LGIM America

N-CSR 1 d587503dncsr.htm LGIM AMERICA LGIM America

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.

The Advisors’ Inner Circle Fund III

LOGO

Commodity Strategy Fund

Long Duration U.S. Credit Fund

U.S. Credit Fund

Retirement Income 2040 Fund

Cash Flow Matched Bond Fund

Global Developed Equity Index Fund


Annual Report		October 31, 2023

Investment Advisor:

Legal and General Investment Management America


THE ADVISORS’ INNER CIRCLE FUND III		LGIM America
		October 31, 2023

TABLE OF CONTENTS



Shareholders’ Letter			1

Schedule of Investments/Consolidated Schedule of Investments			18

Consolidated Statement of Assets and Liabilities/Statements of Assets and Liabilities			112

Consolidated Statement of Operations/Statements of Operations			115

Consolidated Statements of Changes in Net Assets/Statements of Changes in Net Assets			118

Consolidated Financial Highlights/Financial Highlights			124

Notes to Consolidated Financial Statements/Notes to Financial Statements			130

Report of Independent Registered Public Accounting Firm			148

Disclosure of Fund Expenses			152

Trustees and Officers of the Advisors’ Inner Circle Fund III			154

Approval of Investment Advisory Agreement			162

Notice to Shareholders			167

The Funds file their complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. 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 Fund uses to determine how to vote proxies relating to fund securities, as well as information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-833-44-LGIMA; and (ii) on the Commission’s website at https://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Commodity Strategy Fund

October 31, 2023 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

The Legal & General Commodity Strategy Fund (the “Fund”) returned -3.8% between its launch on June 20, 2023, through October 31, 2023, in line with returns of the various underlying component benchmarks.

Broad commodities were roughly flat for the period, driven by strong performance in energy markets and weak returns elsewhere, primarily in agricultural commodities. The Fund’s overweight to gold was a benefit during the period with gold returns modestly positive. However, the rise in real yields experienced broadly in fixed income markets drove negative performance in the Fund’s underlying holdings of US Treasury Inflation Protected Securities (TIPS). The TIPS index was down 3.7% for the period, explaining the majority of the Fund’s absolute return and return relative to a commodity-only benchmark. All other relative performance was driven by transaction costs and tracking error related to post-notified flows within the Fund.

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

The Bloomberg Commodity Index is a financial benchmark designed to provide liquid and diversified exposure to commodities via futures contracts

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Commodity Strategy Fund

October 31, 2023 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the LGIM America Commodity Strategy Fund, Institutional Shares versus the 80/20 Bloomberg Roll Select Commodity Index/Bloomberg Gold Subindex and Bloomberg Commodity Index.



		AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2023

		Cumulative Inception to Date*

Institutional Shares		-3.88%

80/20 Bloomberg Roll Select Commodity Index/Bloomberg Gold Subindex		0.14%

Bloomberg Commodity Index		2.96%

LOGO

* The Fund commenced operations on June 20, 2023.

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

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

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

See definition of comparative index on previous page.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

The Legal & General Long Duration US Credit Fund returned -0.89% over the fiscal year, underperforming its benchmark, the Bloomberg US Long Credit Total Return Index, by 151 basis points.

With respect to attribution, our cautious view on investment grade was a primary driver of underperformance over Q3 amidst a mostly technically driven rally in credit spreads. The long credit index has seen record low supply and meaningfully higher all-in yields in a market of persistent long-end buyers (insurers, pensions) and yield sensitive buyers. The fund’s Treasury holdings remained near the high end of the historical range for most of the year, and this bearish expression on credit was the main catalyst for negative attribution during the quarter.

The 2023 headline has been surprising economic resilience and, thus far, an effective Fed. They’ve seemingly been able to bring inflation down without disrupting the job market while also dodging a widespread banking crisis.

As we entered 2023, it was unclear precisely how high the Fed would hike and the timing around a potential pause. Our bear case hinged on mounting evidence that the economy was headed for recession in 2023 and a recognition that the “Fed put” would not be invoked as readily as it has in the past. Given the late 4Q rally in credit, the positive valuation argument meaningfully weakened, catapulting our recession and “restrictive for longer” Fed calls as the clear-cut dominant investment themes. Our general characterization of equity markets fell in the “uncertain” camp as well, leading to an overall bearish risk asset tilt given competing global dynamics, valuations and earnings outlooks.

The first quarter invoked some doubt in the soft-landing narrative as the regional banking crisis emerged in early March. However, policymakers appeared to have succeeded in putting an end to deposit runs and bank failures by acting swiftly to provide liquidity. The risk remained that the bank crisis could smolder for months without any spectacular failures, yet gradually create grave implications for the economy and risk assets. Ultimately, the panic passed and ebullience from the emergence of artificial intelligence (AI) won out – interest rates fell 30-40 basis point across the board, credit spreads only widened a few basis points, and the S&P 500 / Nasdaq total returns (TR) came in at 7.5% and 17%, respectively.

The second quarter told a similar story of resilience, as corporate America took center stage of the soft-landing debate. There was a growing hope the AI boom could unleash a productivity miracle turbocharging US growth for the next decade. Equity markets were up sizably since the beginning of the year, but the breadth of the rally was narrow, with only ten AI-exposed companies accounting for almost all the gains. The performance of the S&P 500 Equal Weight Index and corporate credit spreads reflected greater investor caution - nonetheless, it was truly remarkable how well many companies continued to perform fundamentally, despite increasingly tight monetary policy. But how long could that last? Inflation is unlikely to decline rapidly until the labor market significantly loosens, but layoffs are unlikely to accelerate significantly until inflation declines quickly, causing a more acute squeeze on margins. Needless to say, the first half of 2023 gave the impression the economy was on the pathway to a soft landing, with a recession being avoidable. The ability of companies to

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023 (Unaudited)

successfully manage disinflation appeared to be responsible for the economy’s surprising resilience. As a result, the quarter closed with the rates curve meaningfully bear-steepening (2-year rose 87 basis points), spreads tightening 10-15 basis points and the S&P 500 / Nasdaq TR returning 8.7% and 13%, respectively.

Entering the third quarter, soft data (deeply inverted yield curve, survey data) did not align with the hard data (economic fundamentals) leading investors to question the reliability of their signals. Investors appeared fatigued by the recession narrative and more willing to position for spreads to grind tighter and equities to move higher over the summer months. However, this backdrop produced the worst quarter of performance of the year. On the surface, the US macroeconomic landscape was as supportive as one could hope for, with economic growth surpassing projections and inflation remaining lower than anticipated. The primary driver was the rise in long-end Treasury yields where investors showcased a growing belief that the economic repercussions of tighter monetary policy are gradually fading. The economy was adapting to higher interest rates, and real-time indicators suggested annualized growth of more than 4%. However, as yields rose, much of this year’s easing in broad financial conditions was being undone, risking another round of shorter lag impacts to growth. Further, the “wall of worry” narratives strengthened, as some investors considered refinancing risks over the next 12-18 months. For reference, more than $1.6 trillion in US corporate debt (roughly 7% of GDP) is set to mature by the end of 2025 and multiple commercial real estate issues yet to be resolved. As the rates market fully embraced a soft or no landing scenario, paradoxically, the likelihood of a hard landing could have been increasing. On the quarter, 30-year rates rose 84 basis points, credit spreads tightened, and the S&P 500 / Nasdaq total returns fell 3.3% and 3.9%, respectively.

In October, both bonds and stocks fell as bond yields rose sharply, driven by buoyant economic data and concerns around the sustainability of government finances. Interest rate concerns overwhelmed risk assets, pushing down the S&P 500 Total Return (TR) index, the NASDAQ TR, and the Russell 2000 TR. Investment grade credit spreads widened, but remained resilient in the face of tightening credit conditions.

In November, US financial conditions saw the largest easing in any single month in the past four decades, equivalent to almost four Fed cuts. Investors bet on low recession risk for the U.S. as inflation cooled and employment remained buoyant. This led to the tightest investment grade credit spreads of the year and the highest one-month gain since December of 2008. General ebullience was experienced across asset classes.

The growth and the soft-landing narrative are likely to be put to the test, and our defensive positioning reflects the Fed’s timing challenge risk. While there have been upside surprises this year, our economists highlight that surprise fiscal stimulus – not robust consumer health - accounts for most of the US growth this year.

Source: LGIM America and Bloomberg.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023 (Unaudited)

Definition of the Comparative Index

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

Comparison of Change in the Value of a $100,000,000 Investment in the LGIM America Long Duration U.S. Credit Fund, W Class Shares versus the Bloomberg U.S. Long Credit Index.


	AVERAGE ANNUAL TOTAL RETURNS FOR FOR THE YEAR ENDED OCTOBER 31, 2023

	One Year	Annualized Inception to Date*

W Class Shares	-0.89%^†	-12.28%

Bloomberg US Long Credit Index	0.62%	-11.94%

LOGO

† Total returns disclosed in the Financial Highlights of the Annual Report may reflect adjustments to conform to generally accepted accounting principles.

* The Fund commenced operations on May 27, 2021.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023 (Unaudited)

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.

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

See definition of comparative index on previous page.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

The Legal & General US Credit Fund returned 2.52% over the fiscal year, underperforming its benchmark, the Bloomberg US Credit Total Return Index, by 17 basis points.

Despite a meaningful defensive Treasury position, security selection and asset allocation drove outperformance. Alpha primarily came from our underweight to supranationals / tobacco at the asset allocation level while strategic positions in names such as Intel, Pfizer and Meta also contributed to outperformance.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023 (Unaudited)

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023 (Unaudited)

Comparison of Change in the Value of a $1,000,000 Investment in the LGIM America U.S. Credit Fund, Institutional Shares versus the Bloomberg U.S. Long Credit Index.


	AVERAGE ANNUAL TOTAL RETURNS FOR THE YEAR ENDED OCTOBER 31, 2023
	One Year	Annualized Inception to Date*
Institutional Shares	2.52%	-9.34%
Bloomberg US Long Credit Index	2.69%	-9.28%

LOGO

* The Fund commenced operations on December 20, 2021.

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

See definition of comparative index on previous page.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Retirement Income 2040 Fund

October 31, 2023 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

The Legal & General Retirement Income 2040 Fund (the “Fund”) returned +4.84% over the fiscal year, which was generally in-line with the annual returns of the various underlying component benchmarks.

For reference, global equities were up 11% and broad market investment grade fixed income was up about 2.7%. The relative performance of the Fund due to its underlying holdings was approximately flat with mixed performance of the various underlying funds versus their respective benchmarks. Outperformance in the Legal & General Developed Equity Index Fund was driven by favorable tax treatment and fair value effects (the latter reverts over time), and this was offset by underperformance in the Legal & General Long Duration US Credit Fund, Legal & General US Credit Fund and Legal & General Cash Flow Matched Bond Fund being positioned conservatively versus the market. The remainder of the Fund’s relative performance is explained by the timing and treatment of fund accounting throughout the period.

Source: LGIM America and Bloomberg.

Definition of the Comparative Indices

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

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

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

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Retirement Income 2040 Fund

October 31, 2023 (Unaudited)

Comparison of Change in the Value of a $100,000,000 Investment in the LGIM America Retirement Income 2040 Fund, W Class Shares versus the MSCI World Index, Bloomberg 1-5 Year Corporate Index, Bloomberg Long Duration US Credit Index and Bloomberg US Credit Index.


	AVERAGE ANNUAL TOTAL RETURNS FOR THE YEAR ENDED OCTOBER 31, 2023
	One Year	Annualized Inception to Date*
W Class Shares	4.84%	-10.32%
MSCI World Index	11.05%	-5.23%
Bloomberg 1-5 Year Corporate Index	4.22%	-2.02%
Bloomberg Long Duration US Credit Index	0.62%	-17.61%
Bloomberg US Credit Index	2.69%	-9.36%

LOGO

* The Fund commenced operations on December 22, 2021.

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

LGIM America

Retirement Income 2040 Fund

October 31, 2023 (Unaudited)

See definition of comparative index on previous page.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

The Legal & General Cash Flow Matched Bond Fund returned 3.25% over the fiscal year, underperforming its benchmark, the Bloomberg 1-5 Year Corporate Index, by 97 basis points.

With respect to attribution, the outperformance from our overweight to life insurers and REITs was diluted by our defensive treasury position and an overweight to supranationals and underweight to Banking and Finance Companies. Security selection ultimately was a negative contributor to returns as alpha from names such as Canadian Pacific and Wells Fargo was offset by our overweight positioning in treasuries and select defense / communications companies.

The second quarter told a similar story of resilience, as corporate America took center stage of the soft-landing debate. There was a growing hope the AI boom could unleash a productivity miracle turbocharging US growth for the next decade. Equity markets were up sizably since the beginning of the year, but the breadth of the rally was narrow, with only ten AI-exposed companies accounting for almost all the gains. The performance of the S&P 500 Equal Weight Index and corporate credit spreads reflected greater investor caution -nonetheless, it was truly remarkable how well many companies continued to perform fundamentally, despite increasingly tight monetary policy. But how long could that last? Inflation is unlikely to decline rapidly until the labor market significantly loosens, but layoffs are unlikely to accelerate significantly until inflation declines quickly, causing a more acute squeeze on margins. Needless to say, the first half of 2023 gave the impression the economy was on the pathway to a soft landing, with a recession being avoidable. The ability of companies to successfully manage disinflation appeared to be responsible for the economy’s surprising resilience. As a result, the quarter closed with the rates curve meaningfully bear-steepening

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023 (Unaudited)

(2-year rose 87 basis points), spreads tightening 10-15 basis points and the S&P 500 / Nasdaq TR returning 8.7% and 13%, respectively.

Source: LGIM America and Bloomberg.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023 (Unaudited)

Definition of the Comparative Index

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

Comparison of Change in the Value of a $1,000,000 Investment in the LGIM America Cash Flow Matched Bond Fund, Institutional Shares versus the Bloomberg 1-5 Year Credit Index.


	AVERAGE ANNUAL TOTAL RETURNS FOR THE YEAR ENDED OCTOBER 31, 2023
	One Year	Annualized Inception to Date*
Institutional Shares	3.25	-1.91%
Bloomberg 1-5 Year Credit Index	4.22	-2.04%

LOGO

* The Fund commenced operations on December 20, 2021.

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

See definition of comparative index on previous page.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

The Legal & General Global Developed Equity Index Fund, which seeks to provide investment results that track the performance of the MSCI World Index (the “Index”), returned 11.05% over the fiscal year, in-line with the Index.

The strongest country performers were Denmark (41.67%), Italy (37.97%) and Austria (27.65%). The weakest country performers included Israel (-17.44%), Finland (-5.48%) and Canada (-0.41%). Overall, growth stocks within the Index outperformed value stocks over the fiscal year. The highest performing sectors for the period included Information Technology (30.24%), Communication Services (28.19%) and Consumer Discretionary (12.53%) while Real Estate (-4.5%), Health Care (-1.45%) and Utilities (-0.47%) were the worst performing sectors. The US dollar experienced weak performance as it returned -4.36% versus a basket of currencies as measured by the DXY (US dollar) index for the period. The price of oil, as measured by the West Texas Intermediate spot price, fell for the period, down -6.37%.

Source: LGIM America and Bloomberg.

Definition of the Comparative Index

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023 (Unaudited)

Comparison of Change in the Value of a $1,000,000 Investment in the LGIM America Global Developed Equity Index Fund, Institutional Shares versus the MSCI World Index.


	AVERAGE ANNUAL TOTAL RETURNS FOR THE YEAR ENDED OCTOBER 31, 2023
	One Year	Annualized Inception to Date*
Institutional Shares	11.05%	-3.98%
MSCI World Index	11.05%	-3.85%

LOGO

* The Fund commenced operations on December 20, 2021.

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

See definition of comparative index on previous page.

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Commodity Strategy Fund

October 31, 2023

SECTOR WEIGHTING† (Unaudited)

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS U.S. TREASURY OBLIGATIONS — 98.6%

	Face Amount		Value
United States Treasury Inflation Indexed Bonds
3.875%, 04/15/2029 *	$	610,715	$	651,294
3.625%, 04/15/2028		525,821		548,730
3.375%, 04/15/2032		217,945		230,882
2.500%, 01/15/2029 *		474,770		474,144
2.375%, 01/15/2025 *		876,300		865,198
2.375%, 01/15/2027 *		546,563		540,953
2.375%, 10/15/2028 *		727,735		725,385
2.125%, 02/15/2040		278,418		260,111
2.125%, 02/15/2041 *		423,404		394,554
2.000%, 01/15/2026		564,622		553,271
1.750%, 01/15/2028		514,405		497,184
1.625%, 10/15/2027 *		1,368,114		1,322,328
1.500%, 02/15/2053 *		579,440		453,650
1.375%, 07/15/2033		1,062,477		961,095
1.375%, 02/15/2044		725,871		578,279
1.250%, 04/15/2028 *		1,350,115		1,276,294
1.125%, 01/15/2033 *		1,598,647		1,416,176
1.000%, 02/15/2046		412,055		297,001
1.000%, 02/15/2048 *		366,045		257,840
1.000%, 02/15/2049		342,854		239,767
0.875%, 01/15/2029 *		925,323		851,966
0.875%, 02/15/2047		503,672		348,183
0.750%, 07/15/2028		1,078,801		997,964
0.750%, 02/15/2042 *		672,586		485,768
0.750%, 02/15/2045 *		799,242		550,720
0.625%, 01/15/2026 *		1,186,185		1,128,358
0.625%, 07/15/2032 *		1,638,957		1,403,053
0.625%, 02/15/2043 *		527,487		364,728

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Commodity Strategy Fund

October 31, 2023



SCHEDULE OF INVESTMENTS U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
0.500%, 01/15/2028 *	$	1,239,721	$	1,137,650
0.375%, 07/15/2025 *		1,408,612		1,349,241
0.375%, 01/15/2027		1,100,703		1,022,719
0.375%, 07/15/2027		1,213,701		1,122,425
0.250%, 01/15/2025		1,284,604		1,236,782
0.250%, 07/15/2029		1,093,464		967,705
0.250%, 02/15/2050 *		519,255		287,943
0.125%, 04/15/2025		1,026,985		980,517
0.125%, 10/15/2025 *		1,249,544		1,185,505
0.125%, 04/15/2026 *		964,690		902,126
0.125%, 07/15/2026		1,182,243		1,105,524
0.125%, 10/15/2026 *		1,334,813		1,241,046
0.125%, 04/15/2027 *		1,363,612		1,248,944
0.125%, 01/15/2030 *		1,235,107		1,066,293
0.125%, 07/15/2030		1,367,534		1,171,498
0.125%, 01/15/2031 *		1,415,316		1,193,813
0.125%, 07/15/2031 *		1,446,804		1,210,851
0.125%, 01/15/2032 *		1,579,423		1,301,914
0.125%, 02/15/2051 *		522,417		273,371
0.125%, 02/15/2052		605,503		313,017

TOTAL U.S. TREASURY OBLIGATIONS (Cost $41,267,931)				38,993,760



EXCHANGE TRADED FUND — 1.4%

	Shares
iShares TIPS Bond ETF		5,435		558,718


TOTAL EXCHANGE TRADED FUND (Cost $570,506)				558,718


TOTAL INVESTMENTS— 100.0% (Cost $41,838,437)			$	39,552,478

Percentages are based on Net Assets of $39,555,627.

*	Security, or a portion thereof, is held by the Legal & General Commodity Strategy Fund Offshore Ltd. CFC as of October 31, 2023.

ETF – Exchange Traded Fund

TIPS – Treasury Inflation Protected Securities

USD – US Dollar

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Commodity Strategy Fund

October 31, 2023

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

Fair Value

Upfront
Payments/
Receipts

Net Unrealized

Appreciation

(Depreciation)

Bank of America

BCOMGC

0.065%

BCOMGC

Monthly

11/30/2023

USD

$7,937,000

–

Bank of America

BCOMRS

0.11%

BCOMRS

Monthly

11/30/2023

USD

31,749,000

(1)

–

(1)

–

(1)

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


Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	–	$	38,993,760	$	–	$	38,993,760
Exchange Traded Fund		558,718		–		–		558,718

Total Investments in Securities	$	558,718	$	38,993,760	$	–	$	39,552,478


Other Financial Instruments	Level 1		Level 2		Level 3		Total
OTC Swaps
Total Return Swaps*
Unrealized Depreciation		–		(1)		–		(1)

Total Other Financial Instruments	$	–	$	(1)	$	–	$	(1)

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

Amounts designated as “—” are either $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

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SECTOR WEIGHTING † (Unaudited)

LOGO

† Percentages are based on total investments.


