $313, $256, $0 and $381, respectively. For the year ended October 31, 2022, the Funds retained fees of $90, $85, $500, $117, $53, $24, $73, $35 and $435, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

3. Derivative Transactions:

The following table shows the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments as of October 31, 2023 was as follows:

Asset Derivatives

Liability Derivatives

Statements of Assets and Liabilities

Fair Value

Statements of Assets and Liabilities

Fair Value

U.S. All Cap Index Fund

Equity contracts

Unrealized appreciation on swap contracts

–†

Unrealized depreciation on swap contracts

93,178

†

Total Derivatives not accounted for as hedging instruments

–

93,178

†	Includes cumulative appreciation (depreciation) of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets and Liabilities for swap contracts that have paid premiums.

The effect of derivative instruments on the Statements of Operations for the year ended October 31, 2023.

Amount of realized gain or (loss) on derivatives recognized in income:


Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures		Forward Currency Contracts		Swaps		Total

Long/Short Equity Fund
Equity contracts	$	(112,016)	$	—	$	—	$	—	$	—	$	(112,016	)
Total	$	(112,016)	$	—	$	—	$	—	$	—	$	(112,016	)

U.S. All Cap Index Fund
Equity contracts	$	—	$	—	$	—	$	—	$	327,053	$	327,053
Total	$	—	$	—	$	—	$	—	$	327,053	$	327,053

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Change in unrealized appreciation or (depreciation) on derivatives recognized in income:


Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions			Written Options and Swaptions		Futures		Forward Currency Contracts		Swaps			Total

Long/Short Equity Fund
Equity contracts	$	(88,721	)	$	—	$	—	$	—	$	—		$	(88,721	)
Total	$	(88,721	)	$	—	$	—	$	—	$	–		$	(88,721	)

U.S. All Cap Index Fund
Equity contracts	$	—		$	—	$	—	$	—	$	(164,579	)	$	(164,579	)
Total	$	—		$	—	$	—	$	—	$	(164,579	)	$	(164,579	)

4. Offsetting Assets and Liabilities:

The Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Fund to another party are determinable, the Fund has the right to set off the amounts owed with the amounts owed by the other party, the Fund intends to set off, and the Fund’s right of setoff is enforceable at law.

The International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and effect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

To reduce counterparty risk with respect to Over-the-Counter (“OTC”) transactions, the Long/Short Equity Fund and the U.S. All Cap Index Fund have entered into master netting arrangements, established within the Funds’ ISDA Master Agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting marked-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. As of October 31, 2023, the Long/Short Equity Fund did not hold financial instruments or OTC derivatives subject to master netting arrangements.

The following is a summary by counterparty of the market value of swap agreements and collateral (received)/pledged for the U.S. All Cap Index Fund as of October 31, 2023:



			Gross Amounts not offset in the Statements of Assets and Liabilities
Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statements of Assets and Liabilities	Net Amounts Presented in the Statements of Assets and Liabilities	Financial Instruments for Offset	Cash Collateral (Received) Pledged ⁽¹⁾	Net Amount⁽²⁾

$ —	$ —	$ —	$ —	$ —	$ —

			Gross Amounts not offset in the Statements of Assets and Liabilities
Gross Amounts of Recognized Liabilities	Gross Amounts Offset in the Statements of Assets and Liabilities	Net Amounts Presented in the Statements of Assets and Liabilities	Financial Instruments for Offset	Cash Collateral (Received) Pledged⁽¹⁾	Net Amount⁽²⁾

$93,178	$ —	$ 93,178	$(93,178)	$ —	$ —

(1)	Excess collateral pledged is not shown for financial reporting purposes.

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(2)	Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.

5. 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.

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.

6. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:

The Funds and SEI Investments Global Fund Services (the “Administrator”) are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. 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 Funds.

For the year ended October 31, 2023, the Funds were charged the following for these services, as shown on the Statements of Operations:


		Administration Fees
Limited Duration Fund		$107,607
Core Bond Fund		111,923
Long/Short Equity Fund		51,114
Large Cap Value Fund		98,557
Large Cap Growth Fund		92,590
Small Cap Fund		84,966
U.S. All Cap Index Fund		57,171
Real Estate Fund		86,493
International Equity Fund		99,381

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

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds’ Class S Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders.

For the year ended October 31, 2023, the Funds were charged the following rates for these services:


	Class S Shares
Limited Duration Fund		0.10%
Core Bond Fund		0.10%
Long/Short Equity Fund		N/A
Large Cap Value Fund		0.10%
Large Cap Growth Fund		0.10%
Small Cap Fund		0.10%
U.S. All Cap Index Fund		N/A
Real Estate Fund		N/A
International Equity Fund		0.10%

DST Systems, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

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

7. Investment Advisory Agreements and Sub-advisory Agreements:

Under the terms of the Advisory Agreement, the Adviser provides investment advisory services to the Limited Duration Fund, Core Bond Fund, Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund and International Equity Fund at 0.40%, 0.40%, 1.25%, 0.60%, 0.60%, 0.725%, 0.20%, 0.85%, and 0.90%, respectively, of each Fund’s average daily net assets.

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses and any class-specific expenses (including distribution and/or service (12b-1) fees and shareholder servicing fees) (collectively, “excluded expenses”)) for I Shares

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and Class S Shares from exceeding certain levels as set forth below until February 28, 2024 (each, a “contractual expense limit”). Refer to Note 1 for the details regarding the termination of the Investor Shares during the period. This agreement may be terminated: (i) by the Board, 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, 2024. Accordingly, the contractual expense limitations for the Limited Duration Fund, Core Bond Fund, Long/ Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund, U.S. All Cap Index Fund, Real Estate Fund, and International Equity Fund are 0.50%, 0.50%, 1.50%, 0.90%, 0.90%, 1.05%, 0.25%, 1.00%, and 1.10%, respectively.

In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. For the year ended October 31, 2023, the Adviser recaptured previously waived fees in Long/Short Equity Fund, Large Cap Value Fund, Large Cap Growth Fund and Small Cap Fund of $8,240, $137,086, $129,881 and $51,867, respectively as shown on the Statements of Operations.

As of October 31, 2023, fees previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement are as follows:


Fiscal Year	Subject to Repayment until October 31:	Limited Duration Fund		Core Bond Fund		Long/Short Equity Fund		U.S. All Cap Index Fund		Real Estate Fund		International Equity Fund
2021	2024		$239,489		$233,505		$95,666		$146,550		$121,735		$117,278
2022	2025		267,235		271,831		50,260		237,415		129,112		104,328
2023	2026		192,731		201,983		25,917		303,121		68,350		49,478

	Total		$699,455		$707,319		$171,843		$687,086		$319,197		$271,084

The Trust and the Adviser have entered into an investment advisory agreement dated February 26, 2015, as amended (the “Advisory Agreement”), with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the supervision of, and policies established by, the Board.

L2 Asset Management, LLC (“L2”) and the Adviser have entered into an investment subadvisory agreement, dated September 10, 2019 (the “L2 Subadvisory Agreement”). Under the terms of the L2 Subadvisory Agreement, L2 serves as the investment subadviser for the Long/Short Equity Fund and U.S. All Cap Index Fund (the “L2 Subadvised Funds”), makes investment decisions for the L2 Subadvised Funds, and administers the investment program of the L2 Subadvised Funds, subject to the supervision of, and policies established by, the Adviser and the Board.

Ranger Global Real Estate Advisors, LLC (“Ranger”) and the Adviser entered into an investment subadvisory agreement, dated July 24, 2019. As a result of a change-in-control of Ranger, an interim subadvisory agreement was signed on October 26, 2021. On February 15, 2022, a shareholder meeting was held whereby the shareholders of the Real Estate Fund voted to approve a new investment subadvisory agreement (the “Ranger Subadvisory Agreement”), which was entered into on that date. Under the terms of the Ranger Subadvisory Agreement, Ranger serves as the investment subadviser for the Real Estate Fund (the “Ranger Subadvised Fund), makes investment decisions for the Ranger Subadvised Fund, and administers the investment program of the Ranger Subadvised Fund, subject to the supervision of, and policies established by, the Adviser and the Board.

For the services provided pursuant to the L2 Subadvisory Agreement and the Ranger Subadvisory Agreement, each of L2 and Ranger, respectively, receives an annual fee from the Adviser at the following annual rates based on the average daily net assets of each L2 Subadvised Fund and the Ranger Subadvised Fund, respectively.