SCHEDULE OF INVESTMENTS CORPORATE OBLIGATIONS — 84.9%

	Face Amount		Value
COMMUNICATION SERVICES — 11.2%
Alphabet
1.900%, 08/15/2040	$	80,000	$	47,797
America Movil
6.125%, 03/30/2040		100,000		94,818
AT&T
4.500%, 05/15/2035		265,000		220,723
3.800%, 12/01/2057		5,000		3,009
3.650%, 06/01/2051		55,000		33,779
3.650%, 09/15/2059		225,000		130,095
3.550%, 09/15/2055		765,000		445,179
3.500%, 06/01/2041		15,000		10,025
Charter Communications Operating
4.800%, 03/01/2050		315,000		207,596
3.900%, 06/01/2052		5,000		2,832
3.500%, 06/01/2041		235,000		141,557

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
COMMUNICATION SERVICES (continued)
Comcast
2.987%, 11/01/2063	$	30,000	$	15,418
2.937%, 11/01/2056		468,000		247,863
2.887%, 11/01/2051		285,000		157,190
Meta Platforms
5.750%, 05/15/2063		20,000		17,949
5.600%, 05/15/2053		355,000		320,903
4.450%, 08/15/2052		97,000		73,361
NBCUniversal Media
4.450%, 01/15/2043		235,000		182,369
Paramount Global
5.850%, 09/01/2043		300,000		216,799
4.375%, 03/15/2043		50,000		29,950
Time Warner Cable
5.875%, 11/15/2040		230,000		181,451
4.500%, 09/15/2042		105,000		68,973
T-Mobile USA
6.000%, 06/15/2054		45,000		40,735
5.800%, 09/15/2062		35,000		30,125
3.000%, 02/15/2041		135,000		85,153
Verizon Communications
3.550%, 03/22/2051		315,000		197,891
3.400%, 03/22/2041		270,000		181,950
2.987%, 10/30/2056		270,000		141,918
Vodafone Group
5.625%, 02/10/2053		45,000		37,822
4.250%, 09/17/2050		80,000		54,521
Walt Disney
4.625%, 03/23/2040		35,000		29,411
3.600%, 01/13/2051		105,000		69,373
3.500%, 05/13/2040		185,000		132,953
2.750%, 09/01/2049		150,000		83,876
Warnermedia Holdings
5.391%, 03/15/2062		35,000		24,514
5.141%, 03/15/2052		315,000		222,985
5.050%, 03/15/2042		260,000		192,278

				4,375,141

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
CONSUMER DISCRETIONARY — 3.6%
Amazon.com
3.950%, 04/13/2052	$	185,000	$	135,389
3.100%, 05/12/2051		185,000		114,857
2.875%, 05/12/2041		105,000		70,446
General Motors
5.150%, 04/01/2038		105,000		84,450
Home Depot
4.950%, 09/15/2052		60,000		50,489
3.900%, 06/15/2047		5,000		3,580
3.625%, 04/15/2052		173,000		115,300
3.350%, 04/15/2050		130,000		82,728
3.300%, 04/15/2040		185,000		130,832
3.125%, 12/15/2049		125,000		76,051
2.375%, 03/15/2051		20,000		10,204
Lowe’s
5.625%, 04/15/2053		275,000		237,329
4.450%, 04/01/2062		55,000		37,552
4.250%, 04/01/2052		30,000		20,773
Target
2.950%, 01/15/2052		30,000		17,271
University of Southern California
3.028%, 10/01/2039		315,000		228,007

				1,415,258

CONSUMER STAPLES — 6.8%
7-Eleven
2.800%, 02/10/2051 (A)		35,000		18,477
2.500%, 02/10/2041 (A)		100,000		58,159
Anheuser-Busch
4.900%, 02/01/2046		580,000		482,435
4.700%, 02/01/2036		450,000		395,801
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		290,000		262,984
BAT Capital
4.758%, 09/06/2049		55,000		36,467
4.540%, 08/15/2047		150,000		96,887
4.390%, 08/15/2037		300,000		217,946
3.734%, 09/25/2040		25,000		15,832

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
CONSUMER STAPLES (continued)
Constellation Brands
4.100%, 02/15/2048	$	100,000	$	70,623
JBS USA LUX
7.250%, 11/15/2053 (A)		100,000		88,828
6.500%, 12/01/2052		230,000		187,296
4.375%, 02/02/2052		100,000		60,665
Kenvue
5.100%, 03/22/2043		55,000		48,621
5.050%, 03/22/2053		88,000		75,597
Kraft Heinz Foods
5.500%, 06/01/2050		30,000		25,760
5.200%, 07/15/2045		110,000		90,873
4.875%, 10/01/2049		47,000		36,784
4.375%, 06/01/2046		20,000		14,620
Nestle Holdings
4.000%, 09/24/2048 (A)		35,000		26,390
3.900%, 09/24/2038 (A)		60,000		48,329
PepsiCo
2.625%, 10/21/2041		9,000		5,753
Philip Morris International
4.125%, 03/04/2043		80,000		57,320
Walmart
4.500%, 04/15/2053		115,000		93,231
2.650%, 09/22/2051		5,000		2,870
2.500%, 09/22/2041		154,000		97,294

				2,615,842

ENERGY — 8.6%
Apache
5.350%, 07/01/2049		55,000		39,956
BP Capital Markets America
3.379%, 02/08/2061		31,000		18,487
3.060%, 06/17/2041		95,000		62,971
3.001%, 03/17/2052		105,000		61,090
3.000%, 02/24/2050		5,000		2,953
2.939%, 06/04/2051		140,000		80,724
Columbia Pipeline Group
5.800%, 06/01/2045		60,000		50,828

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
ENERGY (continued)
Columbia Pipelines Operating
6.497%, 08/15/2043 (A)	$	20,000	$	18,624
ConocoPhillips
5.700%, 09/15/2063		45,000		40,575
5.550%, 03/15/2054		60,000		53,719
3.800%, 03/15/2052		80,000		54,531
Energy Transfer
5.400%, 10/01/2047		130,000		102,386
5.350%, 05/15/2045		5,000		3,928
5.150%, 02/01/2043		35,000		26,966
5.150%, 03/15/2045		445,000		344,839
4.900%, 03/15/2035		100,000		84,718
Enterprise Products Operating
6.450%, 09/01/2040		15,000		14,929
5.100%, 02/15/2045		5,000		4,254
4.950%, 10/15/2054		100,000		80,843
4.900%, 05/15/2046		20,000		16,463
4.450%, 02/15/2043		20,000		15,769
4.250%, 02/15/2048		130,000		97,432
4.200%, 01/31/2050		5,000		3,665
3.300%, 02/15/2053		10,000		6,126
3.200%, 02/15/2052		110,000		66,527
Exxon Mobil
4.327%, 03/19/2050		5,000		3,879
4.227%, 03/19/2040		150,000		121,969
3.452%, 04/15/2051		95,000		62,423
3.095%, 08/16/2049		35,000		21,718
Hess
6.000%, 01/15/2040		5,000		4,821
5.800%, 04/01/2047		130,000		122,718
Kinder Morgan
5.550%, 06/01/2045		125,000		102,878
5.450%, 08/01/2052		55,000		44,421
5.200%, 03/01/2048		100,000		77,782
5.050%, 02/15/2046		55,000		41,979
3.600%, 02/15/2051		35,000		21,083
3.250%, 08/01/2050		55,000		31,121

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
ENERGY (continued)
Kinder Morgan Energy Partners
6.375%, 03/01/2041	$	45,000	$	40,914
5.400%, 09/01/2044		20,000		16,104
Marathon Petroleum
4.750%, 09/15/2044		50,000		37,875
MPLX
4.950%, 03/14/2052		50,000		37,097
4.500%, 04/15/2038		165,000		128,720
Occidental Petroleum
7.950%, 06/15/2039		5,000		5,341
6.600%, 03/15/2046		10,000		9,610
6.200%, 03/15/2040		40,000		37,186
4.400%, 04/15/2046		10,000		7,171
Phillips
66 4.900%, 10/01/2046		50,000		39,268
3.300%, 03/15/2052		80,000		47,128
Sabal Trail Transmission
4.832%, 05/01/2048 (A)		30,000		22,629
4.682%, 05/01/2038 (A)		55,000		45,900
Shell International Finance BV
4.125%, 05/11/2035		130,000		110,948
3.750%, 09/12/2046		130,000		90,966
3.000%, 11/26/2051		20,000		11,784
Southern Natural Gas
4.800%, 03/15/2047 (A)		50,000		36,367
Suncor Energy
3.750%, 03/04/2051		45,000		28,567
Texas Eastern Transmission
4.150%, 01/15/2048 (A)		85,000		58,766
TotalEnergies Capital International
3.127%, 05/29/2050		235,000		143,706
2.986%, 06/29/2041		95,000		62,712
TransCanada PipeLines
4.750%, 05/15/2038		55,000		43,772
Williams
6.300%, 04/15/2040		135,000		127,344
5.750%, 06/24/2044		150,000		130,702

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
ENERGY (continued)
3.500%, 10/15/2051	$	15,000	$	9,086

				3,339,758

FINANCIALS — 10.4%
American International Group
4.375%, 06/30/2050		65,000		47,541
Arthur J Gallagher
6.750%, 02/15/2054		105,000		103,126
5.750%, 03/02/2053		55,000		47,775
Banco Santander
6.938%, 11/07/2033		140,000		140,330
Bank of America
6.000%, 10/15/2036		95,000		91,458
5.872%, SOFRRATE + 1.840%, 09/15/2034 (B)		115,000		108,337
3.311%, SOFRRATE + 1.580%, 04/22/2042 (B)		295,000		195,703
2.572%, SOFRRATE + 1.210%, 10/20/2032 (B)		80,000		59,967
Bank of America MTN
2.972%, SOFRRATE + 1.330%, 02/04/2033 (B)		50,000		38,302
2.676%, SOFRRATE + 1.930%, 06/19/2041 (B)		370,000		225,329
BAT Capital
7.081%, 08/02/2053		60,000		53,503
7.079%, 08/02/2043		55,000		50,075
Berkshire Hathaway Finance
4.200%, 08/15/2048		75,000		57,433
2.850%, 10/15/2050		30,000		17,200
Blackstone Holdings Finance
2.000%, 01/30/2032 (A)		5,000		3,529
Citigroup
3.878%, TSFR3M + 1.430%, 01/24/2039 (B)		105,000		78,819
2.904%, SOFRRATE + 1.379%, 11/03/2042 (B)		80,000		49,044
Commonwealth Bank of Australia MTN
3.743%, 09/12/2039 (A)		50,000		33,667
Corebridge Financial
4.400%, 04/05/2052		100,000		69,056
4.350%, 04/05/2042		20,000		14,485
Goldman Sachs Group
5.150%, 05/22/2045		35,000		28,399
4.017%, TSFR3M + 1.635%, 10/31/2038 (B)		270,000		204,461
3.436%, SOFRRATE + 1.632%, 02/24/2043 (B)		105,000		69,295

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
FINANCIALS (continued)
3.102%, SOFRRATE + 1.410%, 02/24/2033 (B)	$	5,000	$	3,885
Goldman Sachs Group MTN
4.800%, 07/08/2044		125,000		99,011
JPMorgan Chase
6.254%, SOFRRATE + 1.810%, 10/23/2034 (B)		65,000		64,105
3.328%, SOFRRATE + 1.580%, 04/22/2052 (B)		135,000		82,791
3.109%, TSFR3M + 2.460%, 04/22/2041 (B)		285,000		189,242
Marsh & McLennan
5.700%, 09/15/2053		25,000		22,955
4.900%, 03/15/2049		15,000		12,325
4.350%, 01/30/2047		25,000		19,000
MetLife
5.875%, 02/06/2041		85,000		79,450
5.250%, 01/15/2054		195,000		163,085
5.000%, 07/15/2052		15,000		12,106
4.721%, 12/15/2044		100,000		78,377
Morgan Stanley
5.948%, H15T5Y + 2.430%, 01/19/2038 (B)		25,000		22,747
4.375%, 01/22/2047		5,000		3,732
Nasdaq
6.100%, 06/28/2063		35,000		30,957
5.950%, 08/15/2053		5,000		4,463
PNC Financial Services Group
6.875%, SOFRRATE + 2.284%, 10/20/2034 (B)		75,000		74,955
Prudential Financial
3.935%, 12/07/2049		50,000		33,878
S&P Global
3.700%, 03/01/2052		5,000		3,379
Travelers
5.450%, 05/25/2053		85,000		76,231
Truist Financial MTN
5.867%, SOFRRATE + 2.361%, 06/08/2034 (B)		100,000		91,008
5.122%, SOFRRATE + 1.852%, 01/26/2034 (B)		40,000		34,357
UBS
4.500%, 06/26/2048		25,000		20,356
UBS Group
4.988%, H15T1Y + 2.400%, 08/05/2033 (A),(B)		70,000		60,467

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
FINANCIALS (continued)
US Bancorp
5.836%, SOFRRATE + 2.260%, 06/12/2034 (B)	$	40,000	$	36,890
4.839%, SOFRRATE + 1.600%, 02/01/2034 (B)		15,000		12,819
2.491%, H15T5Y + 0.950%, 11/03/2036 (B)		135,000		92,362
Wells Fargo
6.491%, SOFRRATE + 2.060%, 10/23/2034 (B)		95,000		93,360
Wells Fargo MTN
5.557%, SOFRRATE + 1.990%, 07/25/2034 (B)		240,000		219,829
4.900%, 11/17/2045		50,000		38,059
4.611%, SOFRRATE + 2.130%, 04/25/2053 (B)		235,000		173,148
4.400%, 06/14/2046		345,000		241,040
3.350%, SOFRRATE + 1.500%, 03/02/2033 (B)		50,000		39,371
Westpac Banking
5.405%, H15T1Y + 2.680%, 08/10/2033 (B)		30,000		26,428
3.133%, 11/18/2041		50,000		29,205
3.020%, H15T5Y + 1.530%, 11/18/2036 (B)		45,000		32,504

				4,104,711

HEALTH CARE — 12.9%
Abbott Laboratories
4.900%, 11/30/2046		80,000		68,938
AbbVie
4.700%, 05/14/2045		50,000		40,571
4.500%, 05/14/2035		120,000		104,862
4.450%, 05/14/2046		15,000		11,674
4.250%, 11/21/2049		451,000		338,216
4.050%, 11/21/2039		448,000		349,567
Amgen
5.750%, 03/02/2063		10,000		8,656
5.650%, 03/02/2053		15,000		13,187
5.600%, 03/02/2043		105,000		93,601
4.400%, 05/01/2045		30,000		22,518
3.150%, 02/21/2040		120,000		80,244
Baxter International
3.132%, 12/01/2051		35,000		19,258
BayCare Health System
3.831%, 11/15/2050		15,000		10,497

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
HEALTH CARE (continued)
Baylor Scott & White Holdings
2.839%, 11/15/2050	$	50,000	$	28,544
Boston Scientific
4.700%, 03/01/2049		5,000		3,981
4.550%, 03/01/2039		38,000		31,360
Bristol-Myers Squibb
6.400%, 11/15/2063		90,000		89,451
6.250%, 11/15/2053		90,000		89,071
3.550%, 03/15/2042		80,000		56,652
2.550%, 11/13/2050		93,000		49,539
2.350%, 11/13/2040		35,000		21,016
CVS Health
6.000%, 06/01/2063		105,000		90,809
5.875%, 06/01/2053		49,000		42,874
5.625%, 02/21/2053		25,000		21,179
5.125%, 07/20/2045		109,000		86,944
5.050%, 03/25/2048		151,000		118,880
4.780%, 03/25/2038		130,000		107,444
2.700%, 08/21/2040		185,000		111,868
Danaher
2.800%, 12/10/2051		138,000		77,580
2.600%, 10/01/2050		20,000		10,980
DH Europe Finance II Sarl
3.400%, 11/15/2049		30,000		19,571
3.250%, 11/15/2039		100,000		71,362
Elevance Health
5.125%, 02/15/2053		115,000		95,403
3.600%, 03/15/2051		80,000		51,299
Eli Lilly
4.950%, 02/27/2063		110,000		93,509
4.875%, 02/27/2053		107,000		92,619
4.150%, 03/15/2059		15,000		11,155
GE HealthCare Technologies
6.377%, 11/22/2052		35,000		33,931
Gilead Sciences
5.550%, 10/15/2053		45,000		40,656
4.750%, 03/01/2046		5,000		4,034
4.600%, 09/01/2035		95,000		83,402

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
HEALTH CARE (continued)
4.500%, 02/01/2045	$	30,000	$	23,454
4.150%, 03/01/2047		15,000		11,051
2.800%, 10/01/2050		150,000		84,551
HCA
5.125%, 06/15/2039		35,000		28,764
4.375%, 03/15/2042		20,000		14,403
Kaiser Foundation Hospitals
4.150%, 05/01/2047		55,000		41,406
3.266%, 11/01/2049		50,000		31,194
3.002%, 06/01/2051		130,000		76,110
2.810%, 06/01/2041		100,000		64,146
Merck
5.150%, 05/17/2063		55,000		46,849
5.000%, 05/17/2053		100,000		85,412
4.900%, 05/17/2044		140,000		121,105
2.350%, 06/24/2040		5,000		3,102
New York and Presbyterian Hospital
2.606%, 08/01/2060		15,000		7,213
2.256%, 08/01/2040		15,000		8,901
Northwell Healthcare
4.260%, 11/01/2047		30,000		21,500
Novartis Capital
4.400%, 05/06/2044		30,000		24,486
Pfizer
2.550%, 05/28/2040		130,000		82,505
Pfizer Investment Enterprises Pte
5.340%, 05/19/2063		304,000		260,428
5.300%, 05/19/2053		126,000		110,232
5.110%, 05/19/2043		280,000		245,760
Roche Holdings
2.607%, 12/13/2051 (A)		186,000		102,987
Sutter Health
3.361%, 08/15/2050		35,000		21,686
Thermo Fisher Scientific
2.800%, 10/15/2041		95,000		60,431
UnitedHealth Group
6.050%, 02/15/2063		80,000		76,301
5.950%, 02/15/2041		5,000		4,804

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
HEALTH CARE (continued)
5.875%, 02/15/2053	$	125,000	$	118,232
5.800%, 03/15/2036		10,000		9,837
5.050%, 04/15/2053		10,000		8,409
4.950%, 05/15/2062		20,000		16,116
4.750%, 05/15/2052		110,000		87,938
4.625%, 07/15/2035		5,000		4,443
3.250%, 05/15/2051		173,000		106,312
3.050%, 05/15/2041		275,000		183,335

				4,990,305

INDUSTRIALS — 7.4%
AerCap Ireland Capital DAC
3.850%, 10/29/2041		150,000		100,682
3.300%, 01/30/2032		255,000		197,750
Boeing
5.930%, 05/01/2060		35,000		29,443
5.805%, 05/01/2050		435,000		374,848
5.705%, 05/01/2040		570,000		503,890
Burlington Northern Santa Fe
4.150%, 04/01/2045		300,000		224,349
2.875%, 06/15/2052		95,000		54,019
Canadian Pacific Railway
6.125%, 09/15/2115		80,000		71,920
3.100%, 12/02/2051		115,000		67,494
3.000%, 12/02/2041		20,000		16,037
Carrier Global
3.577%, 04/05/2050		80,000		50,249
3.377%, 04/05/2040		95,000		63,989
Caterpillar
4.750%, 05/15/2064		95,000		76,125
General Dynamics
2.850%, 06/01/2041		30,000		19,697
Lockheed Martin
5.700%, 11/15/2054		60,000		56,182
5.200%, 02/15/2055		35,000		30,531
4.500%, 05/15/2036		100,000		87,568
Norfolk Southern
4.550%, 06/01/2053		10,000		7,545

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
INDUSTRIALS (continued)
Northrop Grumman
5.150%, 05/01/2040	$	20,000	$	17,479
4.950%, 03/15/2053		25,000		20,707
4.030%, 10/15/2047		270,000		196,211
RTX
4.500%, 06/01/2042		430,000		333,871
3.030%, 03/15/2052		15,000		8,374
Union Pacific
3.799%, 10/01/2051		170,000		117,327
3.500%, 02/14/2053		35,000		22,639
3.375%, 02/14/2042		20,000		13,934
2.973%, 09/16/2062		150,000		79,048
Union Pacific MTN
3.550%, 08/15/2039		30,000		22,018

				2,863,926

INFORMATION TECHNOLOGY — 7.1%
Analog Devices
2.950%, 10/01/2051		45,000		26,316
2.800%, 10/01/2041		95,000		60,297
Apple
3.850%, 05/04/2043		30,000		23,186
2.650%, 02/08/2051		195,000		111,946
2.375%, 02/08/2041		695,000		443,639
Broadcom
3.500%, 02/15/2041 (A)		105,000		69,762
Intel
5.900%, 02/10/2063		90,000		81,386
5.700%, 02/10/2053		95,000		84,980
5.625%, 02/10/2043		15,000		13,723
5.050%, 08/05/2062		85,000		67,032
4.900%, 08/05/2052		165,000		131,456
4.750%, 03/25/2050		35,000		27,467
3.734%, 12/08/2047		100,000		67,299
Intuit
5.500%, 09/15/2053		20,000		18,165
KLA
4.950%, 07/15/2052		80,000		66,990

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
INFORMATION TECHNOLOGY (continued)
Microsoft
3.450%, 08/08/2036	$	130,000	$	106,188
2.921%, 03/17/2052		205,000		126,479
2.525%, 06/01/2050		45,000		25,701
NVIDIA
3.500%, 04/01/2040		50,000		37,432
Oracle
6.900%, 11/09/2052		340,000		334,817
5.550%, 02/06/2053		95,000		78,975
4.125%, 05/15/2045		165,000		114,475
4.000%, 11/15/2047		20,000		13,310
3.950%, 03/25/2051		115,000		74,644
3.800%, 11/15/2037		15,000		11,040
3.650%, 03/25/2041		325,000		221,008
3.600%, 04/01/2050		20,000		12,241
Salesforce
3.050%, 07/15/2061		35,000		19,490
2.900%, 07/15/2051		80,000		47,021
2.700%, 07/15/2041		140,000		90,054
Visa
2.700%, 04/15/2040		235,000		157,203

				2,763,722

MATERIALS — 1.6%
BHP Billiton Finance USA
5.500%, 09/08/2053		45,000		40,880
Freeport-McMoRan
5.450%, 03/15/2043		185,000		152,081
Glencore Funding
6.500%, 10/06/2033 (A)		85,000		83,133
International Flavors & Fragrances
5.000%, 09/26/2048		30,000		21,731
3.468%, 12/01/2050 (A)		269,000		149,913
3.268%, 11/15/2040 (A)		185,000		112,392
Minera Mexico
4.500%, 01/26/2050 (A)		115,000		77,256

				637,386

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
REAL ESTATE — 2.7%
Agree
2.600%, 06/15/2033	$	105,000	$	74,669
Alexandria Real Estate Equities
5.150%, 04/15/2053		90,000		70,997
3.550%, 03/15/2052		130,000		77,553
Extra Space Storage
2.350%, 03/15/2032		20,000		14,651
Prologis
5.250%, 06/15/2053		55,000		46,285
Regency Centers
4.650%, 03/15/2049		135,000		97,492
Simon Property Group
5.850%, 03/08/2053		110,000		95,590
3.800%, 07/15/2050		15,000		9,533
3.250%, 09/13/2049		25,000		14,487
Spirit Realty
3.200%, 02/15/2031		250,000		197,593
Sun Communities Operating
5.700%, 01/15/2033		35,000		31,963
4.200%, 04/15/2032		140,000		115,538
2.700%, 07/15/2031		110,000		82,202
VICI Properties
5.625%, 05/15/2052		145,000		113,544

				1,042,097

UTILITIES — 12.6%
AEP Texas
3.450%, 01/15/2050		130,000		78,750
AEP Transmission
3.650%, 04/01/2050		80,000		52,881
Ameren Illinois
5.900%, 12/01/2052		35,000		33,209
4.500%, 03/15/2049		130,000		101,793
American Water Capital
3.450%, 05/01/2050		95,000		60,764
Arizona Public Service
3.500%, 12/01/2049		35,000		21,059
Baltimore Gas and Electric
2.900%, 06/15/2050		100,000		56,191

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
UTILITIES (continued)
Berkshire Hathaway Energy
4.250%, 10/15/2050	$	80,000	$	56,048
CenterPoint Energy Houston Electric
3.600%, 03/01/2052		35,000		22,964
Commonwealth Edison
3.000%, 03/01/2050		135,000		77,911
Consolidated Edison of New York
6.150%, 11/15/2052		45,000		42,813
Constellation Energy Generation
6.250%, 10/01/2039		63,000		58,411
5.750%, 10/01/2041		50,000		43,528
5.600%, 06/15/2042		205,000		176,009
Consumers Energy
4.200%, 09/01/2052		20,000		14,670
2.500%, 05/01/2060		82,000		39,493
Dominion Energy
4.850%, 08/15/2052		20,000		15,198
Duke Energy Carolinas
5.400%, 01/15/2054		63,000		54,425
4.000%, 09/30/2042		270,000		197,405
3.550%, 03/15/2052		30,000		19,042
Duke Energy Florida
6.350%, 09/15/2037		165,000		163,171
Duke Energy Ohio
5.650%, 04/01/2053		25,000		22,176
4.300%, 02/01/2049		185,000		134,163
East Ohio Gas
3.000%, 06/15/2050 (A)		40,000		21,788
Emera US Finance
4.750%, 06/15/2046		31,000		21,614
Entergy
3.750%, 06/15/2050		100,000		62,912
Entergy Arkansas
2.650%, 06/15/2051		155,000		80,679
Entergy Louisiana
4.750%, 09/15/2052		20,000		15,320
3.100%, 06/15/2041		135,000		87,570
Entergy Texas
5.000%, 09/15/2052		35,000		27,849

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
UTILITIES (continued)
Exelon
4.950%, 06/15/2035	$	135,000	$	116,806
FirstEnergy Transmission
5.450%, 07/15/2044 (A)		50,000		41,567
4.550%, 04/01/2049 (A)		35,000		25,899
Florida Power & Light
4.125%, 02/01/2042		135,000		104,741
Georgia Power
3.700%, 01/30/2050		105,000		69,058
Idaho Power MTN
5.500%, 03/15/2053		7,000		6,109
4.200%, 03/01/2048		40,000		29,175
Indiana Michigan Power
5.625%, 04/01/2053		95,000		84,294
MidAmerican Energy
5.850%, 09/15/2054		35,000		32,768
3.150%, 04/15/2050		95,000		56,982
Monongahela Power
5.400%, 12/15/2043 (A)		75,000		63,323
Nevada Power
5.900%, 05/01/2053		35,000		31,913
NextEra Energy Capital Holdings
5.250%, 02/28/2053		55,000		44,666
NiSource
4.375%, 05/15/2047		95,000		69,054
Northern States Power
5.100%, 05/15/2053		50,000		42,391
4.500%, 06/01/2052		35,000		26,872
2.900%, 03/01/2050		105,000		60,388
NSTAR Electric
4.950%, 09/15/2052		50,000		40,700
Oglethorpe Power
5.375%, 11/01/2040		135,000		111,471
4.500%, 04/01/2047		55,000		39,434
3.750%, 08/01/2050		285,000		180,025
Oncor Electric Delivery
7.250%, 01/15/2033		135,000		146,034
5.300%, 06/01/2042		170,000		154,203
4.950%, 09/15/2052		55,000		45,112