		Sub-Adviser Fee Rate
Long/Short Equity Fund		0.25%
U.S. All Cap Index Fund		0.10%
Real Estate Fund		0.60%

8. Investment Transactions:

For the year ended October 31, 2023, the Funds made purchases and sales of investment securities other than short-term securities and in-kind transactions as follows:


	Purchases		Sales		U.S. Government Purchases		U.S. Government Sales and Maturities
Limited Duration Fund	$	15,959,437	$	24,775,314	$	107,202,941	$	49,543,199
Core Bond Fund		8,502,891		19,158,889		84,220,223		10,005,536
Long/Short Equity Fund		75,119,556		57,865,909		–		–
Large Cap Value Fund		64,111,197		52,484,948		–		–

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Purchases

Sales

  U.S.
  Government
  Purchases

U.S.
Government
Sales and
Maturities

Large Cap Growth Fund

74,401,470

59,658,494

–

Small Cap Fund

62,718,916

59,389,098

–

U.S. All Cap Index Fund

38,943,251

6,636,309

–

Real Estate Fund

124,181,078

107,632,260

–

International Equity Fund

81,177,867

66,469,947

–

The Long/Short Equity Fund included cost of purchases to cover securities sold short and the proceeds from securities sold short in the amounts of $83,097,617 and $71,230,015, respectively, for the year ended October 31, 2023.

9. Federal Tax Information:

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal 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 in nature. The permanent differences are primarily related to partnership adjustments, short sale dividends, passive foreign investment companies, swaps, REITS income reclassification to capital gain, distribution reclassification, foreign currency gain/loss and paydown gain/loss reclassification. Certain permanent differences are charged or credited to distributable earnings or paid in capital as appropriate, in the period that the differences arise.

The Real Estate Fund has a tax year that ends on December 31. The following tax disclosures are representative as of October 31, 2023, except for the permanent reclassification and components of distributable earnings (accumulated losses), which are as of December 31, 2022. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year-ending December 31, 2023.

During the year ended October 31, 2023, the Funds had no permanent differences between distributable earnings (accumulated losses) and paid-in-capital.

The tax character of dividends and distributions declared during the last two fiscal years were as follows:


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Limited Duration Fund
2023		$4,050,176		$—		$—		$4,050,176
2022		1,602,802		134,097		—		1,736,899
Core Bond Fund
2023		5,342,247		—		—		5,342,247
2022		3,632,648		—		—		3,632,648
Long/Short Equity Fund
2023		4,704,667		1,505,129		—		6,209,796
2022		128,619		—		—		128,619
Large Cap Value Fund
2023		1,961,441		6,047,827		—		8,009,268
2022		2,822,266		4,620,866		—		7,443,132
Large Cap Growth Fund
2023		183,094		—		52,043		235,137
2022		5,715,886		11,627,451		19,203		17,362,540
Small Cap Fund
2023		852,400		1,261,533		—		2,113,933
2022		2,391,202		11,648,568		—		14,039,770
U.S. All Cap Index Fund
2023		1,203,826		46,046		—		1,249,872
2022		870,263		179,735		—		1,049,998
Real Estate Fund⁽¹⁾
2023		10,896,468		1,836,547		272,941		13,005,956
2022		24,305,572		347,521		—		24,653,093
International Equity Fund
2023		2,583,744		—		—		2,583,744
2022		4,617,247		11,197,034		31,943		15,846,224

(1)	The Real Estate Fund has a tax year end of December 31.

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As of October 31, 2023, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Post October Losses			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Limited Duration Fund	$	532,438	$	—	$	(3,231,753	)	$	—		$	(4,305,661	)	$	(5	)	$	(7,004,981	)
Core Bond Fund		609,035		—		(7,194,463	)		—			(27,107,658	)		(5	)		(33,693,091	)
Long/Short Equity Fund		110,683		—		(1,155,966	)		—			2,640,791			(5	)		1,595,503
Large Cap Value Fund		122,090		—		(1,865,055	)		—			17,508,101			(1	)		15,765,135
Large Cap Growth Fund		—		—		(13,464,113	)		—			27,343,923			2			13,879,812
Small Cap Fund		—		1,794,182		—			—			290,109			(3	)		2,084,288
U.S. All Cap Index Fund		395,992		465,064		—			—			(568,469	)		(1,132	)		291,455
Real Estate Fund⁽¹⁾		—		—		—			(761,533	)		(32,877,512	)		—			(33,639,045	)
International Equity Fund		670,018		—		(15,712,661	)		—			937,323			4			(14,105,316	)

(1)	The Real Estate Fund has a tax year end of December 31.

Post October capital losses represent capital losses realized on investment transactions from November 1, 2022 to December 31, 2022, that, in accordance with Federal Income tax regulations, the Fund(s) may elect to defer and treat as having arisen in the following fiscal year.

The Funds have capital losses carried forward as follows:



	Short-Term Loss		Long-Term Loss		Total
Limited Duration Fund		$ 907,806		$ 2,323,947		$ 3,231,753
Core Bond Fund		2,372,350		4,822,113		7,194,463
Long/Short Equity Fund		1,155,966		—		1,155,966
Large Cap Value Fund		1,694,262		170,793		1,865,055
Large Cap Growth Fund		4,169,040		9,295,073		13,464,113
International Equity Fund		10,959,915		4,752,746		15,712,661

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in passive foreign investment companies and deferred losses from wash sale transactions. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2023, were as follows:


	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Limited Duration Fund	$	184,501,421	$	192	$	(4,305,853	)	$	(4,305,661	)
Core Bond Fund		207,247,737		40,134		(27,147,792	)		(27,107,658	)
Long/Short Equity Fund		57,557,386		2,629,719		11,072			2,640,791
Large Cap Value Fund		131,209,904		23,435,426		(5,927,325	)		17,508,101
Large Cap Growth Fund		122,185,052		31,296,184		(3,952,261	)		27,343,923
Small Cap Fund		117,627,359		15,240,035		(14,949,926	)		290,109
U.S. All Cap Index Fund		99,987,138		9,512,556		(10,081,025	)		(568,469	)
Real Estate Fund		146,353,789		–		(34,405,921	)		(34,405,921	)
International Equity Fund		143,535,132		10,444,235		(9,506,912	)		937,323

10. Concentration of Risks:

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below.

Catholic Values Investing Risk (All Funds) — Each Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that a Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no

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guarantee that the activities of the companies identified by any Fund’s investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause a Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause a Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although each Fund’s investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor’s interpretation of the USCCB Guidelines, an investment in a Fund may fail to achieve such objective.

Active Management Risk (Core Bond Fund, Limited Duration Fund, Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, Real Estate Fund) – The Funds are actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, causing a Fund to lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of a Fund. Active and frequent trading may also result in adverse tax consequences.

Covered Call Risk (Real Estate Fund) — The Fund may write (i.e., sell) covered call options, a type of derivative instrument. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.

Derivatives Risk (Long/Short Equity Fund and U.S. All Cap Index Fund) — The Funds’ use of options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund’s gains or losses. There are various factors that affect the Fund’s ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Moreover, regulation relating to the Fund’s use of derivatives and related instruments, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

Options. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). If the Fund writes a “covered” call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. Over-the-counter options also involve counterparty solvency risk.

Swaps. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty

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risk and valuation risk. Swaps may also be classified as illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

Equity Risk (Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, U.S. All Cap Index Fund and Real Estate Fund) – Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, depositary receipts and shares of real estate investment trusts (“REITs”). Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time, sometimes rapidly or unpredictability. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund’s net asset value (“NAV”) to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations. Depositary receipts and REITs are discussed elsewhere in this section.

Fixed Income Risk (Limited Duration Fund and Core Bond Fund) – The market values of fixed income investments change in response to interest rate changes and other factors. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and a Fund’s investments. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or “called”) by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund’s value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund’s liquidity or force a Fund to sell securities at reduced prices or under unfavorable conditions, therefore reducing the value of the Fund. Very low or negative interest rates may prevent a Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund’s performance will be negatively impacted.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

Foreign/Emerging Markets Securities Risk (International Equity Fund) – Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising the Fund’s portfolio. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

The Fund may invest in unsponsored American Depositary Receipts (“ADRs”), which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

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High Yield Bond Risk (Limited Duration Fund and Core Bond Fund) – High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

Indexing Strategy/Index Tracking Risk (U.S. All Cap Index Fund) – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities. The Fund will seek to replicate the Knights of Columbus U.S. All Cap Index^® (the “Index”) returns, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. The Fund generally will buy and will not sell a security included in the Index as long as the security is part of the Index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Sub-Adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, the Fund’s performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. Changes in the composition of the Index and regulatory requirements also may impact the Fund’s ability to match the return of the Index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.