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
UTILITIES (continued)
3.700%, 05/15/2050	$	230,000	$	153,302
Pacific Gas and Electric
6.750%, 01/15/2053		145,000		128,612
6.700%, 04/01/2053		40,000		35,542
4.950%, 07/01/2050		45,000		31,439
4.500%, 07/01/2040		115,000		81,740
4.200%, 06/01/2041		100,000		66,502
3.500%, 08/01/2050		130,000		72,459
3.300%, 08/01/2040		20,000		12,157
PacifiCorp
6.000%, 01/15/2039		95,000		87,045
5.500%, 05/15/2054		208,000		169,494
3.300%, 03/15/2051		105,000		60,074
PECO Energy
4.375%, 08/15/2052		35,000		26,316
Potomac Electric Power
4.150%, 03/15/2043		100,000		75,777
PPL Electric Utilities
3.000%, 10/01/2049		115,000		68,445
Public Service of Colorado
6.250%, 09/01/2037		105,000		101,855
2.700%, 01/15/2051		95,000		49,796
San Diego Gas & Electric
3.320%, 04/15/2050		30,000		18,027
Sempra
4.000%, 02/01/2048		5,000		3,409
3.800%, 02/01/2038		95,000		70,850
Southern California Gas
5.750%, 06/01/2053		80,000		70,795
Tucson Electric Power
4.000%, 06/15/2050		5,000		3,351
Virginia Electric and Power
5.450%, 04/01/2053		92,000		78,846

				4,948,624

TOTAL CORPORATE OBLIGATIONS (Cost $40,259,775)				33,096,770

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

U.S. TREASURY OBLIGATIONS — 5.5%



	Face Amount		Value
U.S. Treasury Bonds
4.375%, 08/15/2043	$	140,000	$	124,819
3.625%, 05/15/2053		2,300,000		1,792,562
U.S. Treasury Note
3.875%, 08/15/2033		260,000		239,322


TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,293,928)				2,156,703


MUNICIPAL BONDS — 4.7%

CALIFORNIA — 1.8%
Bay Area, Toll Authority, RB
6.263%, 04/01/2049		100,000		103,138
California State, GO
7.600%, 11/01/2040		100,000		113,901
7.550%, 04/01/2039		230,000		259,837
Regents of the University of California Medical Center Pooled Revenue, Ser H, GO
6.548%, 05/15/2048		100,000		104,567
San Diego County, Water Authority, RB
6.138%, 05/01/2049		110,000		112,354


				693,797


NEW JERSEY — 1.0%
New Jersey, Turnpike Authority, RB
7.414%, 01/01/2040		350,000		393,021


NEW YORK — 0.3%
New York & New Jersey, Port Authority, RB
4.458%, 10/01/2062		150,000		114,313


TEXAS — 1.6%
Dallas County, Hospital District, Ser C, GO
5.621%, 08/15/2044		257,000		245,359
Grand Parkway Transportation, Sub-Ser E, RB
5.184%, 10/01/2042		125,000		113,001
North Texas, Tollway Authority, RB
6.718%, 01/01/2049		100,000		108,687

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

MUNICIPAL BONDS — continued



	Face Amount		Value
TEXAS (continued)
Texas State, GO
5.517%, 04/01/2039	$	165,000	$	158,237


				625,284


TOTAL MUNICIPAL BONDS (Cost $2,326,282)				1,826,415


SOVEREIGN DEBT — 2.3%

Indonesia Government International Bond
5.450%, 09/20/2052		40,000		35,235
Israel Government International Bond
3.875%, 07/03/2050		60,000		39,492
Mexico Government International Bond
6.350%, 02/09/2035		45,000		42,956
6.338%, 05/04/2053		45,000		39,042
5.750%, 10/12/2110		170,000		129,144
5.000%, 04/27/2051		170,000		124,962
4.280%, 08/14/2041		55,000		39,157
Panama Government International Bond
6.853%, 03/28/2054		40,000		34,314
3.870%, 07/23/2060		60,000		31,596
Perusahaan Penerbit SBSN Indonesia III
3.550%, 06/09/2051 (A)		20,000		12,938
Philippine Government International Bond
5.950%, 10/13/2047		35,000		33,015
5.609%, 04/13/2033		30,000		29,310
3.200%, 07/06/2046		120,000		74,770
2.950%, 05/05/2045		80,000		49,027
Republic of Poland Government International Bond
5.500%, 04/04/2053		85,000		74,471

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Long Duration U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

SOVEREIGN DEBT — continued



	Face Amount		Value
Uruguay Government International Bond
5.100%, 06/18/2050	$	135,000	$	116,471


TOTAL SOVEREIGN DEBT (Cost $1,092,890)				905,900


TOTAL INVESTMENTS— 97.4% (Cost $45,972,875)			$	37,985,788

Percentages are based on Net Assets of $38,988,748.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2023, the value of these securities amounted to $1,297,545, representing 3.3% of the Net Assets of the Fund.

(B)

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

DAC — Designated Activity Company

GO — General Obligation

H15T5Y — US Treasury Yield Curve Rate T Note Constant Mat 5 Year

H15T1Y — US Treasury Yield Curve Rate T Note Constant Mat 1 Year

MTN — Medium Term Note

RB — Revenue Bond

SOFR — Secured Overnight Financing Rate

Ser — Series

TSFR3M — Term Structured Financing Rate 3 Month Average

As of October 31, 2023, all of the Fund’s investments in securities and other financial instruments were considered Level 2, in accordance with the authoritative guidance of 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

LGIM America

U.S. Credit Fund

October 31, 2023

SECTOR WEIGHTING † (Unaudited)

LOGO

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — 93.4%



	Face Amount		Value
COMMUNICATION SERVICES — 5.2%
America Movil
4.375%, 04/22/2049	$	25,000	$	18,650
3.625%, 04/22/2029		30,000		26,718
AT&T
3.800%, 12/01/2057		25,000		15,044
3.650%, 09/15/2059		35,000		20,237
2.550%, 12/01/2033		100,000		71,761
Charter Communications Operating
6.384%, 10/23/2035		30,000		27,129
4.908%, 07/23/2025		40,000		39,111
4.800%, 03/01/2050		5,000		3,295
3.500%, 06/01/2041		10,000		6,024
Comcast
3.969%, 11/01/2047		30,000		21,030
3.400%, 04/01/2030		20,000		17,308
3.150%, 03/01/2026		40,000		37,961

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
COMMUNICATION SERVICES (continued)
2.937%, 11/01/2056	$	35,000	$	18,537
2.887%, 11/01/2051		35,000		19,304
Meta Platforms
5.750%, 05/15/2063		10,000		8,975
5.600%, 05/15/2053		105,000		94,915
4.450%, 08/15/2052		15,000		11,345
Paramount Global
5.850%, 09/01/2043		75,000		54,200
4.375%, 03/15/2043		5,000		2,995
Time Warner Cable
7.300%, 07/01/2038		10,000		9,338
6.750%, 06/15/2039		10,000		8,720
6.550%, 05/01/2037		40,000		35,149
5.875%, 11/15/2040		10,000		7,889
4.500%, 09/15/2042		10,000		6,569
T-Mobile USA
5.800%, 09/15/2062		20,000		17,214
3.500%, 04/15/2025		90,000		86,954
Verizon Communications
3.550%, 03/22/2051		10,000		6,282
3.400%, 03/22/2041		185,000		124,669
Walt Disney
6.650%, 11/15/2037		10,000		10,400
4.625%, 03/23/2040		10,000		8,403
3.600%, 01/13/2051		25,000		16,517
3.500%, 05/13/2040		5,000		3,593
2.750%, 09/01/2049		20,000		11,184
2.000%, 09/01/2029		40,000		32,778
Warnermedia Holdings
5.391%, 03/15/2062		15,000		10,506
5.141%, 03/15/2052		120,000		84,947
5.050%, 03/15/2042		60,000		44,372

				1,040,023


CONSUMER DISCRETIONARY — 3.7%
Amazon.com
3.950%, 04/13/2052		35,000		25,614
3.875%, 08/22/2037		30,000		24,557

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
CONSUMER DISCRETIONARY (continued)
3.100%, 05/12/2051	$	40,000	$	24,834
Aptiv
2.396%, 02/18/2025		50,000		47,698
General Motors
5.950%, 04/01/2049		5,000		4,047
5.150%, 04/01/2038		20,000		16,086
Home Depot
4.500%, 09/15/2032		2,000		1,836
3.900%, 06/15/2047		5,000		3,580
3.625%, 04/15/2052		55,000		36,656
3.350%, 04/15/2050		25,000		15,909
3.250%, 04/15/2032		45,000		37,494
1.375%, 03/15/2031		45,000		33,273
Hyundai Capital America
5.950%, 09/21/2026 (A)		105,000		104,242
Lowe’s
5.625%, 04/15/2053		85,000		73,356
4.250%, 04/01/2052		25,000		17,311
Massachusetts Institute of Technology
5.600%, 07/01/2111		50,000		46,869
Nissan Motor
4.810%, 09/17/2030 (A)		95,000		80,807
Nissan Motor Acceptance
7.050%, 09/15/2028 (A)		65,000		64,142
6.950%, 09/15/2026 (A)		15,000		15,026
Northwestern University
3.662%, 12/01/2057		10,000		6,786
University of Notre Dame du Lac
3.394%, 02/15/2048		20,000		13,713
University of Southern California
5.250%, 10/01/2111		20,000		16,861
Volkswagen Group of America Finance
4.625%, 11/13/2025 (A)		10,000		9,759

				720,456


CONSUMER STAPLES — 5.7%
Alimentation Couche-Tard
2.950%, 01/25/2030 (A)		30,000		24,810

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

CONSUMER STAPLES (continued)
Anheuser-Busch
4.900%, 02/01/2046	$	25,000	$	20,794
4.700%, 02/01/2036		100,000		87,956
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		40,000		36,274
4.600%, 04/15/2048		139,000		112,855
BAT Capital
7.750%, 10/19/2032		15,000		15,387
6.421%, 08/02/2033		70,000		65,967
4.390%, 08/15/2037		70,000		50,854
3.215%, 09/06/2026		120,000		111,043
2.259%, 03/25/2028		80,000		67,199
JBS USA LUX
7.250%, 11/15/2053 (A)		5,000		4,441
5.750%, 04/01/2033		152,000		133,676
3.000%, 02/02/2029		45,000		36,998
Kenvue
5.100%, 03/22/2043		15,000		13,260
5.050%, 03/22/2053		34,000		29,208
Kraft Heinz Foods
5.200%, 07/15/2045		10,000		8,261
4.375%, 06/01/2046		10,000		7,310
Mars
4.750%, 04/20/2033 (A)		210,000		192,701
3.950%, 04/01/2049 (A)		20,000		14,108
Nestle Holdings
4.000%, 09/24/2048 (A)		10,000		7,540
Philip Morris International
5.125%, 11/17/2027		40,000		38,968
Reynolds American
4.450%, 06/12/2025		50,000		48,758

				1,128,368


ENERGY — 8.5%
BP Capital Markets America
4.893%, 09/11/2033		125,000		114,482
3.379%, 02/08/2061		5,000		2,982
3.060%, 06/17/2041		30,000		19,886
3.001%, 03/17/2052		40,000		23,273

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

ENERGY (continued)
3.000%, 02/24/2050	$	15,000	$	8,859
2.939%, 06/04/2051		20,000		11,532
2.772%, 11/10/2050		20,000		11,164
Cheniere Energy Partners
5.950%, 06/30/2033 (A)		105,000		98,244
Chevron USA
3.250%, 10/15/2029		70,000		62,158
Columbia Pipeline Group
5.800%, 06/01/2045		10,000		8,471
Columbia Pipelines Holding
6.055%, 08/15/2026 (A)		15,000		14,966
Energy Transfer
6.125%, 12/15/2045		40,000		34,540
5.550%, 02/15/2028		75,000		72,842
5.400%, 10/01/2047		30,000		23,628
5.350%, 05/15/2045		5,000		3,928
5.300%, 04/15/2047		10,000		7,748
4.950%, 06/15/2028		60,000		56,704
4.000%, 10/01/2027		30,000		27,618
Enterprise Products Operating
4.250%, 02/15/2048		65,000		48,716
3.750%, 02/15/2025		50,000		48,680
EOG Resources
4.375%, 04/15/2030		30,000		27,806
Equities
7.000%, 02/01/2030		25,000		25,287
3.625%, 05/15/2031 (A)		40,000		33,052
Exxon Mobil
4.227%, 03/19/2040		5,000		4,066
3.452%, 04/15/2051		40,000		26,283
3.095%, 08/16/2049		15,000		9,308
Hess
4.300%, 04/01/2027		60,000		57,421
Marathon Petroleum
4.700%, 05/01/2025		90,000		88,115
Midwest Connector Capital
3.900%, 04/01/2024 (A)		80,000		79,047

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
ENERGY (continued)
MPLX
4.500%, 04/15/2038	$	30,000	$	23,404
1.750%, 03/01/2026		85,000		77,104
Occidental Petroleum
8.875%, 07/15/2030		115,000		127,719
ONEOK
5.550%, 11/01/2026		70,000		69,155
Sabal Trail Transmission
4.246%, 05/01/2028 (A)		90,000		83,722
Sabine Pass Liquefaction
5.900%, 09/15/2037		45,000		43,289
Spectra Energy Partners
3.375%, 10/15/2026		40,000		37,226
Tennessee Gas Pipeline
7.000%, 10/15/2028		30,000		30,733
Texas Eastern Transmission
4.150%, 01/15/2048 (A)		10,000		6,914
TotalEnergies Capital International
3.461%, 07/12/2049		35,000		23,169
3.127%, 05/29/2050		50,000		30,576
2.986%, 06/29/2041		30,000		19,804
Williams
5.800%, 11/15/2043		30,000		26,121
2.600%, 03/15/2031		15,000		11,700

				1,661,442


FINANCIALS — 31.5%
American International Group
4.375%, 06/30/2050		35,000		25,599
ANZ New Zealand Int’l
1.250%, 06/22/2026 (A)		100,000		88,774
ASB Bank
1.625%, 10/22/2026 (A)		70,000		61,763
BAE Systems Holdings
3.850%, 12/15/2025 (A)		10,000		9,588
Banco Bilbao Vizcaya Argentaria
1.125%, 09/18/2025		70,000		63,757
Banco Santander
6.607%, 11/07/2028		80,000		80,081

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
FINANCIALS (continued)
5.588%, 08/08/2028	$	120,000	$	115,754
Bank of America
5.819%, SOFRRATE + 1.570%, 09/15/2029 (B)		145,000		141,182
3.311%, SOFRRATE + 1.580%, 04/22/2042 (B)		35,000		23,219
2.572%, SOFRRATE + 1.210%, 10/20/2032 (B)		35,000		26,235
Bank of America MTN
4.948%, SOFRRATE + 2.040%, 07/22/2028 (B)		150,000		142,569
4.183%, 11/25/2027		90,000		82,817
3.458%, TSFR3M + 1.232%, 03/15/2025 (B)		200,000		197,622
2.972%, SOFRRATE + 1.330%, 02/04/2033 (B)		20,000		15,321
2.676%, SOFRRATE + 1.930%, 06/19/2041 (B)		105,000		63,945
Barclays
3.932%, US0003M + 1.610%, 05/07/2025 (B)		70,000		69,016
BAT Capital
7.081%, 08/02/2053		30,000		26,751
7.079%, 08/02/2043		20,000		18,209
Blackstone Holdings Finance
2.000%, 01/30/2032 (A)		20,000		14,116
BNP Paribas
5.125%, H15T1Y + 1.450%, 01/13/2029 (A),(B)		65,000		62,155
2.219%, SOFRRATE + 2.074%, 06/09/2026 (A),(B)		60,000		56,055
1.323%, SOFRRATE + 1.004%, 01/13/2027 (A),(B)		100,000		89,426
BPCE
1.652%, SOFRRATE + 1.520%, 10/06/2026 (A),(B)		50,000		45,298
Canadian Imperial Bank of Commerce
5.615%, 07/17/2026		95,000		94,075
Citigroup
5.500%, 09/13/2025		50,000		49,304
4.300%, 11/20/2026		10,000		9,398
3.887%, TSFR3M + 1.825%, 01/10/2028 (B)		10,000		9,272
3.200%, 10/21/2026		20,000		18,455
2.976%, SOFRRATE + 1.422%, 11/05/2030 (B)		10,000		8,204
2.904%, SOFRRATE + 1.379%, 11/03/2042 (B)		30,000		18,391
Corebridge Financial
3.900%, 04/05/2032		40,000		32,720
3.850%, 04/05/2029		75,000		66,207

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
FINANCIALS (continued)
3.500%, 04/04/2025	$	65,000	$	62,515
Credit Agricole
1.247%, SOFRRATE + 0.892%, 01/26/2027 (A),(B)		70,000		62,411
Credit Suisse NY
4.750%, 08/09/2024		145,000		143,074
Credit Suisse NY MTN
3.700%, 02/21/2025		105,000		101,112
Danske Bank MTN
6.259%, H15T1Y + 1.180%, 09/22/2026 (A),(B)		95,000		94,793
Deutsche Bank NY
0.898%, 05/28/2024		90,000		87,245
GA Global Funding Trust
3.850%, 04/11/2025 (A)		90,000		86,683
2.250%, 01/06/2027 (A)		10,000		8,731
1.950%, 09/15/2028 (A)		75,000		60,484
Goldman Sachs Group
4.411%, TSFR3M + 1.692%, 04/23/2039 (B)		20,000		15,841
3.500%, 01/23/2025		50,000		48,432
3.436%, SOFRRATE + 1.632%, 02/24/2043 (B)		15,000		9,899
3.210%, SOFRRATE + 1.513%, 04/22/2042 (B)		50,000		32,502
2.640%, SOFRRATE + 1.114%, 02/24/2028 (B)		70,000		62,015
2.600%, 02/07/2030		15,000		12,042
1.992%, SOFRRATE + 1.090%, 01/27/2032 (B)		5,000		3,670
1.948%, SOFRRATE + 0.913%, 10/21/2027 (B)		100,000		87,694
1.431%, SOFRRATE + 0.798%, 03/09/2027 (B)		150,000		133,161
Huntington Bancshares
6.208%, SOFRRATE + 2.020%, 08/21/2029 (B)		60,000		57,670
ING Groep
4.625%, 01/06/2026 (A)		50,000		48,407
3.869%, SOFRRATE + 1.640%, 03/28/2026 (B)		85,000		81,922
JPMorgan Chase
6.254%, SOFRRATE + 1.810%, 10/23/2034 (B)		25,000		24,656
4.565%, SOFRRATE + 1.750%, 06/14/2030 (B)		90,000		82,623
4.250%, 10/01/2027		30,000		28,282
3.328%, SOFRRATE + 1.580%, 04/22/2052 (B)		30,000		18,398
2.069%, SOFRRATE + 1.015%, 06/01/2029 (B)		80,000		66,469

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
FINANCIALS (continued)
Lloyds Banking Group
4.716%, H15T1Y + 1.750%, 08/11/2026 (B)	$	105,000	$	101,764
Macquarie Group MTN
6.207%, 11/22/2024 (A)		105,000		104,979
Marsh & McLennan
5.400%, 09/15/2033		80,000		76,027
MetLife
5.250%, 01/15/2054		35,000		29,272
Morgan Stanley
5.948%, H15T5Y + 2.430%, 01/19/2038 (B)		15,000		13,648
5.449%, SOFRRATE + 1.630%, 07/20/2029 (B)		60,000		57,688
5.297%, SOFRRATE + 2.620%, 04/20/2037 (B)		5,000		4,342
5.123%, SOFRRATE + 1.730%, 02/01/2029 (B)		45,000		42,857
4.210%, SOFRRATE + 1.610%, 04/20/2028 (B)		80,000		74,602
Morgan Stanley MTN
4.300%, 01/27/2045		50,000		37,575
2.475%, SOFRRATE + 1.000%, 01/21/2028 (B)		60,000		53,168
2.188%, SOFRRATE + 1.990%, 04/28/2026 (B)		100,000		94,052
Nasdaq
5.550%, 02/15/2034		55,000		50,973
Nationwide Building Society MTN
2.972%, SOFRRATE + 1.290%, 02/16/2028 (A),(B)		80,000		71,119
Pacific Life Global Funding II
5.500%, 08/28/2026 (A)		105,000		104,173
PNC Financial Services Group
6.875%, SOFRRATE + 2.284%, 10/20/2034 (B)		35,000		34,979
5.582%, SOFRRATE + 1.841%, 06/12/2029 (B)		85,000		81,375
2.600%, 07/23/2026		130,000		119,463
Royal Bank of Canada MTN
2.300%, 11/03/2031		30,000		22,607
S&P Global
2.450%, 03/01/2027		40,000		36,189
Santander UK Group Holdings
6.833%, SOFRRATE + 2.749%, 11/21/2026 (B)		75,000		74,901
Toronto-Dominion Bank MTN
5.532%, 07/17/2026		65,000		64,266
5.523%, 07/17/2028		95,000		92,571

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
FINANCIALS (continued)
Truist Bank
3.200%, 04/01/2024	$	110,000	$	108,624
2.250%, 03/11/2030		10,000		7,380
Truist Financial MTN
7.161%, SOFRRATE + 2.446%, 10/30/2029 (B)		70,000		70,405
6.047%, SOFRRATE + 2.050%, 06/08/2027 (B)		20,000		19,577
5.867%, SOFRRATE + 2.361%, 06/08/2034 (B)		115,000		104,659
5.122%, SOFRRATE + 1.852%, 01/26/2034 (B)		15,000		12,884
4.873%, SOFRRATE + 1.435%, 01/26/2029 (B)		70,000		64,620
2.850%, 10/26/2024		40,000		38,618
1.887%, SOFRRATE + 0.862%, 06/07/2029 (B)		60,000		48,001
UBS Group
6.373%, SOFRRATE + 3.340%, 07/15/2026 (A),(B)		45,000		44,716
4.703%, H15T1Y + 2.050%, 08/05/2027 (A),(B)		175,000		166,624
4.125%, 09/24/2025 (A)		20,000		19,145
US Bancorp
6.787%, SOFRRATE + 1.880%, 10/26/2027 (B)		95,000		95,659
5.836%, SOFRRATE + 2.260%, 06/12/2034 (B)		20,000		18,445
5.775%, SOFRRATE + 2.020%, 06/12/2029 (B)		75,000		72,129
4.839%, SOFRRATE + 1.600%, 02/01/2034 (B)		10,000		8,546
2.491%, H15T5Y + 0.950%, 11/03/2036 (B)		60,000		41,050
Wells Fargo
6.491%, SOFRRATE + 2.060%, 10/23/2034 (B)		45,000		44,223
Wells Fargo MTN
5.574%, SOFRRATE + 1.740%, 07/25/2029 (B)		195,000		187,797
4.650%, 11/04/2044		40,000		29,460
4.611%, SOFRRATE + 2.130%, 04/25/2053 (B)		20,000		14,736
3.350%, SOFRRATE + 1.500%, 03/02/2033 (B)		20,000		15,748
3.196%, TSFR3M + 1.432%, 06/17/2027 (B)		80,000		73,874
2.393%, SOFRRATE + 2.100%, 06/02/2028 (B)		120,000		104,596
Westpac Banking
1.953%, 11/20/2028		15,000		12,533

				6,212,648


HEALTH CARE — 8.9%
AbbVie
4.850%, 06/15/2044		20,000		16,708

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
HEALTH CARE (continued)
4.550%, 03/15/2035	$	10,000	$	8,785
4.250%, 11/21/2049		138,000		103,490
4.050%, 11/21/2039		56,000		43,696
2.950%, 11/21/2026		170,000		157,399
Amgen
5.650%, 03/02/2053		5,000		4,396
5.600%, 03/02/2043		20,000		17,829
5.250%, 03/02/2030		30,000		28,805
4.400%, 05/01/2045		10,000		7,506
Bristol-Myers Squibb
6.400%, 11/15/2063		45,000		44,726
6.250%, 11/15/2053		45,000		44,535
4.550%, 02/20/2048		4,000		3,149
2.550%, 11/13/2050		15,000		7,990
Centene
3.000%, 10/15/2030		225,000		177,890
2.500%, 03/01/2031		30,000		22,719
CVS Health
6.000%, 06/01/2063		15,000		12,973
5.875%, 06/01/2053		15,000		13,125
5.625%, 02/21/2053		5,000		4,236
5.250%, 01/30/2031		25,000		23,532
5.125%, 07/20/2045		20,000		15,953
3.000%, 08/15/2026		40,000		37,083
Eli Lilly
4.950%, 02/27/2063		35,000		29,753
4.875%, 02/27/2053		41,000		35,490
Gilead Sciences
5.250%, 10/15/2033		60,000		56,835
4.000%, 09/01/2036		30,000		24,424
2.800%, 10/01/2050		20,000		11,273
Kaiser Foundation Hospitals
4.150%, 05/01/2047		30,000		22,585
Merck
4.900%, 05/17/2044		65,000		56,227
4.500%, 05/17/2033		40,000		36,359
4.300%, 05/17/2030		95,000		88,003

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
HEALTH CARE (continued)
Northwell Healthcare
4.260%, 11/01/2047	$	10,000	$	7,167
Pfizer Investment Enterprises Pte
5.340%, 05/19/2063		39,000		33,410
5.300%, 05/19/2053		21,000		18,372
5.110%, 05/19/2043		90,000		78,994
4.750%, 05/19/2033		225,000		206,509
Revvity
0.850%, 09/15/2024		70,000		66,774
Smith & Nephew
2.032%, 10/14/2030		40,000		30,094
Sutter Health
5.164%, 08/15/2033		60,000		56,033
UnitedHealth Group
5.875%, 02/15/2053		70,000		66,210
4.750%, 05/15/2052		15,000		11,992

				1,733,029

INDUSTRIALS — 8.6%
AerCap Ireland Capital DAC
6.150%, 09/30/2030		45,000		43,171
6.100%, 01/15/2027		45,000		44,297
5.750%, 06/06/2028		45,000		43,223
3.300%, 01/30/2032		60,000		46,529
3.000%, 10/29/2028		60,000		50,611
2.450%, 10/29/2026		40,000		35,578
1.650%, 10/29/2024		110,000		104,888
Boeing
5.805%, 05/01/2050		110,000		94,789
5.150%, 05/01/2030		60,000		56,217
5.040%, 05/01/2027		190,000		183,973
3.250%, 02/01/2028		30,000		26,777
3.100%, 05/01/2026		60,000		55,874
2.196%, 02/04/2026		110,000		101,088
Burlington Northern Santa Fe
4.150%, 04/01/2045		60,000		44,870
Canadian Pacific Railway
6.125%, 09/15/2115		20,000		17,980

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
INDUSTRIALS (continued)
3.100%, 12/02/2051	$	25,000	$	14,673
Carrier Global
2.242%, 02/15/2025		7,000		6,666
Honeywell International
5.000%, 02/15/2033		90,000		84,996
L3Harris Technologies
5.400%, 07/31/2033		130,000		121,448
Norfolk Southern
4.550%, 06/01/2053		5,000		3,772
Northrop Grumman
5.150%, 05/01/2040		15,000		13,110
4.950%, 03/15/2053		10,000		8,283
Regal Rexnord
6.400%, 04/15/2033 (A)		115,000		105,648
6.300%, 02/15/2030 (A)		100,000		94,373
6.050%, 02/15/2026 (A)		60,000		59,005
RTX
4.450%, 11/16/2038		30,000		23,935
3.950%, 08/16/2025		70,000		67,711
Siemens Financieringsmaatschappij
1.700%, 03/11/2028 (A)		100,000		85,214
Union Pacific
3.500%, 02/14/2053		15,000		9,703
3.375%, 02/14/2042		10,000		6,967
Union Pacific MTN
3.550%, 08/15/2039		5,000		3,670
United Airlines Class AA Pass Through Trust
4.150%, 08/25/2031		27,919		19,320

				1,678,359

INFORMATION TECHNOLOGY — 4.0%
Adobe
2.150%, 02/01/2027		110,000		99,451
Analog Devices
1.700%, 10/01/2028		40,000		33,517
Apple
2.650%, 02/08/2051		110,000		63,149
2.375%, 02/08/2041		80,000		51,066

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
INFORMATION TECHNOLOGY (continued)
Broadcom
3.419%, 04/15/2033 (A)	$	70,000	$	54,410
3.137%, 11/15/2035 (A)		30,000		21,150
2.450%, 02/15/2031 (A)		30,000		23,015
Fiserv
3.200%, 07/01/2026		20,000		18,683
Intel
5.900%, 02/10/2063		35,000		31,650
5.700%, 02/10/2053		45,000		40,254
5.625%, 02/10/2043		10,000		9,149
4.900%, 08/05/2052		55,000		43,819
Mastercard
3.300%, 03/26/2027		30,000		28,009
Microsoft
2.525%, 06/01/2050		35,000		19,990
Oracle
6.900%, 11/09/2052		25,000		24,619
6.250%, 11/09/2032		60,000		59,402
5.550%, 02/06/2053		20,000		16,626
4.000%, 11/15/2047		5,000		3,328
3.950%, 03/25/2051		20,000		12,982
3.850%, 07/15/2036		70,000		53,310
3.650%, 03/25/2041		20,000		13,600
3.600%, 04/01/2050		5,000		3,060
QUALCOMM
1.650%, 05/20/2032		20,000		14,586
Salesforce
2.900%, 07/15/2051		20,000		11,755
2.700%, 07/15/2041		10,000		6,432
Vontier
2.950%, 04/01/2031		45,000		33,788

				790,800

MATERIALS — 1.6%
Freeport-McMoRan
5.250%, 09/01/2029		67,000		63,097
4.625%, 08/01/2030		21,000		18,544
4.250%, 03/01/2030		10,000		8,674

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
MATERIALS (continued)
International Flavors & Fragrances
3.468%, 12/01/2050 (A)	$	90,000	$	50,157
3.268%, 11/15/2040 (A)		90,000		54,677
2.300%, 11/01/2030 (A)		70,000		51,972
Minera Mexico
4.500%, 01/26/2050 (A)		30,000		20,153
PPG Industries
1.200%, 03/15/2026		50,000		44,864

				312,138

REAL ESTATE — 7.3%
Agree
4.800%, 10/01/2032		65,000		56,342
2.000%, 06/15/2028		80,000		65,533
Alexandria Real Estate Equities
4.750%, 04/15/2035		70,000		59,131
3.550%, 03/15/2052		35,000		20,880
2.950%, 03/15/2034		20,000		14,586
Equinix
2.625%, 11/18/2024		160,000		154,496
Extra Space Storage
5.500%, 07/01/2030		75,000		70,982
3.900%, 04/01/2029		80,000		70,910
Kite Realty Group Trust
4.750%, 09/15/2030		15,000		13,036
Mid-America Apartments
1.100%, 09/15/2026		50,000		43,955
Ontario Teachers’ Cadillac Fairview Properties Trust
2.500%, 10/15/2031 (A)		80,000		59,109
Prologis
2.250%, 01/15/2032		25,000		18,819
Public Storage Operating
5.100%, 08/01/2033		45,000		41,705
Regency Centers
4.650%, 03/15/2049		25,000		18,054
4.125%, 03/15/2028		40,000		36,647
Rexford Industrial Realty
2.150%, 09/01/2031		15,000		10,862

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
REAL ESTATE (continued)
Scentre Group Trust
1 3.750%, 03/23/2027 (A)	$	10,000	$	9,260
3.500%, 02/12/2025 (A)		20,000		19,332
3.250%, 10/28/2025 (A)		10,000		9,460
Simon Property Group
3.800%, 07/15/2050		30,000		19,065
1.750%, 02/01/2028		15,000		12,595
Spirit Realty
3.400%, 01/15/2030		20,000		16,631
3.200%, 02/15/2031		55,000		43,470
2.100%, 03/15/2028		40,000		33,337
Sun Communities Operating
2.700%, 07/15/2031		65,000		48,574
2.300%, 11/01/2028		195,000		159,940
UDR MTN
3.500%, 01/15/2028		35,000		31,462
VICI Properties
4.950%, 02/15/2030		15,000		13,368
4.750%, 02/15/2028		140,000		128,920
4.625%, 12/01/2029 (A)		70,000		60,567
4.125%, 08/15/2030 (A)		85,000		70,089

				1,431,117

UTILITIES — 8.4%
AES
3.300%, 07/15/2025 (A)		30,000		28,374
2.450%, 01/15/2031		10,000		7,516
CenterPoint Energy Houston Electric
3.000%, 03/01/2032		25,000		20,160
2.900%, 07/01/2050		10,000		5,716
Cleco Corporate Holdings
3.375%, 09/15/2029		30,000		24,785
Commonwealth Edison
4.000%, 03/01/2049		20,000		14,182
3.200%, 11/15/2049		30,000		18,003
3.000%, 03/01/2050		30,000		17,314
Constellation Energy Generation
6.250%, 10/01/2039		45,000		41,722

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
UTILITIES (continued)
Consumers Energy
4.200%, 09/01/2052	$	10,000	$	7,335
3.500%, 08/01/2051		10,000		6,531
Dominion Energy
4.850%, 08/15/2052		10,000		7,599
3.375%, 04/01/2030		40,000		33,638
1.450%, 04/15/2026		140,000		125,873
DTE Energy
4.220%, 11/01/2024 (C)		105,000		102,931
Duke Energy Carolinas
2.850%, 03/15/2032		45,000		35,714
Duke Energy Ohio
4.300%, 02/01/2049		50,000		36,260
2.125%, 06/01/2030		20,000		15,632
Duke Energy Progress
4.100%, 05/15/2042		70,000		52,184
East Ohio Gas
3.000%, 06/15/2050 (A)		20,000		10,894
Entergy
2.950%, 09/01/2026		50,000		46,069
2.400%, 06/15/2031		40,000		30,396
Entergy Texas
3.550%, 09/30/2049		60,000		37,939
Georgia Power
4.300%, 03/15/2043		60,000		45,044
Indiana Michigan Power
4.250%, 08/15/2048		10,000		7,155
Indianapolis Power & Light
4.050%, 05/01/2046 (A)		30,000		21,032
Jersey Central Power & Light
2.750%, 03/01/2032 (A)		60,000		46,003
MidAmerican Energy
3.150%, 04/15/2050		60,000		35,988
National Rural Utilities Cooperative Finance
4.450%, 03/13/2026		45,000		43,846
NextEra Energy Capital Holdings
4.450%, 06/20/2025		155,000		151,218
Oglethorpe Power
5.375%, 11/01/2040		70,000		57,800

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
UTILITIES (continued)
5.250%, 09/01/2050	$	50,000	$	40,185
Oncor Electric Delivery
4.950%, 09/15/2052		15,000		12,282
3.750%, 04/01/2045		40,000		28,164
3.700%, 05/15/2050		10,000		6,665
Pacific Gas and Electric
6.750%, 01/15/2053		62,000		54,993
6.700%, 04/01/2053		20,000		17,771
4.950%, 07/01/2050		10,000		6,986
4.500%, 07/01/2040		32,000		22,745
4.200%, 06/01/2041		5,000		3,325
2.500%, 02/01/2031		30,000		22,242
2.100%, 08/01/2027		70,000		59,264
Public Service of Colorado
3.200%, 03/01/2050		30,000		17,728
Public Service of New Hampshire
5.150%, 01/15/2053		54,000		46,072
Puget Energy
2.379%, 06/15/2028		60,000		50,760
Sempra
3.800%, 02/01/2038		20,000		14,916
Southern
1.750%, 03/15/2028		30,000		25,218
Southern California Gas
6.350%, 11/15/2052		34,000		32,940
5.750%, 06/01/2053		41,000		36,282
4.300%, 01/15/2049		10,000		7,179
Union Electric
4.000%, 04/01/2048		20,000		13,893

				1,654,463


TOTAL CORPORATE OBLIGATIONS (Cost $21,349,641)				18,362,843



U.S. TREASURY OBLIGATIONS — 3.7%

U.S. Treasury Bonds
4.375%, 08/15/2043		65,000		57,951
3.625%, 05/15/2053		685,000		533,872

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

U.S. TREASURY OBLIGATIONS — continued



	Face Amount		Value

U.S. Treasury Notes
4.875%, 10/31/2028	$	100,000	$	100,219
4.625%, 09/30/2030		45,000		44,241

TOTAL U.S. TREASURY OBLIGATIONS (Cost $779,419)				736,283



SOVEREIGN DEBT — 1.5%

Indonesia Government International Bond
4.650%, 09/20/2032		80,000		73,104
Israel Government International Bond
3.875%, 07/03/2050		35,000		23,037
Mexico Government International Bond
6.350%, 02/09/2035		30,000		28,637
6.338%, 05/04/2053		20,000		17,352
5.000%, 04/27/2051		15,000		11,026
Panama Government International Bond
6.853%, 03/28/2054		15,000		12,867
3.870%, 07/23/2060		20,000		10,532
Perusahaan Penerbit SBSN Indonesia III
3.550%, 06/09/2051 (A)		10,000		6,469
Philippine Government International Bond
5.609%, 04/13/2033		15,000		14,655
3.200%, 07/06/2046		30,000		18,693
2.950%, 05/05/2045		10,000		6,128
Province of British Columbia Canada
4.200%, 07/06/2033		50,000		45,550
Republic of Poland Government International Bond
4.875%, 10/04/2033		25,000		23,092


TOTAL SOVEREIGN DEBT (Cost $343,670)				291,142

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

U.S. Credit Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

MUNICIPAL BOND — 0.3%



	Face Amount		Value
CALIFORNIA — 0.3%
California State, GO
7.600%, 11/01/2040	$	50,000	$	56,951


TOTAL MUNICIPAL BOND (Cost $83,578)				56,951


TOTAL INVESTMENTS— 98.9% (Cost $22,556,308)			$	19,447,219

Percentages are based on Net Assets of $19,663,233.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2023, the value of these securities amounted to $3,093,324, representing 15.7% of the Net Assets of the Fund.

(B)

(C)

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

DAC — Designated Activity Company

GO — General Obligation

H15Y5Y — US Treasury Yield Curve Rate T Note Constant Mat 5 Year

H15Y1Y — US Treasury Yield Curve Rate T Note Constant Mat 1 Year

MTN — Medium Term Note

SOFR — Secured Overnight Financing Rate

TSFR3M — Term Structured Financing Rate 3 Month Average

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

For 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

LGIM America

Retirement Income 2040 Fund

October 31, 2023

SECTOR WEIGHTING† (Unaudited)

LOGO

† Percentages are based on total investments.


SCHEDULE OF INVESTMENTS
EXCHANGE TRADED FUNDS — 116.3%

	Shares		Value
Legal & General Cash Flow Matched Bond Fund*		2,207	$	20,600
Legal & General Long Duration U.S. Credit Fund*		2,903		19,088
Legal & General MSCI World Index Fund*		4,611		41,222
Legal & General U.S. Credit Fund*		1,803		14,188


TOTAL EXCHANGE TRADED FUNDS (Cost $97,585)				95,098


TOTAL INVESTMENTS— 116.3% (Cost $97,585)			$	95,098

Percentages are based on Net Assets of $81,801.

*	Affiliated investment.

The following is a summary of the transactions with affiliated investments for the year ended October 31, 2023 ($ Thousands):


						Changes in
						Unrealized
Value at	Purchases at		Proceeds			Appreciation		Realized			Value at				Dividend
10/31/22	Cost		from Sales			(Depreciation)		Gain (Loss)			10/31/23		Shares		Income
Legal & General Cash Flow Matched Bond Fund
$17,897	$	14,850	$	(12,233	)	$	642	$	(556	)	$	20,600		2,207	$	329
Legal & General Long Duration U.S. Credit Fund
19,920		16,220		(16,222	)		1,773		(2,603	)		19,088		2,903		692
Legal & General MSCI World Index Fund
75,641		34,679		(71,947	)		11,145		(8,296	)		41,222		4,611		703
Legal & General U.S. Credit Fund
12,568		15,860		(13,826	)		729		(1,143	)		14,188		1,803		431
Totals:
$ 126,026	$	81,609	$	(114,228	)	$	14,289	$	(12,598	)	$	95,098		11,524	$	2,155

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Retirement Income 2040 Fund

October 31, 2023

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

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

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

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SECTOR WEIGHTING † (Unaudited)

LOGO

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — 95.6%



	Face Amount		Value

COMMUNICATION SERVICES — 8.2%
Alphabet
0.800%, 08/15/2027	$	100,000	$	85,613
AT&T
2.300%, 06/01/2027		225,000		198,808
Comcast
3.950%, 10/15/2025		100,000		97,010
3.550%, 05/01/2028		100,000		91,629
NTT Finance
1.162%, 04/03/2026 (A)		200,000		179,528
Paramount Global
4.750%, 05/15/2025		167,000		163,218
Verizon Communications
0.850%, 11/20/2025		400,000		362,174
0.750%, 03/22/2024		500,000		490,105
Walt Disney
1.750%, 08/30/2024		250,000		241,931

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

COMMUNICATION SERVICES (continued)
Warnermedia Holdings
3.755%, 03/15/2027	$	100,000	$	92,072

				2,002,088


CONSUMER DISCRETIONARY — 6.5%
Amazon.com
0.800%, 06/03/2025		200,000		186,223
BMW US Capital
0.750%, 08/12/2024 (A)		125,000		120,254
General Motors
4.000%, 04/01/2025		250,000		242,330
Home Depot
2.875%, 04/15/2027		150,000		137,776
Honda Motor
2.534%, 03/10/2027		100,000		90,408
Lowe’s
2.500%, 04/15/2026		300,000		278,675
McDonald’s MTN
1.450%, 09/01/2025		200,000		185,607
Starbucks
2.000%, 03/12/2027		100,000		88,822
Target
1.950%, 01/15/2027		200,000		180,059
Toyota Motor Credit
5.450%, 11/10/2027		50,000		49,853

				1,560,007


CONSUMER STAPLES — 8.2%
Altria Group
2.350%, 05/06/2025		100,000		94,697
Cargill
3.625%, 04/22/2027 (A)		100,000		94,006
0.400%, 02/02/2024 (A)		100,000		98,647
Coca-Cola
1.450%, 06/01/2027		100,000		87,839
Colgate-Palmolive
4.600%, 03/01/2028		125,000		122,304
Diageo Capital
1.375%, 09/29/2025		200,000		185,257

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

CONSUMER STAPLES (continued)
Estee Lauder
4.375%, 05/15/2028	$	100,000	$	95,470
Hershey
4.250%, 05/04/2028		100,000		95,983
Hormel Foods
0.650%, 06/03/2024		100,000		97,018
Kenvue
5.050%, 03/22/2028		100,000		98,001
Mars
0.875%, 07/16/2026 (A)		200,000		177,798
McCormick
3.150%, 08/15/2024		150,000		146,787
PepsiCo
2.375%, 10/06/2026		150,000		138,910
Procter & Gamble
2.450%, 11/03/2026		200,000		185,142
Walmart
2.850%, 07/08/2024		250,000		245,389

				1,963,248


ENERGY — 4.7%
Chevron USA
3.850%, 01/15/2028		125,000		118,274
ConocoPhillips
3.350%, 11/15/2024		250,000		243,767
Enterprise Products Operating
3.950%, 02/15/2027		100,000		94,595
Kinder Morgan
4.300%, 06/01/2025		150,000		145,992
Phillips 66
4.950%, 12/01/2027		125,000		121,441
Sabine Pass Liquefaction
5.000%, 03/15/2027		120,000		115,550
Shell International Finance BV
3.500%, 11/13/2023		285,000		284,768

				1,124,387


FINANCIALS — 28.7%
Aflac
2.875%, 10/15/2026		150,000		138,504

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

FINANCIALS (continued)
1.125%, 03/15/2026	$	100,000	$	89,818
American Express
5.850%, 11/05/2027		100,000		100,084
3.000%, 10/30/2024		100,000		97,140
Aon Global
3.500%, 06/14/2024		100,000		98,424
Bank of America MTN
3.593%, TSFR3M + 1.632%, 07/21/2028 (B)		100,000		90,496
3.559%, TSFR3M + 1.322%, 04/23/2027 (B)		100,000		93,375
0.981%, SOFRRATE + 0.910%, 09/25/2025 (B)		125,000		118,960
Bank of Montreal MTN
2.650%, 03/08/2027		125,000		111,809
Berkshire Hathaway Finance
2.300%, 03/15/2027		150,000		136,740
Charles Schwab
3.850%, 05/21/2025		125,000		120,850
Citibank
3.650%, 01/23/2024		200,000		198,978
Citigroup
3.200%, 10/21/2026		250,000		230,689
CME Group
3.750%, 06/15/2028		100,000		93,444
Corebridge Financial
3.650%, 04/05/2027		175,000		160,212
European Investment Bank
0.375%, 07/24/2024		250,000		240,964
European Investment Bank MTN
3.125%, 12/14/2023		200,000		199,453
GA Global Funding Trust
0.800%, 09/13/2024 (A)		250,000		237,134
GATX
4.350%, 02/15/2024		100,000		99,392
Goldman Sachs Group
3.750%, 02/25/2026		100,000		94,873
3.625%, 02/20/2024		275,000		272,814
Inter-American Development Bank MTN
0.875%, 04/03/2025		300,000		281,552
International Bank for Reconstruction & Development
0.250%, 11/24/2023		350,000		348,877

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

FINANCIALS (continued)
Jackson Financial
1.125%, 11/22/2023	$	250,000	$	249,274
JPMorgan Chase
3.625%, 05/13/2024		200,000		197,551
1.561%, SOFRRATE + 0.605%, 12/10/2025 (B)		450,000		425,975
Kreditanstalt fuer Wiederaufbau
0.375%, 07/18/2025		350,000		322,332
Metropolitan Life Global Funding I MTN
0.700%, 09/27/2024 (A)		220,000		209,769
Morgan Stanley MTN
3.875%, 04/29/2024		200,000		197,977
2.720%, SOFRRATE + 1.152%, 07/22/2025 (B)		200,000		194,590
New York Life Global Funding
2.350%, 07/14/2026 (A)		200,000		183,311
Northwestern Mutual Global Funding
1.750%, 01/11/2027 (A)		100,000		87,719
PNC Financial Services Group
1.150%, 08/13/2026		125,000		109,779
Royal Bank of Canada MTN
1.400%, 11/02/2026		100,000		87,741
S&P Global
2.450%, 03/01/2027		200,000		180,945
State Street
1.684%, SOFRRATE + 0.560%, 11/18/2027 (B)		100,000		88,691
Toronto-Dominion Bank MTN
2.800%, 03/10/2027		200,000		180,379
1.950%, 01/12/2027		150,000		132,448
US Bancorp
1.450%, 05/12/2025		100,000		93,211
Wells Fargo MTN
3.550%, 09/29/2025		100,000		95,483
3.196%, TSFR3M + 1.432%, 06/17/2027 (B)		250,000		230,858

				6,922,615


HEALTH CARE — 8.5%
Abbott Laboratories
3.750%, 11/30/2026		100,000		95,682
Amgen
2.200%, 02/21/2027		125,000		112,019

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
HEALTH CARE (continued)
Astrazeneca Finance
0.700%, 05/28/2024	$	100,000	$	97,180
Bristol-Myers Squibb
0.750%, 11/13/2025		155,000		141,334
Cigna Group
4.125%, 11/15/2025		100,000		96,888
CVS Health
3.625%, 04/01/2027		150,000		139,258
Elevance Health
4.101%, 03/01/2028		125,000		116,773
2.375%, 01/15/2025		100,000		95,945
GE HealthCare Technologies
5.650%, 11/15/2027		150,000		148,484
Johnson & Johnson
0.550%, 09/01/2025		150,000		137,767
Kaiser Foundation Hospitals
3.150%, 05/01/2027		100,000		92,683
Medtronic Global Holdings SCA
4.250%, 03/30/2028		125,000		119,025
Merck
1.700%, 06/10/2027		125,000		110,181
Pfizer
3.400%, 05/15/2024		150,000		148,097
Thermo Fisher Scientific
4.800%, 11/21/2027		155,000		151,771
UnitedHealth Group
3.700%, 12/15/2025		250,000		241,571

				2,044,658

INDUSTRIALS — 8.5%
AerCap Ireland Capital DAC
5.750%, 06/06/2028		100,000		96,050
Burlington Northern Santa Fe
3.650%, 09/01/2025		300,000		290,628
Canadian Pacific Railway
1.750%, 12/02/2026		325,000		289,144
Caterpillar Financial Services MTN
2.150%, 11/08/2024		175,000		169,114