Information Technology Sector Risk (Large Cap Growth Fund) — Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

Large Purchase and Redemption Risk (All Funds) – Large purchases or redemptions of a Fund’s shares may affect such Fund, since the Fund may be required to sell portfolio securities if it experiences redemptions, and the Fund will need to invest additional cash that it receives. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund management or performance to the extent a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. The investment managers are committed to minimizing the impact of such transactions on a Fund, and may seek to effect the transactions in-kind, to the extent consistent with pursuing the investment objective of such Fund.

Market Risk (All Funds) — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund’s NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, social, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any public health emergencies (such as the spread of infectious diseases, epidemics, and pandemics), natural disasters and other similar events, 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 a Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Additionally, governmental authorities and regulators are responding to the COVID-19 pandemic with significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in, and may in the future result in, negative interest rates. These actions, including their possible unexpected or sudden discontinuance, reversal or potential ineffectiveness (including if the actions are perceived by investors as unlikely to achieve the desired results), could further increase volatility in securities and other financial markets, reduce

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market liquidity, heighten investor uncertainty and adversely affect the value of a Fund’s investments and the performance of the Fund. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

Mortgage-Backed and Asset-Backed Securities Risk (Limited Duration Fund and Core Bond Fund) — Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

Municipal Bonds Risk (Limited Duration Fund and Core Bond Fund) — Municipal bonds are fixed income securities issued by state or local governments or their agencies to finance capital expenditures and operations. The obligation to pay principal and interest on municipal bonds may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal bonds vary in credit quality. Municipal bonds, 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. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal bonds, to pay interest and principal on municipal bonds. 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. Also, there may be economic or political changes that impact the ability of issuers of municipal bonds to repay principal and to make interest payments. Any changes in the financial condition of municipal issuers may also adversely affect the value of a Fund’s securities.

Non-Diversified Risk (Large Cap Growth Fund) — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.

Quantitative Investing Risk (Large Cap Value Fund, Large Cap Growth Fund, Small Cap Fund and International Equity Fund) — There is no guarantee that the use of quantitative models, algorithms, methods or other similar techniques, and the investments selected based on such techniques, will perform as expected, produce the desired results or enable a Fund to achieve its investment objective. A Fund may be adversely affected by imperfections, errors or limitations in construction and implementation (for example, limitations in a model, proprietary or third-party data imprecision or unavailability, software or other technology malfunctions, or programming inaccuracies) and the Adviser’s ability to monitor and timely adjust the metrics or update the data or features underlying the model, algorithm or other similar analytical tools (“quantitative tools”). A Fund may also be adversely affected by the Adviser’s ability to make accurate qualitative judgments regarding the quantitative tool’s output or operational complications relating to any quantitative tool. Thus, a Fund is subject to the risk that any quantitative tools used by the Adviser will not be successful as to, for example, selecting or weighting investment positions, and that these tools may not perform as expected.

Real Estate Investment Trusts Risk (U.S. All Cap Index Fund and Real Estate Fund) — REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed elsewhere in this section. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act.

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Real Estate Sector Risk (Real Estate Fund) — Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended. In addition, the performance of the economy in each of the regions and countries in which the real estate owned by a company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. In addition to these risks, some REITs and real estate operating companies (“REOCs”) have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Moreover, certain real estate investments may be illiquid and, therefore, the ability of REITs and REOCs to reposition their portfolios promptly in response to changes in economic or other conditions is limited. These factors may increase the volatility of the Fund’s investments in REITs or REOCs.

Short Sales Risk (Long/Short Equity Fund) — The Fund is subject to short sales risk. Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. The risk of such price increases is the principal risk of engaging in short sales. Reinvesting proceeds received from short selling may create leverage. These transactions may expose the Fund to greater risk and increase its costs. As an open-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act and the rules thereunder. Rule 18f-4 under the 1940 Act requires, among other things, that the Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

In addition, the Fund’s investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed at the commencement of the short sale and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses negatively impact the performance of the Fund. For example, when the Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. However, a dividend paid on a security sold short generally reduces the market value of the shorted security and thus, increases the Fund’s unrealized gain or reduces the Fund’s unrealized loss on its short sale transaction. To the extent that the dividend that the Fund is obligated to pay is greater than the return earned by the Fund on investments, the performance of the Fund will be negatively impacted. Furthermore, the Fund may be required to pay a premium or interest to the lender of the security. The foregoing types of short sale expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.