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value

INDUSTRIALS (continued)
Eaton
3.103%, 09/15/2027	$	100,000	$	91,734
Honeywell International
4.950%, 02/15/2028		100,000		98,775
John Deere Capital MTN
2.650%, 06/24/2024		270,000		264,738
Otis Worldwide
2.056%, 04/05/2025		100,000		94,782
Parker-Hannifin
4.250%, 09/15/2027		100,000		94,780
RTX
2.650%, 11/01/2026		300,000		274,525
Union Pacific
3.250%, 01/15/2025		100,000		97,174
Waste Management
0.750%, 11/15/2025		200,000		182,169

				2,043,613

INFORMATION TECHNOLOGY — 6.8%
Apple
2.450%, 08/04/2026		170,000		157,894
Intel
3.750%, 08/05/2027		150,000		140,819
Mastercard
2.950%, 11/21/2026		100,000		93,286
Microsoft
2.400%, 08/08/2026		500,000		464,779
NVIDIA
0.584%, 06/14/2024		100,000		96,953
PayPal Holdings
2.650%, 10/01/2026		100,000		92,113
QUALCOMM
3.250%, 05/20/2027		100,000		93,018
Salesforce
0.625%, 07/15/2024		250,000		241,335
Texas Instruments
1.125%, 09/15/2026		185,000		165,534

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
INFORMATION TECHNOLOGY (continued)
Visa
3.150%, 12/14/2025	$	100,000	$	95,449

				1,641,180


MATERIALS — 0.4%
Ecolab
1.650%, 02/01/2027		100,000		88,311


REAL ESTATE — 7.8%
Alexandria Real Estate Equities
3.950%, 01/15/2027		200,000		186,965
ERP Operating
2.850%, 11/01/2026		250,000		229,756
Extra Space Storage
5.700%, 04/01/2028		200,000		194,902
Mid-America Apartments
1.100%, 09/15/2026		325,000		285,708
Prologis
2.125%, 04/15/2027		100,000		88,683
Public Storage Operating
1.500%, 11/09/2026		300,000		267,266
Realty Income
4.625%, 11/01/2025		150,000		146,163
4.600%, 02/06/2024		100,000		99,456
Simon Property Group
2.000%, 09/13/2024		300,000		289,857
Spirit Realty
3.200%, 01/15/2027		100,000		90,311

				1,879,067


UTILITIES — 7.3%
American Water Capital
2.950%, 09/01/2027		100,000		90,500
CMS Energy
2.950%, 02/15/2027		100,000		90,264
Connecticut Light and Power
3.200%, 03/15/2027		100,000		92,301
Duke Energy Florida
3.200%, 01/15/2027		150,000		139,576

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — continued



	Face Amount		Value
UTILITIES (continued)
Entergy Louisiana
0.950%, 10/01/2024	$	100,000	$	95,654
Florida Power & Light
4.400%, 05/15/2028		80,000		76,146
National Rural Utilities Cooperative Finance MTN
1.000%, 10/18/2024		250,000		238,902
NextEra Energy Capital Holdings
1.875%, 01/15/2027		125,000		109,862
NiSource
5.250%, 03/30/2028		100,000		97,138
Oncor Electric Delivery
2.750%, 06/01/2024		175,000		171,719
Public Service Electric and Gas MTN
2.250%, 09/15/2026		200,000		182,915
Southern California Edison
5.300%, 03/01/2028		125,000		122,217
Southern California
Gas 2.950%, 04/15/2027		175,000		159,565
Virginia Electric and Power
3.500%, 03/15/2027		100,000		92,939

				1,759,698

TOTAL CORPORATE OBLIGATIONS (Cost $24,361,423)				23,028,872


U.S. TREASURY OBLIGATIONS — 3.3%

U.S. Treasury Notes
4.625%, 09/30/2028		175,000		173,482
4.125%, 07/31/2028		650,000		630,551


TOTAL U.S. TREASURY OBLIGATIONS (Cost $814,908)				804,033


TOTAL INVESTMENTS— 98.9% (Cost $25,176,331)			$	23,832,905


Percentages are based on Net Assets of $24,099,365.

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

October 31, 2023

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2023, the value of these securities amounted to $1,388,166, representing 5.8% of the Net Assets of the Fund.

(B)

MTN — Medium Term Note

SOFR — Secured Overnight Financing Rate

TSFR3M — Term Structured Financing Rate 3 Month Average

The open futures contracts held by the Fund at October 31, 2023, are as follows:


										Unrealized
	Number			Expiration		Notional				Appreciation
Type of Contract	of			Date		Amount		Value		(Depreciation)
Long Contracts
U.S. 5-Year Treasury Note		22			Dec-2023	$	2,343,278	$	2,298,484	$	(44,794)


Short Contracts
U.S. 2-Year Treasury Note		(4	)		Dec-2023	$	(814,531)	$	(809,687)	$	4,844

						$	1,528,747	$	1,488,797	$	(39,950)

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


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	–	$	23,028,872	$	–	$	23,028,872
U.S. Treasury Obligations		–		804,033		–		804,033

Total Investments in Securities	$	–	$	23,832,905	$	–	$	23,832,905


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	4,844	$	–	$	–	$	4,844
Unrealized Depreciation		(44,794)		–		–		(44,794)

Total Other Financial Instruments	$	(39,950)	$	–	$	–	$	(39,950)

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

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

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SECTOR WEIGHTING† (Unaudited)

LOGO

† Percentages are based on total investments.


SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.5%

	Shares		Value
COMMUNICATION SERVICES — 7.2%
Adevinta, Cl B (A)		103	$	905
Alphabet, Cl A (A)		2,579		320,002
Alphabet, Cl C (A)		2,289		286,812
AT&T		3,108		47,863
Auto Trader Group (B)		384		2,905
BCE		29		1,076
Bollore		355		1,938
BT Group, Cl A		2,950		4,052
Cameco		186		7,609
Capcom		100		3,219
Cellnex Telecom (A) (B)		244		7,173
Charter Communications, Cl A (A)		43		17,320
Comcast, Cl A		1,801		74,363
CyberAgent		200		1,050
Dentsu Group		100		2,905
Deutsche Telekom		1,417		30,754
Electronic Arts		113		13,988
Elisa		57		2,418

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
COMMUNICATION SERVICES (continued)
Fox		189	$	5,615
Hakuhodo DY Holdings		100		812
HKT Trust & HKT		2,000		2,072
Informa		602		5,216
Infrastrutture Wireless Italiane (B)		136		1,489
Interpublic Group of		158		4,487
KDDI		600		17,949
Koninklijke KPN		1,350		4,538
Liberty Broadband, Cl C (A)		56		4,665
Liberty Global (A)		86		1,459
Liberty Media -Liberty Formula One, Cl C (A)		93		6,016
Liberty Media -Liberty SiriusXM (A)		70		1,719
Live Nation Entertainment (A)		67		5,361
LY		1,100		2,804
Match Group (A)		119		4,117
Meta Platforms, Cl A (A)		959		288,918
Netflix (A)		192		79,045
News		157		3,247
Nexon		200		3,670
Nintendo		400		16,526
Nippon Telegraph & Telephone		12,500		14,710
Omnicom Group		86		6,442
Orange		865		10,174
Paramount Global, Cl B		243		2,644
Pinterest, Cl A (A)		246		7,351
Publicis Groupe		97		7,386
Quebecor, Cl B		67		1,382
REA Group		21		1,928
ROBLOX, Cl A (A)		193		6,139
Rogers Communications, Cl B		167		6,187
Roku, Cl A (A)		59		3,515
Scout24 (B)		35		2,153
Sea ADR (A)		160		6,672
SEEK		134		1,768
Singapore Telecommunications		3,900		6,777
Sirius XM Holdings		405		1,733
Snap, Cl A (A)		464		4,645
SoftBank		1,300		14,699
SoftBank Group		400		16,382
Spark New Zealand		747		2,169
Swisscom		12		7,190
Take-Two Interactive Software (A)		71		9,496

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value

COMMUNICATION SERVICES (continued)
Tele2, Cl B		205	$	1,456
Telecom Italia (A)		4,001		1,034
Telefonica		2,180		8,420
Telefonica Deutschland Holding		419		712
Telenor		281		2,872
Telia		1,093		2,317
Telstra Group		1,669		4,047
TELUS		190		3,064
T-Mobile US		235		33,807
Trade Desk, Cl A (A)		197		13,979
Universal Music Group		366		8,963
Verizon Communications		1,814		63,726
Vivendi		311		2,789
Vodafone Group		10,127		9,322
Walt Disney (A)		794		64,782
Warner Bros Discovery (A)		1,024		10,179
WPP		478		4,116
ZoomInfo Technologies, Cl A (A)		126		1,633


				1,664,837

CONSUMER DISCRETIONARY — 10.4%
Accor		96		3,063
adidas		72		12,802
Ageas		69		2,650
Airbnb, Cl A (A)		178		21,056
Aisin		100		3,484
Allianz		174		40,758
Amazon.com (A)		4,004		532,892
Aptiv (A)		119		10,377
Aramark		119		3,205
Aristocrat Leisure		279		6,858
AutoZone (A)		8		19,817
Avolta		42		1,472
Bandai Namco Holdings		300		6,215
Barratt Developments		408		2,058
Bath & Body Works		106		3,143
Bayerische Motoren Werke		137		12,742
Berkeley Group Holdings		45		2,212
Best Buy		90		6,014
Booking Holdings (A)		16		44,633
BorgWarner		96		3,542
Bridgestone		300		11,354

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value

CONSUMER DISCRETIONARY (continued)
BRP		22	$	1,487
Burberry Group		162		3,339
Burlington Stores (A)		27		3,268
Caesars Entertainment (A)		86		3,431
Canadian Tire, Cl A		23		2,219
CarMax (A)		65		3,971
Carnival (A)		455		5,214
Chewy, Cl A (A)		36		696
Chipotle Mexican Grill, Cl A (A)		12		23,306
Cie Financiere Richemont, Cl A		230		27,134
Cie Generale des Etablissements Michelin SCA		280		8,318
Compass Group		739		18,631
Continental		44		2,873
Darden Restaurants		52		7,568
Deckers Outdoor (A)		11		6,568
Delivery Hero (A) (B)		65		1,661
Denso		800		11,813
Dick’s Sporting Goods		26		2,781
D’ieteren Group		7		1,040
Dollar General		96		11,428
Dollar Tree (A)		91		10,109
Dollarama		116		7,922
Domino’s Pizza		15		5,085
DoorDash, Cl A (A)		110		8,245
DR Horton		130		13,572
DraftKings, Cl A (A)		183		5,054
eBay		230		9,023
Entain		303		3,440
Etsy (A)		51		3,177
Evolution (B)		84		7,485
Expedia Group (A)		65		6,194
Fast Retailing		100		22,140
Ferrari		56		16,952
Flutter Entertainment (A)		76		11,936
Ford Motor		1,675		16,331
Galaxy Entertainment Group (A)		1,000		5,621
Garmin		72		7,382
General Motors		603		17,005
Genting Singapore		2,400		1,508
Genuine Parts		64		8,247
Gildan Activewear		79		2,244
Global-e Online, Cl E (A)		41		1,440

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value

CONSUMER DISCRETIONARY (continued)
H & M Hennes & Mauritz, Cl B		294	$	3,950
Hasbro		52		2,348
Hermes International SCA		14		26,122
Hilton Worldwide Holdings		118		17,881
Home Depot		435		123,840
Honda Motor		2,100		21,522
Hyatt Hotels, Cl A		21		2,151
Hydro One (B)		132		3,423
IDP Education		84		1,161
Industria de Diseno Textil		463		15,982
InterContinental Hotels Group		73		5,173
Isuzu Motors		300		3,345
JD Sports Fashion		1,032		1,604
Kering		32		13,014
Kingfisher		846		2,160
Klepierre		81		1,967
Koito Manufacturing		100		1,498
La Francaise des Jeux SAEM (B)		38		1,226
Las Vegas Sands		157		7,451
Lear		24		3,114
Lennar, Cl A		110		11,735
LKQ		112		4,919
Lottery		890		2,569
Lowe’s		254		48,405
Lucid Group (A)		359		1,479
Lululemon Athletica (A)		49		19,280
Marriott International, Cl A		111		20,930
Mazda Motor		200		1,933
McDonald’s		317		83,108
MercadoLibre (A)		20		24,815
Mercedes-Benz Group		354		20,827
MGM Resorts International (A)		119		4,155
Mohawk Industries (A)		24		1,929
Moncler		97		5,038
Next		53		4,444
NIKE, Cl B		537		55,187
Nissan Motor (A)		1,100		4,233
NVR (A)		1		5,413
O’Reilly Automotive (A)		26		24,191
Oriental Land		500		16,173
Pan Pacific International Holdings		200		3,873
Panasonic Holdings		1,000		8,773

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
CONSUMER DISCRETIONARY (continued)
Pandora		40	$	4,537
Pearson		303		3,507
Persimmon		128		1,585
Pool		16		5,052
Prosus		664		18,614
PulteGroup		91		6,697
Puma		42		2,380
Rakuten Group (A)		700		2,589
Renault		77		2,702
Restaurant Brands International		125		8,396
Rivian Automotive, Cl A (A)		281		4,558
Ross Stores		147		17,047
Royal Caribbean Cruises (A)		102		8,642
Sands China (A)		1,200		3,230
SEB		11		1,088
Sekisui Chemical		100		1,370
Sekisui House		300		5,875
Sharp (A)		100		625
Sodexo		35		3,704
Sony Group		500		41,569
Starbucks		492		45,382
Stellantis		938		17,524
Subaru		200		3,462
Sumitomo Electric Industries		300		3,149
Suzuki Motor		200		7,762
Swatch Group		41		4,269
Target		198		21,937
Taylor Wimpey		1,459		1,970
Tesla (A)		1,237		248,439
TJX		502		44,211
Toyota Motor		4,600		80,471
Tractor Supply		46		8,858
Ulta Beauty (A)		22		8,389
USS		100		1,748
Vail Resorts		16		3,396
Valeo		92		1,216
VF		134		1,974
Volkswagen		13		1,503
Volvo Car, Cl B (A)		276		952
Wesfarmers		496		15,958
Whirlpool		25		2,614
Whitbread		81		3,284

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
CONSUMER DISCRETIONARY (continued)
Wynn Resorts		42	$	3,687
Yamaha		100		2,671
Yamaha Motor		100		2,444
Yum! Brands		125		15,108
Zalando (A) (B)		89		2,082
ZOZO		100		1,901


				2,419,674

CONSUMER STAPLES — 6.8%
Aeon		300		6,312
Ajinomoto		200		7,305
Albertsons, Cl A		117		2,539
Alimentation Couche-Tard		335		18,236
Altria Group		763		30,650
Anheuser-Busch InBev		373		21,223
Archer-Daniels-Midland		232		16,604
Asahi Group Holdings		200		7,234
Associated British Foods		143		3,528
Barry Callebaut		2		3,032
Beiersdorf		48		6,313
British American Tobacco		928		27,722
Brown-Forman, Cl B		139		7,806
Budweiser Brewing APAC (B)		700		1,330
Bunge		63		6,677
Campbell Soup		79		3,192
Carlsberg, Cl B		40		4,767
Carrefour		254		4,453
Church & Dwight		110		10,003
Clorox		52		6,120
Coca-Cola		1,784		100,778
Coca-Cola Europacific Partners		98		5,734
Coca-Cola HBC		115		2,986
Coles Group		635		6,163
Colgate-Palmolive		340		25,541
Conagra Brands		193		5,280
Constellation Brands, Cl A		71		16,625
Costco Wholesale		191		105,516
Danone		286		17,014
Darling Ingredients (A)		73		3,233
Davide Campari-Milano		210		2,321
Diageo		973		36,795
Empire		68		1,863

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
CONSUMER STAPLES (continued)
Endeavour Group		545	$	1,712
Essity, Cl B		246		5,609
Estee Lauder, Cl A		99		12,758
General Mills		261		17,028
George Weston		31		3,363
Haleon		2,433		9,752
Heineken		128		11,500
Heineken Holding		59		4,489
HelloFresh (A)		66		1,444
Henkel & KGaA		42		2,654
Hershey		65		12,178
Hormel Foods		120		3,906
Imperial Brands		379		8,074
J M Smucker		44		5,009
J Sainsbury		710		2,221
Japan Tobacco		500		11,639
JDE Peet’s		40		1,111
Jeronimo Martins SGPS		115		2,651
Kao		200		7,297
Kellanova		125		6,309
Kenvue		910		16,926
Kerry Group, Cl A		64		4,944
Kesko, Cl B		110		1,860
Keurig Dr Pepper		393		11,920
Kikkoman		100		5,689
Kimberly-Clark		146		17,468
Kirin Holdings		400		5,621
Kobe Bussan		100		2,475
Koninklijke Ahold Delhaize		409		12,111
Kraft Heinz		389		12,238
Kroger		285		12,930
Lamb Weston Holdings		63		5,657
MatsukiyoCocokara		300		5,263
McCormick		106		6,773
MEIJI Holdings		100		2,461
Metro, Cl A		100		5,079
Molson Coors Beverage, Cl B		76		4,391
Mondelez International, Cl A		591		39,130
Monster Beverage (A)		335		17,119
Mowi		176		2,860
Nestle		1,184		127,681
Ocado Group (A)		303		1,720

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
CONSUMER STAPLES (continued)
Orkla		302	$	2,082
PepsiCo		597		97,478
Pernod Ricard		89		15,804
Philip Morris International		667		59,470
Procter & Gamble		1,023		153,481
Reckitt Benckiser Group		312		20,875
Remy Cointreau		9		1,023
Salmar		33		1,565
Seven & i Holdings		300		10,992
Shiseido		200		6,343
Suntory Beverage & Food		100		3,009
Sysco		221		14,694
Tesco		3,114		10,219
Treasury Wine Estates		289		2,226
Tyson Foods, Cl A		118		5,469
Unicharm		200		6,796
Unilever		1,087		51,481
Walgreens Boots Alliance		332		6,999
Walmart		642		104,909
Welcia Holdings		100		1,658
WH Group (B)		3,500		2,090
Wilmar International		800		2,080
Woolworths Group		527		11,797
Yakult Honsha		200		4,713


				1,575,168

ENERGY — 5.0%
Aker BP		127		3,660
Ampol		95		1,926
APA		124		4,925
ARC Resources		288		4,633
Baker Hughes, Cl A		426		14,663
BP		7,491		45,740
Canadian Natural Resources		484		30,735
Cenovus Energy		648		12,346
Cheniere Energy		108		17,973
Chesapeake Energy		49		4,218
Chevron		783		114,107
ConocoPhillips		529		62,845
Coterra Energy		319		8,773
Devon Energy		289		13,459
Diamondback Energy		76		12,184

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
ENERGY (continued)
Enbridge		895	$	28,681
ENEOS Holdings		1,200		4,447
Eni		1,054		17,230
EOG Resources		255		32,194
Equinor		385		12,906
Equities		168		7,120
Exxon Mobil		1,752		185,449
Galp Energia SGPS		200		3,011
Halliburton		395		15,539
Hess		121		17,472
HF Sinclair		74		4,098
Idemitsu Kosan		100		2,271
Imperial Oil		91		5,186
Inpex		400		5,804
Keyera		88		2,047
Kinder Morgan		849		13,754
Marathon Oil		283		7,729
Marathon Petroleum		186		28,133
Neste		198		6,654
Occidental Petroleum		288		17,801
OMV		59		2,588
ONEOK		252		16,430
Ovintiv		99		4,752
Parkland		61		1,846
Pembina Pipeline		253		7,787
Phillips 66		195		22,244
Pioneer Natural Resources		103		24,617
Repsol		581		8,507
Santos		1,355		6,612
Schlumberger		625		34,787
Shell		2,898		93,393
Suncor Energy		562		18,200
Targa Resources		89		7,441
TC Energy		435		14,982
Tenaris		189		2,989
Texas Pacific Land		2		3,692
TotalEnergies		969		64,785
Tourmaline Oil		144		7,615
Valero Energy		156		19,812
Williams		528		18,163

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
ENERGY (continued)
Woodside Energy Group		839	$	18,273


				1,169,228

FINANCIALS — 13.0%
3i Group		444		10,468
ABN AMRO Bank (B)		184		2,478
abrdn		871		1,663
Admiral Group		77		2,288
Aegon		727		3,536
Aflac		255		19,918
AIA Group		5,000		43,419
AIB Group		531		2,305
Allstate		110		14,094
Ally Financial		106		2,564
American Express		274		40,012
American Financial Group		29		3,171
American International Group		318		19,497
Ameriprise Financial		46		14,470
Amundi (B)		24		1,254
Annaly Capital Management		209		3,263
ANZ Group Holdings		1,349		21,272
Aon, Cl A		89		27,537
Apollo Global Management		169		13,087
Arch Capital Group (A)		159		13,782
Ares Management, Cl A		74		7,296
Arthur J Gallagher		93		21,901
ASR Nederland		74		2,762
Assurant		24		3,574
ASX		78		2,787
Aviva		1,190		5,764
AXA		805		23,852
Baloise Holding		19		2,728
Banco Bilbao Vizcaya Argentaria		2,634		20,722
Banco Santander		6,925		25,470
Bank Hapoalim		501		3,584
Bank Leumi Le-Israel		659		4,245
Bank of America		3,105		81,786
Bank of Ireland Group		480		4,302
Bank of Montreal		312		23,576
Bank of New York Mellon		343		14,577
Bank of Nova Scotia		517		20,933
Banque Cantonale Vaudoise		17		1,922

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
FINANCIALS (continued)
Barclays		6,635	$	10,649
Berkshire Hathaway, Cl B (A)		562		191,827
BlackRock, Cl A		66		40,410
Blackstone		303		27,982
BNP Paribas		461		26,509
BOC Hong Kong Holdings		1,500		3,967
Brookfield, Cl A		601		17,509
Brookfield Asset Management, Cl A		150		4,300
Brown & Brown		110		7,636
CaixaBank		1,775		7,216
Canadian Imperial Bank of Commerce		404		14,249
Capital One Financial		164		16,612
Carlyle Group		108		2,974
Cboe Global Markets		43		7,047
Charles Schwab		653		33,982
Chiba Bank		200		1,490
Chubb		179		38,417
Cincinnati Financial		71		7,077
Citigroup		855		33,764
Citizens Financial Group		206		4,827
CME Group, Cl A		158		33,727
Coinbase Global, Cl A (A)		79		6,092
Commerzbank		493		5,317
Commonwealth Bank of Australia		725		44,599
Concordia Financial Group		400		1,858
Dai-ichi Life Holdings		400		8,450
Daiwa Securities Group		600		3,460
Danske Bank		305		7,155
DBS Group Holdings		800		19,219
Deutsche Bank		808		8,892
Deutsche Boerse		80		13,168
Discover Financial Services		109		8,947
DNB Bank		430		7,758
Element Fleet Management		194		2,624
Equitable Holdings		148		3,932
Equities		133		2,430
Erie Indemnity, Cl A		10		2,762
Erste Group Bank		138		4,942
Eurazeo		16		902
Euronext (B)		34		2,371
Everest Group		20		7,912
Eversource Energy		158		8,499

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
FINANCIALS (continued)
EXOR		43	$	3,691
FactSet Research Systems		17		7,342
Fairfax Financial Holdings		9		7,490
Fidelity National Financial		109		4,261
Fifth Third Bancorp		319		7,563
FinecoBank Banca Fineco		245		2,890
First Citizens BancShares, Cl A		5		6,904
First Horizon		220		2,365
Franklin Resources		121		2,758
Futu Holdings ADR (A)		20		1,109
Gjensidige Forsikring		80		1,200
Globe Life		39		4,538
Goldman Sachs Group		143		43,416
Great-West Lifeco		112		3,103
Groupe Bruxelles Lambert		45		3,291
Hang Seng Bank		300		3,430
Hannover Rueck		24		5,299
Hargreaves Lansdown		143		1,232
Hartford Financial Services Group		139		10,210
Helvetia Holding		14		1,882
Hong Kong Exchanges & Clearing		500		17,491
HSBC Holdings		8,527		61,569
Huntington Bancshares		592		5,713
iA Financial		43		2,502
IGM Financial		33		743
Industrivarden, Cl A		68		1,760
Industrivarden, Cl C		53		1,367
ING Groep		1,538		19,718
Insurance Australia Group		988		3,564
Intact Financial		78		10,959
Intercontinental Exchange		241		25,893
Intesa Sanpaolo		6,933		18,066
Invesco		139		1,803
Investor, Cl B		750		13,768
Israel Discount Bank, Cl A		466		2,048
Japan Exchange Group		200		3,955
Japan Post Bank		600		5,561
Japan Post Holdings		1,000		8,851
Japan Post Insurance		100		1,926
JPMorgan Chase		1,268		176,328
Julius Baer Group		89		5,274
KBC Group		108		5,944

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
FINANCIALS (continued)
KeyCorp		383	$	3,914
KKR		266		14,736
L E Lundbergforetagen, Cl B		32		1,307
Legal & General Group		2,752		7,091
Lloyds Banking Group		28,169		13,710
Loblaw		69		5,643
Loews		88		5,633
London Stock Exchange Group		172		17,354
LPL Financial Holdings		32		7,185
LVMH Moet Hennessy Louis Vuitton		119		85,196
M&G		1,037		2,504
M&T Bank		75		8,456
Macquarie Group		159		16,344
Manulife Financial		819		14,257
Markel Group (A)		5		7,353
MarketAxess Holdings		15		3,206
Marsh & McLennan		213		40,395
Medibank Pvt		1,105		2,411
Mediobanca Banca di Credito Finanziario		248		2,962
MetLife		279		16,743
Mitsubishi HC Capital		300		1,978
Mitsubishi UFJ Financial Group		4,900		41,107
Mizrahi Tefahot Bank		56		1,733
Mizuho Financial Group		1,100		18,676
Moody’s		72		22,176
Morgan Stanley		548		38,809
MS&AD Insurance Group Holdings		200		7,328
MSCI, Cl A		35		16,504
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		60		24,078
Nasdaq		141		6,994
National Australia Bank		1,403		25,134
NatWest Group		2,594		5,644
NN Group		122		3,913
Nomura Holdings		1,200		4,636
Nordea Bank Abp		1,403		14,777
Northern Trust		87		5,734
Onex		31		1,737
ORIX		500		9,093
Oversea-Chinese Banking		1,500		13,907
Partners Group Holding		10		10,589
Phoenix Group Holdings		260		1,436

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
FINANCIALS (continued)
PNC Financial Services Group		172	$	19,689
Poste Italiane (B)		209		2,069
Power Corp of Canada		244		5,878
Principal Financial Group		108		7,309
Progressive		257		40,629
Prudential		1,237		12,935
Prudential Financial		155		14,173
QBE Insurance Group		632		6,267
Raymond James Financial		88		8,399
Regions Financial		435		6,320
Resona Holdings		1,000		5,343
Robinhood Markets, Cl A (A)		193		1,764
Royal Bank of Canada		596		47,603
S&P Global		141		49,253
Sampo, Cl A		200		7,866
SBI Holdings (A)		100		2,151
Schroders		294		1,324
SEI Investments		48		2,576
Shizuoka Financial Group		200		1,701
Singapore Exchange		400		2,769
Skandinaviska Enskilda Banken, Cl A		657		7,332
Societe Generale		310		6,966
Sofina		6		1,140
Sompo Holdings		100		4,332
St. James’s Place		216		1,684
Standard Chartered		1,054		8,081
State Street		141		9,113
Sumitomo Mitsui Financial Group		600		28,925
Sumitomo Mitsui Trust Holdings		100		3,750
Sun Life Financial		250		11,419
Suncorp Group		514		4,375
Svenska Handelsbanken, Cl A		590		5,030
Swedbank		403		6,619
Swiss Life Holding		13		8,350
Swiss Re		135		14,750
Synchrony Financial		186		5,217
T Rowe Price Group		95		8,598
T&D Holdings		200		3,568
Talanx		29		1,828
Tokio Marine Holdings		800		17,898
Toronto-Dominion Bank		804		44,909
Tradeweb Markets, Cl A		42		3,780

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
FINANCIALS (continued)
Travelers		103	$	17,246
Truist Financial		571		16,193
Tryg		145		2,831
UBS Group		1,430		33,600
UniCredit		779		19,529
United Overseas Bank		600		11,835
US Bancorp		657		20,945
W R Berkley		85		5,731
Webster Financial		74		2,810
Wells Fargo		1,583		62,956
Wendel		11		824
Westpac Banking		1,568		20,591
Willis Towers Watson		45		10,615
Wise, Cl A (A)		272		2,211
Zurich Insurance Group		65		30,874


				3,018,952

HEALTH CARE — 12.5%
Abbott Laboratories		755		71,385
AbbVie		765		108,003
Agilent Technologies		131		13,541
Alcon		220		15,747
Align Technology (A)		30		5,538
Alnylam Pharmaceuticals (A)		55		8,349
Amgen		230		58,811
Amplifon		50		1,413
Argenx (A)		25		11,759
Asahi Intecc		100		1,680
Astellas Pharma		800		10,120
AstraZeneca		672		84,137
Avantor (A)		313		5,456
Bachem Holding, Cl B		15		1,090
Baxter International		218		7,070
Bayer		420		18,148
Becton Dickinson		123		31,092
Biogen (A)		61		14,490
BioMarin Pharmaceutical (A)		85		6,923
BioMerieux		17		1,632
Bio-Rad Laboratories, Cl A (A)		9		2,477
Bio-Techne		64		3,496
Boston Scientific (A)		614		31,431
Bristol-Myers Squibb		904		46,583

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
HEALTH CARE (continued)
Cardinal Health		116	$	10,556
Carl Zeiss Meditec		16		1,389
Catalent (A)		68		2,339
Cencora, Cl A		73		13,516
Centene (A)		244		16,831
Charles River Laboratories International (A)		25		4,209
Chugai Pharmaceutical		300		8,897
Cigna Group		130		40,196
Cochlear		32		4,905
Coloplast, Cl B		48		5,006
Cooper		23		7,170
CSL		210		31,036
CVS Health		558		38,508
Daiichi Sankyo		800		20,627
Danaher		301		57,798
DaVita (A)		27		2,085
Demant (A)		43		1,641
DENTSPLY SIRONA		88		2,676
Dexcom (A)		163		14,479
DiaSorin		10		896
EBOS Group		63		1,286
Edwards Lifesciences (A)		267		17,013
Eisai		100		5,298
Elevance Health		103		46,359
Eli Lilly		350		193,875
EssilorLuxottica		129		23,360
Eurofins Scientific		54		2,740
Exact Sciences (A)		81		4,989
Fisher & Paykel Healthcare		234		2,838
Fresenius & KGaA		200		5,145
Fresenius Medical Care & KGaA		82		2,724
GE HealthCare Technologies		179		11,916
Genmab (A)		29		8,198
Getinge, Cl B		92		1,656
Gilead Sciences		543		42,647
Grifols (A)		120		1,347
GSK		1,779		31,714
HCA Healthcare		89		20,126
Henry Schein (A)		56		3,639
Hikma Pharmaceuticals		70		1,622
Hologic (A)		102		6,750
Hoya		200		19,254

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
HEALTH CARE (continued)
Humana		55	$	28,803
IDEXX Laboratories (A)		35		13,982
Illumina (A)		71		7,769
Incyte (A)		90		4,854
Insulet (A)		28		3,712
Intuitive Surgical (A)		150		39,333
Ipsen		15		1,773
IQVIA Holdings (A)		83		15,009
Jazz Pharmaceuticals (A)		25		3,176
Johnson & Johnson		1,013		150,268
Koninklijke Philips		398		7,571
Kyowa Kirin		100		1,568
Laboratory Corp of America Holdings		39		7,789
Lonza Group		33		11,557
M3 (A)		200		3,080
McKesson		58		26,411
Medtronic		577		40,713
Merck		1,102		113,175
Merck KGaA		54		8,156
Mettler-Toledo International (A)		10		9,852
Moderna (A)		145		11,014
Molina Healthcare (A)		25		8,324
Neurocrine Biosciences (A)		47		5,214
Novartis		888		83,134
Novo Nordisk, Cl B		1,410		136,031
Olympus		600		8,013
Ono Pharmaceutical		200		3,454
Orion, Cl B		43		1,711
Otsuka Holdings		200		6,729
Pfizer		2,448		74,811
QIAGEN (A)		92		3,429
Quest Diagnostics		49		6,375
Ramsay Health Care		73		2,260
Recordati Industria Chimica e Farmaceutica		42		1,943
Regeneron Pharmaceuticals (A)		47		36,655
Repligen (A)		25		3,364
ResMed		65		9,179
Revvity		58		4,805
Roche Holding		319		82,402
Royalty Pharma, Cl A		150		4,031
Sandoz Group (A)		177		4,602
Sanofi		494		44,858

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
HEALTH CARE (continued)
Sartorius Stedim Biotech		11	$	2,059
Seagen (A)		59		12,556
Shionogi		100		4,656
Siemens Healthineers (B)		133		6,543
Smith & Nephew		352		3,939
Sonic Healthcare		182		3,333
Sonova Holding		22		5,214
STERIS		41		8,609
Straumann Holding		46		5,437
Stryker		146		39,452
Swedish Orphan Biovitrum (A)		89		1,831
Sysmex		100		4,790
Takeda Pharmaceutical		700		19,001
Teleflex		19		3,510
Terumo		300		8,208
Teva Pharmaceutical Industries ADR (A)		545		4,676
Thermo Fisher Scientific		167		74,277
UCB		51		3,730
United Therapeutics (A)		20		4,457
UnitedHealth Group		403		215,831
Universal Health Services, Cl B		30		3,777
Veeva Systems, Cl A (A)		63		12,141
Vertex Pharmaceuticals (A)		112		40,556
Viatris, Cl W		485		4,317
Waters (A)		25		5,963
West Pharmaceutical Services		33		10,504
Zimmer Biomet Holdings		95		9,919
Zoetis, Cl A		199		31,243


				2,891,045

INDUSTRIALS — 10.3%
3M		244		22,192
A O Smith		53		3,697
ABB		693		23,283
ACS Actividades de Construccion y Servicios		82		2,965
Adecco Group		62		2,346
AECOM		53		4,057
Aena SME (B)		37		5,369
AerCap Holdings (A)		70		4,348
Aeroports de Paris		12		1,348
AGC		100		3,402
Air Canada (A)		70		844

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INDUSTRIALS (continued)
Airbus		258	$	34,592
Alfa Laval		127		4,116
Allegion		36		3,541
Alstom		129		1,747
AMETEK		103		14,499
ANA Holdings		100		1,963
AP Moller - Maersk, Cl A		1		1,633
AP Moller - Maersk, Cl B		3		4,999
Ashtead Group		187		10,725
Assa Abloy, Cl B		418		8,910
Atlas Copco, Cl A		929		12,030
Atlas Copco, Cl B		931		10,458
Auckland International Airport		502		2,147
Aurizon Holdings		739		1,610
Axon Enterprise (A)		28		5,726
BAE Systems		1,369		18,408
BayCurrent Consulting		100		2,511
Beijer Ref, Cl B		148		1,407
Boeing (A)		249		46,518
Booz Allen Hamilton Holding, Cl A		54		6,476
Bouygues		92		3,236
Brambles		578		4,824
Brenntag		62		4,610
Builders FirstSource (A)		59		6,403
Bunzl		164		5,851
Bureau Veritas		118		2,688
CAE (A)		127		2,652
Canadian National Railway		244		25,817
Canadian Pacific Kansas City		400		28,400
Carlisle		22		5,590
Carrier Global		364		17,348
Caterpillar		224		50,635
Central Japan Railway		500		11,254
CH Robinson Worldwide		53		4,337
Cie de Saint-Gobain		206		11,213
Cintas		39		19,778
CK Hutchison Holdings		1,000		5,062
Clarivate (A)		141		900
CNH Industrial		487		5,397
Copart (A)		376		16,364
CoStar Group (A)		181		13,287
Credit Agricole		495		5,977

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INDUSTRIALS (continued)
CSX		878	$	26,208
Cummins		61		13,194
Dai Nippon Printing		100		2,609
Daifuku		200		3,305
Daikin Industries		100		14,418
Daimler Truck Holding		215		6,755
Dassault Aviation		10		1,988
DCC		40		2,222
Deere		120		43,843
Delta Air Lines		64		2,000
Deutsche Lufthansa (A)		239		1,676
Deutsche Post		437		17,062
Dover		58		7,537
DSV		81		12,105
East Japan Railway		100		5,194
Eaton		175		36,384
Eiffage		33		2,995
Elbit Systems		11		2,046
Emerson Electric		246		21,887
Epiroc, Cl A		290		4,778
Epiroc, Cl B		138		1,916
Equifax		52		8,818
Expeditors International of Washington		68		7,429
Experian		409		12,409
FANUC		400		9,927
Fastenal		246		14,352
FedEx		104		24,970
Ferguson		91		13,668
Ferrovial		217		6,531
Fortive		159		10,379
Fortune Brands Innovations		55		3,069
Fuji Electric		100		3,807
GEA Group		61		2,086
Geberit		14		6,519
Generac Holdings (A)		25		2,102
General Dynamics		101		24,372
General Electric		473		51,382
GFL Environmental		104		2,996
Grab Holdings, Cl A (A)		735		2,256
Graco		73		5,427
Hankyu Hanshin Holdings		100		3,146
HEICO		20		3,168

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INDUSTRIALS (continued)
HEICO, Cl A		33	$	4,195
Hitachi		400		25,355
Honeywell International		288		52,779
Howmet Aerospace		175		7,718
Hubbell, Cl B		25		6,753
Huntington Ingalls Industries		16		3,517
Husqvarna, Cl B		169		1,095
IDEX		34		6,508
Illinois Tool Works		133		29,808
IMCD		23		2,769
Indutrade		114		2,020
Ingersoll Rand		179		10,862
Intertek Group		65		3,027
Investment Latour, Cl B		61		1,056
ITOCHU		500		18,011
Jacobs Solutions		52		6,932
Japan Airlines		100		1,838
Jardine Matheson Holdings		100		4,052
JB Hunt Transport Services		34		5,844
Johnson Controls International		306		15,000
Kajima		200		3,306
Kawasaki Kisen Kaisha		100		3,429
Keisei Electric Railway		100		3,767
Keppel		600		2,724
Kingspan Group		62		4,173
Kintetsu Group Holdings		100		2,814
Knight-Swift Transportation Holdings, Cl A		63		3,080
Knorr-Bremse		29		1,620
Komatsu		400		9,191
Kone, Cl B		161		6,972
Kongsberg Gruppen		46		1,879
Kubota		500		6,725
Kuehne + Nagel International		25		6,742
L3Harris Technologies		81		14,532
Legrand		113		9,775
Leidos Holdings		54		5,352
Lennox International		13		4,817
Lifco, Cl B		94		1,720
Lixil		100		1,096
Lockheed Martin		98		44,555
Magna International		114		5,478
Makita		100		2,585

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INDUSTRIALS (continued)
Marubeni		600	$	8,773
Masco		99		5,157
Melrose Industries		595		3,388
Metso		281		2,476
MINEBEA MITSUMI		100		1,568
MISUMI Group		100		1,514
Mitsubishi		500		23,308
Mitsubishi Electric		800		9,173
Mitsubishi Heavy Industries		100		5,150
Mitsui		600		21,807
Mitsui OSK Lines		100		2,582
MonotaRO		100		799
MTR		1,000		3,738
MTU Aero Engines		26		4,887
NGK Insulators		100		1,222
Nibe Industrier, Cl B		732		4,216
NIDEC CORP		200		7,336
Nippon Yusen		200		4,893
Nordson		21		4,464
Norfolk Southern		99		18,888
Northrop Grumman		62		29,229
Obayashi		300		2,570
Odakyu Electric Railway		200		2,847
Old Dominion Freight Line		42		15,820
Otis Worldwide		184		14,207
Owens Corning		41		4,648
PACCAR		220		18,157
Parker-Hannifin		56		20,659
Pentair		66		3,836
Persol Holdings		1,000		1,499
Prysmian		127		4,756
Qantas Airways (A)		368		1,153
Quanta Services		65		10,863
Randstad		48		2,486
Rational		2		1,141
RB Global		78		5,104
Recruit Holdings		600		17,204
Reece		117		1,304
RELX		825		28,815
Rentokil Initial		1,060		5,398
Republic Services, Cl A		99		14,701
Rheinmetall		19		5,455

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INDUSTRIALS (continued)
Robert Half		45	$	3,365
Rockwell Automation		50		13,141
ROCKWOOL, Cl B		3		668
Rollins		114		4,288
Rolls-Royce Holdings (A)		3,743		9,852
RTX		629		51,194
Saab, Cl B		36		1,849
Safran		149		23,277
Schindler Holding		29		5,771
Schneider Electric		237		36,464
Seatrium (A)		21,451		1,757
Secom		100		6,945
Securitas, Cl B		203		1,626
Sensata Technologies Holding		63		2,008
SG Holdings		200		2,835
SGS		69		5,635
Shimizu		200		1,423
Siemens		333		44,189
Siemens Energy (A)		221		1,965
Singapore Airlines		700		3,126
Singapore Technologies Engineering		600		1,647
SITC International Holdings		1,000		1,540
Skanska, Cl B		138		2,072
SKF, Cl B		154		2,497
Smiths Group		159		3,119
Snap-on		22		5,675
Southwest Airlines		59		1,312
Spirax-Sarco Engineering		30		2,994
Stanley Black & Decker		65		5,528
Stantec, Cl Common Subs. Receipt		48		2,937
Sumitomo		500		9,829
Taisei		100		3,391
Techtronic Industries		500		4,565
Teleperformance		24		2,761
Textron		90		6,840
TFI International		34		3,761
Thales		43		6,346
Thomson Reuters		70		8,385
Tobu Railway		100		2,407
Tokyu		200		2,258
TOPPAN Holdings		100		2,306
Toro		43		3,476

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INDUSTRIALS (continued)
Toromont Industries		33	$	2,484
TOTO		100		2,411
Toyota Industries		100		7,411
Toyota Tsusho		100		5,324
Trane Technologies		101		19,221
TransDigm Group (A)		24		19,874
TransUnion		90		3,949
Transurban Group		1,383		10,412
Uber Technologies (A)		800		34,624
U-Haul Holding, Cl B		36		1,700
Union Pacific		263		54,601
United Parcel Service, Cl B		311		43,929
United Rentals		29		11,782
VAT Group (B)		11		3,901
Veralto (A)		100		6,900
Verisk Analytics, Cl A		62		14,096
Vestas Wind Systems (A)		459		9,949
Vinci		229		25,322
Volvo, Cl A		78		1,564
Volvo, Cl B		690		13,672
Wartsila Abp		190		2,267
Washington H Soul Pattinson		87		1,853
Waste Connections		115		14,892
Waste Management		179		29,415
Watsco		14		4,884
West Japan Railway		100		3,812
Westinghouse Air Brake Technologies		81		8,588
Wolters Kluwer		115		14,755
WSP Global		52		6,806
WW Grainger		19		13,867
Xinyi Glass Holdings		1,042		1,197
Xylem		102		9,541
Yamato Holdings		100		1,665
Yaskawa Electric		100		3,273


				2,388,052

INFORMATION TECHNOLOGY — 24.2%
Accenture, Cl A		274		81,403
Adobe (A)		198		105,348
Advanced Micro Devices (A)		700		68,950
Advantest		400		10,303
Adyen (A) (B)		9		6,070

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INFORMATION TECHNOLOGY (continued)
Akamai Technologies (A)		65	$	6,716
Amadeus IT Group		201		11,472
Amphenol, Cl A		260		20,943
Analog Devices		216		33,983
ANSYS (A)		38		10,574
Apple		6,820		1,164,651
Applied Materials		364		48,175
Arista Networks (A)		111		22,241
Arrow Electronics (A)		21		2,382
ASML Holding		175		105,196
Aspen Technology (A)		13		2,311
Assicurazioni Generali		448		8,899
Atlassian, Cl A (A)		64		11,561
Autodesk (A)		91		17,984
Automatic Data Processing		179		39,061
Azbil		100		2,955
BE Semiconductor Industries		34		3,512
Bechtle		33		1,475
Bentley Systems, Cl B		102		4,961
BILL Holdings (A)		44		4,017
Block (A)		32		1,255
Block, Cl A (A)		208		8,372
Broadcom		179		150,605
Broadridge Financial Solutions		53		9,044
Brother Industries		100		1,560
Cadence Design Systems (A)		119		28,542
Canon		400		9,456
Capgemini		71		12,548
CDW		59		11,824
Ceridian HCM Holding (A)		68		4,353
CGI, Cl A (A)		88		8,496
Check Point Software Technologies (A)		43		5,773
Cisco Systems		1,760		91,749
Cloudflare, Cl A (A)		112		6,349
Cognex		71		2,555
Cognizant Technology Solutions, Cl A		218		14,054
Computershare		281		4,435
Confluent, Cl A (A)		73		2,110
Constellation Software		9		18,042
Corning		361		9,660
Crowdstrike Holdings, Cl A (A)		96		16,970
CyberArk Software (A)		16		2,618

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

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INFORMATION TECHNOLOGY (continued)
Dassault Systemes		277	$	11,410
Datadog, Cl A (A)		108		8,799
Dell Technologies, Cl C		105		7,026
Descartes Systems Group (A)		41		2,963
DocuSign, Cl A (A)		78		3,033
Dropbox, Cl A (A)		126		3,314
Dynatrace (A)		109		4,873
Edenred		116		6,175
Enphase Energy (A)		60		4,775
Entegris		69		6,075
EPAM Systems (A)		27		5,874
F5 (A)		24		3,638
Fair Isaac (A)		11		9,305
Fidelity National Information Services		251		12,327
First Solar (A)		42		5,983
Fiserv (A)		265		30,144
FleetCor Technologies (A)		31		6,980
Fortinet (A)		297		16,979
FUJIFILM Holdings		200		10,940
Fujitsu		100		12,955
Gartner (A)		34		11,289
Gen Digital		233		3,882
Getlink		176		2,842
Global Payments		110		11,684
GoDaddy, Cl A (A)		68		4,980
Halma		152		3,418
Hamamatsu Photonics		100		3,714
Hewlett Packard Enterprise		584		8,982
Hexagon, Cl B		927		7,555
HP		382		10,058
HubSpot (A)		21		8,899
Ibiden		100		4,264
Infineon Technologies		566		16,533
Intel		1,799		65,664
International Business Machines		395		57,133
Intuit		122		60,384
Jabil		59		7,245
Jack Henry & Associates		30		4,230
Juniper Networks		131		3,526
Keyence		100		38,712
Keysight Technologies (A)		82		10,008
KLA		59		27,712

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

100

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INFORMATION TECHNOLOGY (continued)
Kyocera		100	$	4,929
Lam Research		58		34,117
Lattice Semiconductor (A)		57		3,170
Logitech International		69		5,431
Manhattan Associates (A)		28		5,459
Marvell Technology		366		17,283
Mastercard, Cl A		366		137,744
Microchip Technology		241		17,181
Micron Technology		468		31,295
Microsoft		3,062		1,035,293
Monday.com (A)		9		1,170
MongoDB, Cl A (A)		29		9,993
Monolithic Power Systems		20		8,835
Motorola Solutions		71		19,771
Murata Manufacturing		600		10,278
National Bank of Canada		152		9,450
NEC		100		4,815
Nemetschek		23		1,719
NetApp		90		6,550
Nexi (A) (B)		327		1,900
Nice (A)		30		4,599
Nokia		2,463		8,203
Nomura Research Institute		200		5,250
NTT Data Group		300		3,699
Nuvei (B)		23		320
NVIDIA		1,071		436,754
NXP Semiconductors		110		18,967
Okta, Cl A (A)		65		4,382
Omron		100		3,583
ON Semiconductor (A)		183		11,463
Open Text		109		3,639
Oracle		706		73,000
Otsuka		100		4,009
Palantir Technologies, Cl A (A)		815		12,062
Palo Alto Networks (A)		134		32,565
Paychex		143		15,880
Paycom Software		24		5,879
Paylocity Holding (A)		21		3,767
PayPal Holdings (A)		466		24,139
PTC (A)		52		7,302
Qorvo (A)		45		3,934
QUALCOMM		486		52,969