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

11. In-Kind Transactions:

During the year ended October 31, 2023, there were no in-kind transactions for the Funds. During the year ended October 31, 2022, the Limited Duration Fund redeemed shares of beneficial interest in exchange for securities and cash. The securities were redeemed at their current value on the date of the transaction.

Transaction

Date

Redeemed

Cash

Investment

Securities at Value

Interest Accrued

Total

Realized Gains

(Losses)

4/29/2022

1,595,855

$578,615

$14,756,218

$65,167

$15,400,000

$(548,748)

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12. Concentrations of Shareholders:

At October 31, 2023, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of affiliated omnibus accounts, unless otherwise indicated, that are held on behalf of various individual shareholders, was as follows:


	No. of Shareholders I Shares	% Ownership	No. of Shareholders Class S Shares		% Ownership
Limited Duration Fund	3	50%		2	90%
Core Bond Fund	2	43%		1	91%
Long/Short Equity Fund	2	66%		–	–
Large Cap Value Fund	2	47%		2	96%
Large Cap Growth Fund	2	51%		1	96%
Small Cap Fund	2	62%		3	100%
U.S. All Cap Index Fund	4	66%		–	–
Real Estate Fund	2	81%		–	–
International Equity Fund	2	55%		3	86%

13. 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 claims is considered remote.

14. Subsequent Events:

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Advisors’ Inner Circle Fund III and Shareholders of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Knights of Columbus Limited Duration Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Small Cap Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and Knights of Columbus International Equity Fund (nine of the Funds constituting The Advisors’ Inner Circle Fund III, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements 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, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 28, 2023

We have served as the auditor of one or more investment companies in Knights of Columbus Asset Advisors LLC since 2015.

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TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (UNAUDITED)

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 Board Members.” Mr. Doran is a Trustee who may be deemed to be “interested” person of 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 1-844-523-8637. The following chart lists Trustees and Officers as of October 31, 2023.


Name and Year of Birth	Position with Trust and Length of Time Served¹	Principal Occupations in the Past Five Years	Other Directorships Held in the Past Five Years²

INTERESTED TRUSTEES^3,4

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.	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.

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.	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., FS Alternatives Fund (Cayman), FS Managed Futures Fund (Cayman), FS Real Development Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd. FS Alternatives Fund (Cayman), FS Managed Futures Fund (Cayman), FS Real Development Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.

			Former Directorships: 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.

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	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.

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

4	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.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (UNAUDITED)



Name and Year of Birth	Position with Trust and Length of Time Served¹	Principal Occupations in the Past Five Years	Other Directorships Held in the Past Five Years²
INDEPENDENT TRUSTEES (continued)³

Thomas P. Lemke (Born: 1954)	Trustee (since 2014)	Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.	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. FS Alternatives Fund (Cayman), FS Managed Futures Fund (Cayman), FS Real Development Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.
			Former Directorships: 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.

Nichelle May- nard-Elliott (Born: 1968)	Trustee (since 2021)	Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019.	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.

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.	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.

Randall S. Yanker (Born: 1960)	Trustee (since 2014)	Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.	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.

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	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.

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

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (UNAUDITED)


Name and Year of Birth	Position(s) with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years

OFFICERS

Michael Beattie (Born: 1965)	President (since 2014)	Director of Client Service, SEI Investments, since 2004.	None.

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.	None.

John Bourgeois (Born: 1973)	Assistant Treasurer (since 2017)	Fund Accounting Manager, SEI Investments, since 2000.	None.

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.	None.

Donald Duncan (Born: 1964)	Anti-Money Laundering Compliance Officer and Privacy Coordinator (since 2023)	Chief Compliance Officer and Global Head of Anti-Money Laundering Strategy of SEI Investments Company since January 2023. Head of Global Anti-Money Laundering Program for Hamilton Lane Advisors, LLC from August 2021 until December 2022. Senior VP and Supervising Principal of Hamilton Lane Securities, LLC from June 2016 to August 2021. Senior Director at AXA-Equitable from June 2011 until May 2016. Senior Director at PRUCO Securities, a subsidiary of Prudential Financial, Inc. from October 2005 until December 2009.	None.

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.	None.

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.	None.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (UNAUDITED)


Name and Year of Birth	Position(s) with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years
OFFICERS (continued)

Robert Morrow (Born: 1968)	Vice President (since 2017)	Account Manager, SEI Investments, since 2007.	None.