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

101

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INFORMATION TECHNOLOGY (continued)
Renesas Electronics (A)		600	$	7,881
Ricoh		300		2,432
Roper Technologies		46		22,474
Sage Group		422		4,985
Salesforce (A)		423		84,951
SAP		451		60,494
Saputo		100		2,019
Seagate Technology Holdings		82		5,597
Seiko Epson		100		1,388
ServiceNow (A)		88		51,203
Shimadzu		100		2,365
Shopify, Cl A (A)		518		24,463
Skyworks Solutions		66		5,725
Snowflake, Cl A (A)		112		16,255
SolarEdge Technologies (A)		26		1,975
Splunk (A)		66		9,712
SS&C Technologies Holdings		92		4,623
STMicroelectronics		306		11,665
SUMCO		100		1,292
Super Micro Computer (A)		20		4,789
Synopsys (A)		65		30,514
TDK		200		7,483
TE Connectivity		141		16,617
Teledyne Technologies (A)		21		7,866
Telefonaktiebolaget LM Ericsson, Cl B		1,375		6,160
Temenos		27		1,945
Teradyne		66		5,496
Texas Instruments		393		55,810
TIS		100		2,142
Toast, Cl A (A)		122		1,951
Tokyo Electron		200		26,428
Trend Micro (A)		100		3,768
Trimble (A)		101		4,760
Twilio, Cl A (A)		67		3,434
Tyler Technologies (A)		17		6,339
UiPath, Cl A (A)		153		2,376
Unity Software (A)		88		2,233
VeriSign (A)		40		7,986
Visa, Cl A		700		164,570
VMware, Cl A (A)		103		15,002
Western Digital (A)		148		5,942
WiseTech Global		68		2,532

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

102

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
INFORMATION TECHNOLOGY (continued)
Wix.com (A)		22	$	1,758
Wolfspeed (A)		56		1,895
Workday, Cl A (A)		87		18,419
Worldline (A) (B)		96		1,221
Xero (A)		67		4,581
Yokogawa Electric		100		1,815
Zebra Technologies, Cl A (A)		21		4,398
Zoom Video Communications, Cl A (A)		105		6,298
Zscaler (A)		40		6,348


				5,618,918

MATERIALS — 4.3%
Agnico Eagle Mines		217		10,177
Air Liquide		225		38,554
Air Products and Chemicals		96		27,114
Akzo Nobel		75		5,031
Albemarle		52		6,593
Amcor		616		5,476
Anglo American		566		14,421
Antofagasta		158		2,584
ArcelorMittal		243		5,377
Arkema		25		2,343
Asahi Kasei		500		3,074
ASM International		21		8,666
Avery Dennison		33		5,744
Ball		131		6,308
Barrick Gold		778		12,427
BASF		398		18,391
BHP Group		2,202		62,333
BlueScope Steel		202		2,421
Boliden		110		2,820
CCL Industries, Cl B		61		2,385
Celanese, Cl A		45		5,153
CF Industries Holdings		86		6,861
Chr Hansen Holding		42		2,866
Clariant		87		1,236
Cleveland-Cliffs (A)		221		3,708
Corteva		301		14,490
Covestro (A) (B)		77		3,901
CRH		336		18,032
Croda International		56		2,985
Crown Holdings		53		4,272

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

103

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
MATERIALS (continued)
Dow		302	$	14,599
DSM-Firmenich		86		7,796
DuPont de Nemours		206		15,013
Eastman Chemical		54		4,035
Ecolab		111		18,619
EMS-Chemie Holding		3		2,052
Endeavour Mining		88		1,816
Evonik Industries		84		1,546
First Quantum Minerals		274		3,175
FMC		52		2,766
Fortescue Metals Group		772		10,982
Franco-Nevada		80		9,732
Freeport-McMoRan		623		21,045
Givaudan		4		13,314
Glencore		4,630		24,524
Heidelberg Materials		60		4,356
Holcim		228		14,097
Holmen, Cl B		53		2,000
ICL Group		283		1,377
IGO		311		1,883
International Flavors & Fragrances		111		7,587
International Paper		149		5,026
Ivanhoe Mines, Cl A (A)		242		1,783
James Hardie Industries (A)		178		4,441
JFE Holdings		200		2,787
Johnson Matthey		78		1,418
JSR (A)		100		2,677
Kinross Gold		506		2,642
Linde		213		81,400
L’Oreal		105		44,135
Lundin Mining		265		1,655
LyondellBasell Industries, Cl A		117		10,558
Martin Marietta Materials		27		11,041
Mineral Resources		79		2,912
Mitsubishi Chemical Group		500		2,829
Mitsui Chemicals		100		2,520
Mondi		194		3,138
Mosaic		148		4,807
Newmont (A)		491		18,517
Nippon Paint Holdings		400		2,689
Nippon Sanso Holdings		100		2,522
Nippon Steel		400		8,628

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

104

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
MATERIALS (continued)
Nissan Chemical		100	$	4,079
Nitto Denko		100		6,471
Norsk Hydro		539		3,074
Northern Star Resources		589		4,313
Novozymes, Cl B		82		3,685
Nucor		107		15,814
Nutrien		222		11,923
OCI		49		1,142
Oji Holdings		300		1,283
Orica		163		1,523
Packaging Corp of America		38		5,816
Pan American Silver		184		2,688
Pilbara Minerals		1,109		2,605
PPG Industries		105		12,891
Reliance Steel & Aluminum		24		6,105
Rio Tinto		647		43,088
RPM International		52		4,746
Sandvik		492		8,380
Sealed Air		60		1,847
Sherwin-Williams		106		25,250
Shin-Etsu Chemical		800		23,923
SIG Group		146		3,219
Sika		62		14,837
Smurfit Kappa Group		125		4,074
Solvay		30		3,172
South32		1,872		4,005
Steel Dynamics		70		7,456
Stora Enso, Cl R		233		2,800
Sumitomo Chemical		600		1,525
Sumitomo Metal Mining		100		2,809
Svenska Cellulosa SCA, Cl B		246		3,375
Symrise, Cl A		55		5,620
Teck Resources, Cl B		189		6,678
TMX Group		115		2,395
Toray Industries		600		2,903
Tosoh		100		1,224
Umicore		79		1,880
UPM-Kymmene		245		8,251
voestalpine		47		1,174
Vulcan Materials		60		11,789
Wacker Chemie		11		1,350
West Fraser Timber		22		1,485

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

105

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
MATERIALS (continued)
Westlake		19	$	2,192
Westrock		107		3,845
Wheaton Precious Metals		203		8,574
Yara International		66		2,160


				1,005,620

REAL ESTATE — 2.2%
Alexandria Real Estate Equities		68		6,333
American Homes 4 Rent, Cl A		152		4,977
American Tower		203		36,173
AvalonBay Communities		62		10,276
Azrieli Group		17		732
Boston Properties		59		3,161
Camden Property Trust		52		4,414
Canadian Apartment Properties REIT		34		1,001
CapitaLand Ascendas REIT		1,800		3,420
CapitaLand Integrated Commercial Trust		2,200		2,828
CapitaLand Investment		1,100		2,362
CBRE Group, Cl A (A)		135		9,361
City Developments		200		923
CK Asset Holdings		1,000		4,998
Covivio		20		857
Crown Castle		193		17,945
Daiwa House Industry		300		8,252
Daiwa House REIT Investment		1		1,770
Dexus		431		1,780
Digital Realty Trust		125		15,545
Equinix		41		29,915
Equity LifeStyle Properties		70		4,606
Equity Residential		161		8,908
ESR Group (B)		800		1,028
Essex Property Trust		26		5,562
Extra Space Storage		91		9,427
Fastighets Balder, Cl B (A)		258		1,096
FirstService		16		2,264
Gaming and Leisure Properties		109		4,947
Gecina		18		1,767
GLP J-Reit		2		1,791
Goodman Group		757		10,017
GPT Group		767		1,770
Hang Lung Properties		1,000		1,314
Healthcare Realty Trust, Cl A		160		2,296

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

106

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
REAL ESTATE (continued)
Healthpeak Properties		265	$	4,121
Henderson Land Development		1,000		2,616
Hongkong Land Holdings		500		1,520
Host Hotels & Resorts		286		4,427
Hulic		200		1,834
Invitation Homes		270		8,016
Iron Mountain		132		7,797
Japan Metropolitan Fund Invest		3		1,936
Japan Real Estate Investment		1		3,714
Keppel REIT		120		70
Kimco Realty		272		4,880
Land Securities Group		282		1,955
LEG Immobilien (A)		29		1,813
Lendlease		276		1,093
Link REIT		1,030		4,727
Mapletree Logistics Trust		1,300		1,396
Mapletree Pan Asia Commercial Trust		900		875
Mid-America Apartment Communities		55		6,498
Mirvac Group		1,578		1,831
Mitsubishi Estate		500		6,400
Mitsui Fudosan		400		8,670
New World Development		1,000		1,835
Nippon Building Fund		1		4,018
Nippon Prologis REIT		1		1,780
Nomura Real Estate Holdings		100		2,336
Nomura Real Estate Master Fund		2		2,207
Prologis		404		40,703
Public Storage		70		16,710
Realty Income		288		13,645
Regency Centers		81		4,881
RioCan Real Estate Investment Trust		62		753
Sagax, Cl B		65		1,177
SBA Communications, Cl A		45		9,388
Scentre Group		2,078		3,219
Segro		496		4,311
Simon Property Group		143		15,714
Sino Land		2,099		2,096
Stockland		955		2,155
Sumitomo Realty & Development		100		2,509
Sun Communities		55		6,118
Sun Hung Kai Properties		500		5,134
Swire Properties		400		775

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

107

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
REAL ESTATE (continued)
Swiss Prime Site		31	$	2,881
UDR		125		3,976
Unibail-Rodamco-Westfield (A)		50		2,477
UOL Group		200		861
Ventas		186		7,897
VICI Properties, Cl A		423		11,802
Vicinity		1,548		1,677
Vonovia		342		7,874
Warehouses De Pauw CVA		84		2,078
Welltower		211		17,642
Weyerhaeuser		310		8,894
Wharf Real Estate Investment		1,000		3,498
WP Carey		92		4,936
Zillow Group, Cl C (A)		59		2,139


				520,101

UTILITIES — 2.6%
Acciona		8		1,009
ACCIONA Energias Renovables		42		1,138
AES		322		4,798
Algonquin Power & Utilities		269		1,354
Alliant Energy		120		5,855
AltaGas		112		2,080
Ameren		109		8,252
American Electric Power		222		16,770
American Water Works		83		9,765
APA Group		473		2,479
Atmos Energy		66		7,106
BKW		6		1,009
Brookfield Renewable, Cl A		52		1,183
Canadian Utilities, Cl A		51		1,079
CenterPoint Energy		285		7,661
Centrica		2,414		4,621
Chubu Electric Power		300		3,625
CLP Holdings		500		3,659
CMS Energy		134		7,282
Consolidated Edison		145		12,730
Constellation Energy		143		16,148
Dominion Energy		371		14,959
DTE Energy		92		8,867
Duke Energy		338		30,045
E.ON		1,009		12,005

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

108

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
UTILITIES (continued)
Edison International		160	$	10,090
EDP - Energias de Portugal		1,413		5,938
EDP Renovaveis		116		1,866
Elia Group		12		1,140
Emera		130		4,258
Enagas		100		1,673
Endesa		127		2,390
Enel		3,525		22,375
Engie		825		13,121
Entergy		94		8,985
Essential Utilities		104		3,480
Evergy		110		5,405
Exelon		430		16,744
FirstEnergy		246		8,758
Fortis		226		8,973
Fortum		178		2,113
Hong Kong & China Gas		5,000		3,481
Iberdrola		2,631		29,262
Kansai Electric Power		300		3,841
Mercury NZ		280		962
Meridian Energy		513		1,445
National Grid		1,578		18,814
Naturgy Energy Group		43		1,217
NextEra Energy		868		50,604
NiSource		195		4,906
Northland Power		90		1,265
NRG Energy		98		4,153
Origin Energy		706		4,095
Orsted (B)		89		4,300
Osaka Gas		100		1,886
PG&E (A)		819		13,350
Power Assets Holdings		500		2,390
PPL		309		7,592
Public Service Enterprise Group		211		13,008
Redeia		174		2,714
RWE		268		10,255
Sembcorp Industries		400		1,342
Sempra		268		18,768
Severn Trent		101		3,263
Snam		811		3,719
Southern		477		32,102
SSE		462		9,182

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

109

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LGIM America

Global Developed Equity Index Fund

October 31, 2023

SCHEDULE OF INVESTMENTS

COMMON STOCK — continued



	Shares		Value
UTILITIES (continued)
Terna - Rete Elettrica Nazionale		566	$	4,334
Tokyo Electric Power Holdings (A)		600		2,539
Tokyo Gas		200		4,491
United Utilities Group		274		3,544
Veolia Environnement		315		8,631
Verbund		27		2,346
Vistra		141		4,613
WEC Energy Group		140		11,395
Xcel Energy		243		14,403

				607,000

TOTAL COMMON STOCK (Cost $25,239,661)				22,878,595


PREFERRED STOCK — 0.1%

CONSUMER DISCRETIONARY — 0.1%
Bayerische Motoren Werke, 0.000% (C)		23		1,956
Dr Ing hc F Porsche, 0.000% (C)		50		4,382
Porsche Automobil Holding, 0.000% (C)		61		2,730
Volkswagen, 0.000% (C)		89		9,439


				18,507

CONSUMER STAPLES — 0.0%
Henkel & KGaA, 0.000% (C)		72		5,194


HEALTH CARE — 0.0%
Sartorius, 0.000% (C)		11		2,757


TOTAL PREFERRED STOCK (Cost $40,698)				26,458


WARRANT — 0.0%

	Number of Warrants
Constellation Software, Expires 08/22/2028 (A)		9		–


TOTAL WARRANT (Cost $—)				–


TOTAL INVESTMENTS— 98.6% (Cost $25,280,359)			$	22,905,053

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

110

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LGIM America

Global Developed Equity Index Fund

October 31, 2023

Percentages are based on Net Assets of $23,218,956.

(A)

Non-income producing security.

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2023, the value of these securities amounted to $62,709, representing 0.3% of the Net Assets of the Fund.

(C)

There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia and Far East

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

S&P — Standard and Poor’s

The open futures contracts held by the Fund at October 31, 2023, are as follows:


Type of Contract	Number of		Expiration Date		Notional Amount		Value		Unrealized Depreciation
Long Contracts
MSCI EAFE Index		1		Dec-2023	$	105,682	$	98,705	$	(6,977)
S&P 500 Index E-MINI		9		Dec-2023		199,840		189,551		(10,289)

					$	305,522	$	288,256	$	(17,266)

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


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	22,878,595	$	–	$	–	$	22,878,595
Preferred Stock		26,458		–		–		26,458
Warrant		–		–		–		–

Total Investments in Securities	$	22,905,053	$	–	$	–	$	22,905,053


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation		(17,266)		–		–		(17,266)

Total Other Financial Instruments	$	(17,266)	$	–	$	–	$	(17,266)

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

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

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

111

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF ASSETS AND LIABILITIES


	LGIM America Commodity Strategy Fund			LGIM America Long Duration U.S. Credit Fund
Assets:
Investments, at Value (Cost $41,838,437 and $45,972,875)	$	39,552,478		$	37,985,788
Cash and Cash Equivalents		108,857			566,764
Receivable for Investment Securities Sold		1,583,323			800,365
Deferred Offering Costs – (Note 2)		119,407			—
Receivable from Investment Adviser⁽¹⁾		73,793			29,131
Dividends and Interest Receivable		66,149			580,263
Prepaid Expenses		1,254			9,096
Receivable for Capital Shares Sold		25			817

Total Assets		41,505,286			39,972,224

Liabilities:
Payable for Investment Securities Purchased		1,862,045			917,007
Payable due to Administrator		10,192			8,493
Chief Compliance Officer Fees Payable		1,602			1,446
Payable due to Trustees		357			338
Unrealized Loss on Swaps		1			—
Payable for Audit Fees		—			28,875
Pricing Fees Payable		—			1,784
Other Accrued Expenses		75,462			25,533

Total Liabilities		1,949,659			983,476

Commitments and Contingencies †


Net Assets	$	39,555,627		$	38,988,748


NET ASSETS CONSIST OF:
Paid-in Capital	$	41,155,146		$	49,946,041
Total Accumulated Losses		(1,599,519	)		(10,957,293)

Net Assets	$	39,555,627		$	38,988,748

Institutional Shares
Net Assets	$	39,555,627			N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,648,568			N/A

Net Asset Value, Offering and Redemption Price Per Share	$	23.99			N/A

W Shares
Net Assets		N/A		$	38,988,748
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		N/A			5,928,931

Net Asset Value, Offering and Redemption Price Per Share		N/A		$	6.58

(1)	Receivable from Investment Advisor relates to reimbursement of monthly Fund expenses (in excess of fee waivers) necessary to keep the Fund’s Total Annual Fund Operating Expenses from exceeding the contractual expense limit.

†	See Note 7 in the Notes to Financial Statements.

Amounts

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

N/A	– Not applicable

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

112

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

STATEMENTS OF ASSETS AND LIABILITIES


	LGIM America U.S. Credit Fund			LGIM America Retirement Income 2040 Fund
Assets:
Investments, at Value (Cost $22,556,308 and $—)	$	19,447,219		$	—
Affiliated Investments, at Value (Cost $— and $97,585)		—			95,098
Cash and Cash Equivalents		113,510			—
Receivable for Investment Securities Sold		386,361			—
Dividends and Interest Receivable		230,044			—
Receivable from Investment Adviser⁽¹⁾		34,053			13,950
Prepaid Expenses		6,793			5,419

Total Assets		20,217,980			114,467

Liabilities:
Payable for Investment Securities Purchased		497,941			—
Payable for Audit Fees		26,250			21,000
Payable due to Administrator		8,493			6,370
Payable on Interest Purchased		2,470			—
Pricing Fees Payable		1,749			1,202
Chief Compliance Officer Fees Payable		796			3
Payable due to Trustees		186			1
Transfer Agent Fees Payable		—			3,774
Other Accrued Expenses		16,862			316

Total Liabilities		554,747			32,666

Commitments and Contingencies †


Net Assets	$	19,663,233		$	81,801


NET ASSETS CONSIST OF:
Paid-in Capital	$	24,773,695		$	104,319
Total Accumulated Losses		(5,110,462	)		(22,518)

Net Assets	$	19,663,233		$	81,801

Institutional Shares
Net Assets	$	19,663,233			N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,498,947			N/A

Net Asset Value, Offering and Redemption Price Per Share	$	7.87			N/A

W Shares
Net Assets		N/A		$	81,801
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		N/A			10,524

Net Asset Value, Offering and Redemption Price Per Share		N/A		$	7.77

(1)	Receivable from Investment Advisor relates to reimbursement of monthly Fund expenses (in excess of fee waivers) necessary to keep the Fund’s Total Annual Fund Operating Expenses from exceeding the contractual expense limit.

†	See Note 7 in Notes to Financial Statements.

Amounts

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

N/A	– Not applicable

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

113

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

STATEMENTS OF ASSETS AND LIABILITIES


	LGIM America Cash Flow Matched Bond Fund			LGIM America Global Developed Equity Index Fund
Assets:
Investments, at Value (Cost $25,176,331 and $25,280,359)	$	23,832,905		$	22,905,053
Foreign Currency, at Value (Cost $— and $84,320)		—			84,288
Cash and Cash Equivalents		248,908			172,744
Dividends and Interest Receivable		174,684			38,979
Receivable from Investment Adviser⁽¹⁾		36,912			47,863
Variation Margin Receivable		29,462			13,121
Prepaid Expenses		7,180			7,095
Receivable for Investment Securities Sold		—			392
Reclaims Receivable		—			25,413

Total Assets		24,330,051			23,294,948

Liabilities:
Payable for Investment Securities Purchased		173,414			—
Payable for Audit Fees		26,250			26,250
Payable due to Administrator		8,493			8,493
Transfer Agent Fees Payable		5,118			—
Variation Margin Payable		3,391			—
Chief Compliance Officer Fees Payable		965			945
Payable on Interest Purchased		730			—
Pricing Fees Payable		598			11,870
Payable due to Trustees		226			221
Payable due to Custodian		90			11,949
Other Accrued Expenses		11,411			16,264

Total Liabilities		230,686			75,992

Commitments and Contingencies †


Net Assets	$	24,099,365		$	23,218,956


NET ASSETS CONSIST OF:
Paid-in Capital	$	25,771,408		$	25,882,085
Total Accumulated Losses		(1,672,043	)		(2,663,129)

Net Assets	$	24,099,365		$	23,218,956

Institutional Shares
Net Assets	$	24,099,365		$	23,218,956
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,582,108			2,597,388

Net Asset Value, Offering and Redemption Price Per Share	$	9.33		$	8.94

(1)	Receivable from Investment Advisor relates to reimbursement of monthly Fund expenses (in excess of fee waivers) necessary to keep the Fund’s Total Annual Fund Operating Expenses from exceeding the contractual expense limit.

†	See Note 7 in Notes to Financial Statements.

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

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

114

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LGIM America

For the Period/Year Ended

October 31, 2023

CONSOLIDATED STATEMENT OF OPERATIONS/STATEMENT OF OPERATIONS


	LGIM America Commodity Strategy Fund*		LGIM America Long Duration U.S. Credit Fund
Investment Income
Interest	$	876,230	$	1,862,789
Dividends		2,768		—

Total Investment Income		878,998		1,862,789

Expenses
Administration Fees - (Note 6)		44,055		99,999
Investment Advisory Fees - (Note 7)		22,206		84,617
Trustees’ Fees		2,031		15,032
Chief Compliance Officer Fees - (Note 5)		1,602		4,301
Deferred Offering Costs - (Note 2)		66,334		—
Legal Fees		38,918		61,232
Transfer Agent Fees - (Note 6)		30,600		48,259
Audit Fees		26,250		28,875
Printing Fees		21,862		13,544
Registration Fees		4,743		32,936
Custodian Fees - (Note 6)		2,714		10,799
Pricing Fees		1,955		3,923
Insurance and Other Expenses		20,354		27,007

Total Expenses		283,624		430,524

Less:
Investment Advisory Fees Waived		(22,206)		(84,617)
Reimbursement of Expense from Investment Adviser		(239,372)		(235,544)

Net Expenses		22,046		110,363


Net Investment Income		856,952		1,752,426

Net Realized Gain (Loss) on:
Investments		(124,884)		(1,658,158)
Swap Contracts		18,043		—

Net Realized Loss		(106,841)		(1,658,158)


Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,285,959)		(1,168,740)
Swap Contracts		(1)		—

Net Change in Unrealized Depreciation		(2,285,960)		(1,168,740)


Net Realized and Unrealized Loss		(2,392,801)		(2,826,898)


Net Decrease in Net Assets Resulting from Operations	$	(1,535,849)	$	(1,074,472)

*Commenced operations on June 20, 2023.