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.	None.

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.	None.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

(Unaudited)

DISCLOSURE OF FUND EXPENSES

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 a mutual fund’s gross income and directly reduce your investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a 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, 2023 to October 31, 2023).

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 six month 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 six month period. Simply divide your actual 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.

NOTE: Because the hypothetical 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 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios		Expenses Paid During Period *
Limited Duration Fund
Actual Fund Return
I Shares	$	1,000.00	$	1,004.80		0.50%	$	2.53
Class S Shares		1,000.00		1,005.30		0.60		3.03
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,022.69		0.50%	$	2.55
Class S Shares		1,000.00		1,022.18		0.60		3.06
Core Bond Fund
Actual Fund Return
I Shares	$	1,000.00	$	939.90		0.50%	$	2.44
Class S Shares		1,000.00		939.40		0.60		2.93
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,022.69		0.50%	$	2.55
Class S Shares		1,000.00		1,022.18		0.60		3.06
Long/Short Equity Fund
Actual Fund Return
I Shares	$	1,000.00	$	1,017.70		2.00%^†	$	10.17
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,015.12		2.00%^†	$	10.16



	Beginning Account Value 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios		Expenses Paid During Period *
Large Cap Value Fund
Actual Fund Return
I Shares	$	1,000.00	$	989.90		0.90%	$	4.51
Class S Shares		1,000.00		989.40		1.00		5.01
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,020.67		0.90%	$	4.58
Class S Shares		1,000.00		1,020.16		1.00		5.09
Large Cap Growth Fund
Actual Fund Return
I Shares	$	1,000.00	$	1,048.10		0.90%	$	4.65
Class S Shares		1,000.00		1,047.40		1.00		5.16
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,020.67		0.90%	$	4.58
Class S Shares		1,000.00		1,020.16		1.00		5.09
Small Cap Fund
Actual Fund Return
I Shares	$	1,000.00	$	978.80		0.93%	$	4.64
Class S Shares		1,000.00		978.20		1.03		5.14
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,020.52		0.93%	$	4.74
Class S Shares		1,000.00		1,020.01		1.03		5.24

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

(Unaudited)



	Beginning Account Value 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios		Expenses Paid During Period *
U.S. All Cap Index Fund
Actual Fund Return
I Shares	$	1,000.00	$	1,012.00		0.25%	$	1.27
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,023.95		0.25%	$	1.28
Real Estate Fund
Actual Fund Return
I Shares	$	1,000.00	$	864.90		1.00%	$	4.70
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,020.16		1.00%	$	5.09



	Beginning Account Value 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios		Expenses Paid During Period *
International Equity Fund
Actual Fund Return
I Shares	$	1,000.00	$	944.90		1.10%	$	5.39
Class S Shares		1,000.00		944.20		1.20		5.88
Hypothetical 5% Return
I Shares	$	1,000.00	$	1,019.66		1.10%	$	5.60
Class S Shares		1,000.00		1,019.16		1.20		6.11

* 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 the one-half year period shown).

† The annualized expense ratios include dividend expense incurred during the six-month period. Annualized dividend expense of average net assets totaled 0.50%. Had this expense not been included the ratio would have been 1.50%.

THE ADVISORS’ INNER CIRCLE FUND III

KNIGHTS OF COLUMBUS FUNDS

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have an October 31, 2023 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2023 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2023, the Funds are designating the following items with regard to distributions paid during the period.


	Return of Capital			Long Term Capital Gain Distribution			Ordinary Income Distributions			Total Distributions			Dividends Qualifying for Corporate Dividend Receivable Deduction⁽¹⁾			Qualifying Dividend Income⁽²⁾			U.S. Government Interest⁽³⁾			Qualified Interest Income⁽⁴⁾			Qualified Short Term Capital Gain⁽⁵⁾			Foreign Tax Credit⁽⁶⁾			Qualifying Business Income⁽⁷⁾

Limited Duration Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		63.79	%		92.32	%		0.00	%		0.00	%		0.00	%
Core Bond Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		40.94	%		71.32	%		0.00	%		0.00	%		0.00	%
Long/Short Equity Fund		0.00	%		24.24	%		75.76	%		100.00	%		13.75	%		17.14	%		0.00	%		27.02	%		100.00	%		0.00	%		0.00	%
Large Cap Value Fund		0.00	%		75.51	%		24.49	%		100.00	%		99.49	%		99.63	%		0.00	%		6.92	%		0.00	%		0.00	%		7.89	%
Large Cap Growth Fund		28.42	%		0.00	%		71.58	%		100.00	%		100.00	%		100.00	%		0.00	%		18.76	%		0.00	%		0.00	%		0.00	%
Small Cap Fund		0.00	%		59.68	%		40.32	%		100.00	%		100.00	%		100.00	%		0.00	%		10.79	%		0.00	%		0.00	%		0.00	%
U.S. All Cap Index Fund		0.00	%		3.68	%		96.32	%		100.00	%		76.82	%		80.04	%		0.00	%		7.54	%		0.00	%		0.00	%		4.95	%
Real Estate Fund		2.38	%		19.72	%		77.90	%		100.00	%		0.00	%		0.00	%		0.00	%		3.86	%		100.00	%		0.00	%		0.00	%
International Equity Fund		0.00	%		0.00	%		100.00	%		100.00	%		1.08	%		100.00	%		0.00	%		5.10	%		0.00	%		12.28	%		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 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 U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). 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 “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of ordinary income distributions that are exempt from U.S. withholding tax when paid for foreign investors.

(5)

The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

(6)

The percentage in this column represents the amount of “Qualifying Foreign Taxes” as a percentage of ordinary distributions during the fiscal year ended October 31, 2023. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2023. The total amount of foreign source income for the International Equity Fund is $3,151,768. The total amount of foreign tax paid for the International Equity Fund is $361,563. Your allocation share of the foreign tax credit will be reported on form 1099-DIV.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2023. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

100

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Knights of Columbus Funds

P.O. Box 219009

Kansas City, MO 64121

1-844-KC-FUNDS (1-844-523-8637)

Investment Adviser

Knights of Columbus Asset Advisors LLC

One Columbus Plaza

New Haven, CT 06510

Investments Subadvisers

L2 Asset Management, LLC

66 Glezen Lane,

Wayland, MA 01778

Ranger Global Real Estate Advisors, LLC

415 Madison Avenue, 14th Floor

New York, NY 10017

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

2222 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a

current prospectus for the Funds described.

KOC-AR-001-0900

(b)	Not applicable

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”) related to the Trust.

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

FYE October 31, 2023

FYE October 31, 2022

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⁾

$717,900

None

$682,615

None

(b)

Audit-

Related Fees

None

(c)

Tax

Fees

None

$807,756⁽²⁾

$88,500⁽⁴⁾

None

$126,709⁽²⁾

(d)

All

Other

Fees

None

$7,535⁽⁵⁾

None

$5,301

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

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

FYE October 31, 2023

FYE October 31, 2022

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⁾

$137,200

None

$131,900

None

(b)

Audit-Related Fees

None

(c)

Tax Fees

None

(d)

All Other Fees

None

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

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

FYE October 31, 2023

FYE October 31, 2022

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⁾

$30,624

None

$30,050

None

(b)

Audit-

Fees

None

(c)

Tax

Fees

None

(d)

All

Other

Fees

None

Fees billed by KPMG (“KPMG”) related to the Trust.

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

FYE October 31, 2023

FYE October 31, 2022

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⁾

$363,625

None

$322,500

None

(b)

Audit-

Fees

None

(c)

Tax

Fees

None

(d)

All

Other

Fees

None

$282,908⁽³⁾

None

$218,015⁽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.

(5)

Non-audit assurance engagements for service affiliates of the funds.

(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):


	FYE October 31, 2023	FYE October 31, 2022
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):


	FYE October 31, 2023	FYE October 31, 2022
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):


	FYE October 31, 2023	FYE October 31, 2023
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):


	FYE October 31, 2023	FYE October 31, 2022
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^stwere $815,291 and $132,010 for 2023 and 2022, 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^stwere $0 and $0 for 2023 and 2022, 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^stwere $0 and $0 for 2023 and 2022, 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^stwere $282,908 and $218,015 for 2023 and 2022, 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 Securities Exchange Act of 1934, (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.

Item 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 9, 2024

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 9, 2024

By (Signature and Title)		/s/ Andrew Metzger
		Andrew Metzger,
		Treasurer, Controller, and CFO
Date: January 9, 2024