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

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

115

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LGIM America

For the Year Ended

October 31, 2023

STATEMENTS OF OPERATIONS


	LGIM America U.S. Credit Fund		LGIM America Retirement Income 2040 Fund
Investment Income
Interest	$	767,916	$	—
Dividends from affiliated securities		—		2,155

Total Investment Income		767,916		2,155

Expenses
Administration Fees - (Note 6)		99,999		75,000
Investment Advisory Fees - (Note 7)		46,831		—
Trustees’ Fees		9,233		39
Chief Compliance Officer Fees - (Note 5)		2,405		1,385
Legal Fees		48,297		142
Transfer Agent Fees - (Note 6)		36,956		22,440
Audit Fees		26,250		21,000
Registration Fees		25,734		28,782
Custodian Fees - (Note 6)		9,250		1,169
Printing Fees		7,623		228
Pricing Fees		—		1,232
Insurance and Other Expenses		14,348		1,927

Total Expenses		326,926		153,344

Less:
Investment Advisory Fees Waived		(46,831)		—
Reimbursement of Expense from Investment Adviser		(219,016)		(153,344)

Net Expenses		61,079		—


Net Investment Income		706,837		2,155

Net Realized Gain (Loss) on:
Investments		(1,004,548)		—
Affiliated Investments		—		(12,598	)

Net Realized Loss		(1,004,548)		(12,598)


Net Change in Unrealized Appreciation (Depreciation) on:
Investments		775,958		—
Affiliated Investments		—		14,289

Net Change in Unrealized Appreciation		775,958		14,289


Net Realized and Unrealized Gain (Loss)		(228,590)		1,691


Net Increase in Net Assets Resulting from Operations	$	478,247	$	3,846

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

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

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For the Year Ended

October 31, 2023

STATEMENTS OF OPERATIONS


	LGIM America Cash Flow Matched Bond Fund		LGIM America Global Developed Equity Index Fund
Investment Income
Interest	$	583,725	$	9,805
Dividends		—		496,297
Less: Foreign Taxes Withheld		—		(25,282)

Total Investment Income		583,725		480,820

Expenses
Administration Fees - (Note 6)		99,999		99,999
Investment Advisory Fees - (Note 7)		31,166		13,978
Trustees’ Fees		10,870		10,273
Chief Compliance Officer Fees - (Note 5)		2,554		2,769
Legal Fees		56,654		38,242
Transfer Agent Fees - (Note 6)		39,341		38,809
Registration Fees		26,357		26,124
Audit Fees		26,250		26,250
Printing Fees		8,884		16,215
Pricing Fees		—		57,094
Custodian Fees - (Note 6)		—		25,872
Insurance and Other Expenses		16,185		19,391

Total Expenses		318,260		375,016

Less:
Investment Advisory Fees Waived		(31,166)		(13,978)
Reimbursement of Expense from Investment Adviser		(239,148)		(340,071)

Net Expenses		47,946		20,967


Net Investment Income		535,779		459,853

Net Realized Gain (Loss) on:
Investments		(28,930)		(186,425)
Futures Contracts		(58,693)		32,351
Foreign Currency Transactions		—		(1,084)

Net Realized Loss		(87,623)		(155,158)


Net Change in Unrealized Appreciation (Depreciation) on:
Investments		340,584		2,018,126
Futures Contracts		(11,726)		(13,052)
Foreign Currency Translation		—		2,062

Net Change in Unrealized Appreciation		328,858		2,007,136


Net Realized and Unrealized Gain		241,235		1,851,978


Net Increase in Net Assets Resulting from Operations	$	777,014	$	2,311,831

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

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

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CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS


	LGIM America Commodity Strategy Fund
	Period Ended October 31, 2023⁽¹⁾
Operations:
Net Investment Income	$	856,952
Net Realized Loss		(106,841)
Net Change in Unrealized Depreciation		(2,285,960)

Net Decrease in Net Assets Resulting from Operations		(1,535,849)

Distributions:
Institutional Shares		(63,670)

Total Distributions		(63,670)

Capital Share Transactions:
Institutional Shares:
Issued		42,312,476
Reinvestment of Dividends		63,670
Redeemed		(1,221,000)

Increase from Institutional Shares Capital Share Transactions		41,155,146

Net Increase in Net Assets from Capital Share Transactions		41,155,146

Total Increase in Net Assets		39,555,627

Net Assets:
Beginning of Period		—

End of Period	$	39,555,627

Shares Issued and Redeemed:
Institutional Shares:
Issued		1,693,782
Reinvestment of Dividends		2,631
Redeemed		(47,845)

Increase in Shares Outstanding from Institutional Share Transactions		1,648,568

Net Increase in Shares Outstanding from Share Transactions		1,648,568

(1)	Commenced operations on June 20, 2023.

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

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

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STATEMENTS OF CHANGES IN NET ASSETS


	LGIM America Long Duration U.S. Credit Fund
	Year Ended October 31, 2023		Year Ended October 31, 2022
Operations:
Net Investment Income	$	1,752,426	$	756,548
Net Realized Loss		(1,658,158)		(1,308,870)
Net Change in Unrealized Depreciation		(1,168,740)		(7,408,802)

Net Decrease in Net Assets Resulting from Operations		(1,074,472)		(7,961,124)

Distributions:
W Shares		(1,743,629)		(904,323)

Total Distributions		(1,743,629)		(904,323)

Capital Share Transactions:
W Shares:
Issued		15,015,960		12,079,626
Reinvestment of Dividends		1,743,629		904,322
Redeemed		(16,678)		(9,718)

Increase from W Shares Capital Share Transactions		16,742,911		12,974,230

Net Increase in Net Assets from Capital Share Transactions		16,742,911		12,974,230

Total Increase in Net Assets		13,924,810		4,108,783

Net Assets:
Beginning of Year		25,063,938		20,955,155

End of Year	$	38,988,748	$	25,063,938

Shares Issued and Redeemed:
W Shares:
Issued		2,087,797		1,479,490
Reinvestment of Dividends		237,625		105,273
Redeemed		(2,228)		(1,069)

Increase in Shares Outstanding from W Share Transactions		2,323,194		1,583,694

Net Increase in Shares Outstanding from Share Transactions		2,323,194		1,583,694

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

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STATEMENTS OF CHANGES IN NET ASSETS


	LGIM America U.S. Credit Fund
	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾
Operations:
Net Investment Income	$	706,837	$	457,796
Net Realized Loss		(1,004,548)		(996,826)
Net Change in Unrealized Appreciation (Depreciation)		775,958		(3,885,047)

Net Increase (Decrease) in Net Assets Resulting from Operations		478,247		(4,424,077)

Distributions:
Institutional Shares		(710,461)		(454,763)

Total Distributions		(710,461)		(454,763)

Capital Share Transactions:
Institutional Shares:
Issued		16,538		23,624,402
Reinvestment of Dividends		710,461		454,763
Redeemed		(15,102)		(16,775)

Increase from Institutional Shares Capital Share Transactions		711,897		24,062,390

Net Increase in Net Assets from Capital Share Transactions		711,897		24,062,390

Total Increase in Net Assets		479,683		19,183,550

Net Assets:
Beginning of Year/Period		19,183,550		—

End of Year/Period	$	19,663,233	$	19,183,550

Shares Issued and Redeemed:
Institutional Shares:
Issued		1,981		2,362,619
Reinvestment of Dividends		85,927		52,139
Redeemed		(1,811)		(1,908)

Increase in Shares Outstanding from Institutional Share Transactions		86,097		2,412,850

Net Increase in Shares Outstanding from Share Transactions		86,097		2,412,850

(1)	Commenced operations on December 20, 2021.

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

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

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THE ADVISORS’ INNER CIRCLE FUND III

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STATEMENTS OF CHANGES IN NET ASSETS


	LGIM America Retirement Income 2040 Fund
	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾
Operations:
Net Investment Income	$	2,155	$	2,112
Net Realized Loss		(12,598)		(7,457)
Net Change in Unrealized Appreciation (Depreciation)		14,289		(16,776)

Net Increase (Decrease) in Net Assets Resulting from Operations		3,846		(22,121)

Distributions:
W Shares		(2,227)		(2,016)

Total Distributions		(2,227)		(2,016)

Capital Share Transactions:
W Shares:
Issued		—		100,100
Reinvestment of Dividends		2,228		1,991

Increase from W Shares Capital Share Transactions		2,228		102,091

Net Increase in Net Assets from Capital Share Transactions		2,228		102,091

Total Increase in Net Assets		3,847		77,954

Net Assets:
Beginning of Year/Period		77,954		—

End of Year/Period	$	81,801	$	77,954

Shares Issued and Redeemed:
W Shares:
Issued		—		10,010
Reinvestment of Dividends		275		239

Increase in Shares Outstanding from W Share Transactions		275		10,249

Net Increase in Shares Outstanding from Share Transactions		275		10,249

(1)	Commenced operations on December 22, 2021.

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

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

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STATEMENTS OF CHANGES IN NET ASSETS


	LGIM America Cash Flow Matched Bond Fund
	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾
Operations:
Net Investment Income	$	535,779	$	267,919
Net Realized Loss		(87,623)		(205,690)
Net Change in Unrealized Appreciation (Depreciation)		328,858		(1,712,234)

Net Increase (Decrease) in Net Assets Resulting from Operations		777,014		(1,650,005)

Distributions:
Institutional Shares		(533,581)		(265,471)

Total Distributions		(533,581)		(265,471)

Capital Share Transactions:
Institutional Shares:
Issued		14,526		24,979,415
Reinvestment of Dividends		533,581		265,471
Redeemed		(12,238)		(9,347)

Increase from Institutional Shares Capital Share Transactions		535,869		25,235,539

Net Increase in Net Assets from Capital Share Transactions		535,869		25,235,539

Total Increase in Net Assets		779,302		23,320,063

Net Assets:
Beginning of Year/Period		23,320,063		—

End of Year/Period	$	24,099,365	$	23,320,063

Shares Issued and Redeemed:
Institutional Shares:
Issued		1,543		2,498,128
Reinvestment of Dividends		56,834		27,876
Redeemed		(1,309)		(964)

Increase in Shares Outstanding from Institutional Share Transactions		57,068		2,525,040

Net Increase in Shares Outstanding from Share Transactions		57,068		2,525,040

(1)	Commenced operations on December 20, 2021.

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

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

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STATEMENTS OF CHANGES IN NET ASSETS


	LGIM America Global Developed Equity Index Fund
	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾
Operations:
Net Investment Income	$	459,853	$	385,896
Net Realized Loss		(155,158)		(129,131)
Net Change in Unrealized Appreciation (Depreciation)		2,007,136		(4,400,156)

Net Increase (Decrease) in Net Assets Resulting from Operations		2,311,831		(4,143,391)

Distributions:
Institutional Shares		(454,286)		(377,283)

Total Distributions		(454,286)		(377,283)

Capital Share Transactions:
Institutional Shares:
Issued		31,948		25,129,798
Reinvestment of Dividends		454,286		377,283
Redeemed		(69,925)		(41,305)

Increase from Institutional Shares Capital Share Transactions		416,309		25,465,776

Net Increase in Net Assets from Capital Share Transactions		416,309		25,465,776

Total Increase in Net Assets		2,273,854		20,945,102

Net Assets:
Beginning of Year/Period		20,945,102		—

End of Year/Period	$	23,218,956	$	20,945,102

Shares Issued and Redeemed:
Institutional Shares:
Issued		3,514		2,513,481
Reinvestment of Dividends		50,541		42,429
Redeemed		(8,185)		(4,392)

Increase in Shares Outstanding from Institutional Share Transactions		45,870		2,551,518

Net Increase in Shares Outstanding from Share Transactions		45,870		2,551,518

(1)	Commenced operations on December 20, 2021.

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

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

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THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Commodity Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS


	Institutional Shares

	Period Ended October 31, 2023⁽¹⁾

Net Asset Value, Beginning of Period	$	25.00

Income from Operations:
Net Investment Income⁽²⁾		0.53
Net Realized and Unrealized (Loss)		(1.50)


Total from Operations		(0.97)

Dividends and Distributions from:
Net Investment Income		(0.04)

Total Dividends and Distributions		(0.04)

Net Asset Value, End of Period	$	23.99


Total Return †		(3.88)%

Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	39,556
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		0.15%**
Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)		1.92%**
Ratio of Net Investment Income to Average Net Assets		5.83%**
Portfolio Turnover Rate†		28%

**	Annualized.

†

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

(1)

Commenced operations on June 20, 2023.

(2)

Per share calculations were performed using average shares method.

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

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LGIM America

Long Duration U.S. Credit Fund

FINANCIAL HIGHLIGHTS


	W Shares

	Year Ended October 31, 2023		Year Ended October 31, 2022		Period Ended October 31, 2021⁽¹⁾

Net Asset Value, Beginning of Year/Period	$	6.95	$	10.36	$	10.00

Income from Operations:
Net Investment Income⁽²⁾		0.35		0.30		0.12
Net Realized and Unrealized Gain (Loss)		(0.37)		(3.35)		0.35


Total from Operations		(0.02)		(3.05)		0.47

Dividends and Distributions from:
Net Investment Income		(0.35)		(0.29)		(0.11)
Net Realized Gains		—		(0.07)		—

Total Dividends and Distributions		(0.35)		(0.36)		(0.11)

Net Asset Value, End of Year/Period	$	6.58	$	6.95	$	10.36


Total Return †		(0.74)%		(30.05)%		4.74%

Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	38,989	$	25,064	$	20,955
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		0.30%		0.30%		0.30%**
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		1.17%		1.55%		2.47%**
Ratio of Net Investment Income to Average Net Assets		4.76%		3.45%		2.61%**
Portfolio Turnover Rate†		92%		132%		42%

**	Annualized.

†

(1)

Commenced operations on May 27, 2021.

(2)

Per share calculations were performed using average shares method.

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

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LGIM America

U.S. Credit Fund

FINANCIAL HIGHLIGHTS


	Institutional Shares

	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾

Net Asset Value, Beginning of Year/Period	$	7.95	$	10.00

Income from Operations:
Net Investment Income⁽²⁾		0.29		0.19
Net Realized and Unrealized (Loss)		(0.08)		(2.05)


Total from Operations		0.21		(1.86)

Dividends and Distributions from:
Net Investment Income		(0.29)		(0.19)

Total Dividends and Distributions		(0.29)		(0.19)

Net Asset Value, End of Year/Period	$	7.87	$	7.95


Total Return †		2.52%		(18.74)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	19,663	$	19,184
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		0.30%		0.30%**
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		1.61%		1.71%**
Ratio of Net Investment Income to Average Net Assets		3.47%		2.50%**
Portfolio Turnover Rate†		149%		104%

**	Annualized.

†

(1)

Commenced operations on December 20, 2021.

(2)

Per share calculations were performed using average shares method.

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

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LGIM America

Retirement Income 2040 Fund

FINANCIAL HIGHLIGHTS


	W Shares

	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾

Net Asset Value, Beginning of Year/Period	$	7.61	$	10.00

Income from Operations:
Net Investment Income⁽²⁾		0.20		0.21
Net Realized and Unrealized Gain (Loss)		0.17		(2.40)


Total from Operations		0.37		(2.19)

Dividends and Distributions from:
Net Investment Income		(0.21)		(0.20)

Total Dividends and Distributions		(0.21)		(0.20)

Net Asset Value, End of Year/Period	$	7.77	$	7.61


Total Return †		4.84%		(22.08)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	81,801	$	77,954
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		0.00%		0.00%**
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		179.51%		184.24%**
Ratio of Net Investment Income to Average Net Assets		2.52%		2.82%**
Portfolio Turnover Rate†		100%		68%

**	Annualized.

†

(1)

Commenced operations on December 22, 2021.

(2)

Per share calculations were performed using average shares method.

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

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THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Cash Flow Matched Bond Fund

FINANCIAL HIGHLIGHTS


	Institutional Shares

	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾

Net Asset Value, Beginning of Year/Period	$	9.24	$	10.00

Income from Operations:
Net Investment Income⁽²⁾		0.21		0.11
Net Realized and Unrealized Gain (Loss)		0.09		(0.76)


Total from Operations		0.30		(0.65)

Dividends and Distributions from:
Net Investment Income		(0.21)		(0.11)

Total Dividends and Distributions		(0.21)		(0.11)

Net Asset Value, End of Year/Period	$	9.33	$	9.24


Total Return †		3.25%		(6.57)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	24,099	$	23,320
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		0.20%		0.20%**
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		1.33%		1.42%**
Ratio of Net Investment Income to Average Net Assets		2.23%		1.29%**
Portfolio Turnover Rate†		25%		24%

**	Annualized.

†

(1)

Commenced operations on December 20, 2021.

(2)

Per share calculations were performed using average shares method.

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

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THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

Global Developed Equity Index Fund

FINANCIAL HIGHLIGHTS


	Institutional Shares

	Year Ended October 31, 2023		Period Ended October 31, 2022⁽¹⁾

Net Asset Value, Beginning of Year/Period	$	8.21	$	10.00

Income from Operations:
Net Investment Income⁽²⁾		0.18		0.15
Net Realized and Unrealized Gain (Loss)		0.73		(1.79)


Total from Operations		0.91		(1.64)

Dividends and Distributions from:
Net Investment Income		(0.18)		(0.15)

Total Dividends and Distributions		(0.18)		(0.15)

Net Asset Value, End of Year/Period	$	8.94	$	8.21


Total Return †		11.05%		(16.51)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	23,219	$	20,945
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		0.09%		0.09%**
Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		1.61%		1.82%**
Ratio of Net Investment Income to Average Net Assets		1.97%		1.97%**
Portfolio Turnover Rate†		4%		3%

**	Annualized.

†

(1)

Commenced operations on December 20, 2021.

(2)

Per share calculations were performed using average shares method.

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

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October 31, 2023

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS/NOTES TO FINANCIAL STATEMENTS

1. Organization:

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

The LGIM America Commodity Strategy Fund commenced operations on June 20, 2023.

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

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

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

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

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

2. Significant Accounting Policies:

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

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

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October 31, 2023

disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

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

Securities for which market prices are not “readily available” are 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; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2023, there were no fair valued securities.

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

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

●

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

●

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

●

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

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

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Funds. During the period ended October 31, 2023, the LGIM America Commodity Strategy Fund incurred and paid $119,407 on the Consolidated Statements of Assets and Liabilities and $66,334 on the Consolidated Statements of Operations in offering costs respectively.

Federal Income Taxes — It is the Funds’ intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to

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review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations/Consolidated Statements of Operations. During the year ended October 31, 2023, the Funds did not incur any interest or penalties.

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

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations/ Consolidated 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 of the amounts actually received or paid.

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

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

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

Cash — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts

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which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Futures Contracts — The LGIM America Cash Flow Matched Bond Fund and the LGIM America Global Developed Equity Index Fund utilized futures contracts during the year ended October 31, 2023. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

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

Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities/ Consolidated Statements of Assets and Liabilities. Refer to the Funds’ Schedule of Investments for details regarding open futures contracts as of October 31, 2023.

For the year ended October 31, 2023, the average quarterly notional amount of futures contracts held were as follows:


LGIM America Cash Flow Matched Bond Fund		Average Quarterly Market Value Balance Long: $1,027,097
LGIM America Global Developed Equity Index Fund		Average Quarterly Market Value Balance Long: $247,200

Swap Contracts — The Funds are authorized to enter into swap contracts, including total return swaps and equity swap 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.

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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 year end, the Statements of Assets and Liabilities/Consolidated 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 year 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/ Consolidated 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 year 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.

For the year ended October 31, 2023, the average quarterly notional amount of swap contracts held with the LGIM America Commodity Strategy Fund were as follows:


Average Quarterly Market Value Balance Long:		$41,138,089
Average Quarterly Market Value Balance Short:		$(39,953,499)

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3. Derivative Transactions:

The following tables show 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

Statement of Assets and

Liabilities/ Consolidated

Statement of Assets and

Liabilities Location

Fair

Value

Statement of Assets and

Liabilities/ Consolidated

Statement of Assets and

Liabilities Location

Fair
Value

Derivatives not accounted for as hedging instruments:

LGIM America Commodity Strategy Fund

Commodity contracts

Unrealized appreciation on Swap Contracts

$—*

Unrealized depreciation on Swap Contracts

$1*

Total Derivatives not accounted for as hedging instruments

$—

LGIM America Cash Flow Matched Bond Fund

Interest Rate contracts

Unrealized appreciation on Futures Contracts

$4,844

Unrealized depreciation on Futures Contracts

$44,794*

Total Derivatives not accounted for as hedging instruments

$4,844

$44,794

LGIM America Global Developed Equity Index Fund

Equity contracts

Unrealized appreciation on Futures Contracts

$—*

Unrealized depreciation on Futures Contracts

$17,266*

Total Derivatives not accounted for as hedging instruments

$—

$17,266

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities or Consolidated Statements of Assets & Liabilities.

The effect of derivative instruments on the Statements of Operations/Consolidated Statements of Operations for the year or period ended October 31, 2023:

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):


Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions	Written Options and Swaptions	Futures	Forward Currency Contracts	Swaps	Total
LGIM America Commodity Strategy Fund
Commodity contracts	$-	$-	$-	$-	$18,043		$18,043
Total	$-	$-	$-	$-	$18,043		$18,043

LGIM America Cash Flow Matched Bond Fund
Equity contracts	$-	$-	$(58,693)	$-	$-		$(58,693)
Total	$-	$-	$(58,693)	$-	$-		$(58,693)

LGIM America Global Developed Equity Index Fund
Equity contracts	$-	$-	$32,351	$-	$-		$32,351
Foreign exchange contracts	-	-	-	-	-		-
Total	$-	$-	$32,351	-	$-		$32,351

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Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):


Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions	Written Options and Swaptions	Futures	Forward Currency Contracts	Swaps	Total
LGIM America Commodity Strategy Fund
Commodity contracts	$ -	$ -	$ -	$ -	$ (1)	$	(1	)
Total	$ -	$ -	$ -	$ -	$ (1)	$	(1	)

LGIM America Cash Flow Matched Bond Fund
Equity contracts	$ -	$ -	$(11,726)	$ -	$ -	$	(11,726	)
Total	$ -	$ -	$(11,726)	$ -	$ -	$	(11,726	)

LGIM America Global Developed Equity Index Fund
Equity contracts	$ -	$ -	$(13,052)	$ -	$ -	$	(13,052	)
Total	$ -	$ -	$(13,052)	$ -	$ -	$	(13,052	)

The LGIM America Commodity Strategy Fund is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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 LGIM America Commodity Strategy Fund has entered into master netting arrangements, established within the Fund’s 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 Fund 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.

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For financial reporting purposes, the Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated 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 Fund, if any, is reported separately on the Consolidated Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, 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.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of October 31, 2023 ($ Thousands):

Financial Derivative Assets

Financial Derivative Liabilities

Counterparty

Forward

Foreign

Currency

Contracts

Swap

Contracts

Total
Over the

Counter

Forward

Foreign

Currency

Contracts

Swap

Contracts

Total
Over the

Counter

Net Market
Value of

OTC

Derivatives

Collateral
(Received)/
Pledged

Net

Exposures†

Bank of America

$–

$(1)

$–

$(1)

Total over the counter

$–

† 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.

4. Basis for Consolidation for the LGIM America Commodity Strategy Fund Offshore:

The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, and the Consolidated Financial Highlights of the LGIM America Commodity Strategy Fund include the accounts of the Legal & General Commodity Strategy Fund Offshore Ltd. (the “Subsidiary”). All intercompany accounts and transactions have been eliminated in consolidation for the LGIM America Commodity Strategy Fund. The Subsidiary has a fiscal year end and conforming tax year end of October 31 for financial statement consolidation purposes. The Subsidiary is classified as a controlled foreign corporation under the Code.

The Subsidiary’s taxable income is included in the calculation of the relevant Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

The Fund may invest up to 25% of its total assets in the Subsidiary.

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A summary of the Fund’s investments in the Subsidiary are as follows:

Inception Date

of Subsidiary

Subsidiary Net Assets

at October 31, 2023

% of Total

Net Assets at
October 31,

2023

Legal & General Commodity Strategy Fund Offshore Ltd.

June 20, 2023

4,344,585

11.0%

Gains and losses attributed to the Fund’s investments in the Subsidiary are as follows:


	LGIM America Commodity Strategy Fund Ltd.
Investment Income:
Interest Income		$ 70,474

Total Investment Income		70,474

Net Investment Income		70,474

Net Realized Gain (Loss) on:
Investments		(127)
Swap Contracts		18,043

Net Realized Gain		17,916

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(197,027)
Swap Contracts		(1)

Net Change in Unrealized Depreciation		(197,028)

Net Realized and Unrealized Loss		(179,112)

Net Decrease in Net Assets Resulting from Operations		$ (108,638)

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, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Fund. For these

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services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the year or period ended October 31, 2023, the Funds incurred the following for these services:


LGIM America Commodity Strategy Fund		$44,055
LGIM America Long Duration U.S. Credit Fund		$99,999
LGIM America U.S. Credit Fund		$99,999
LGIM America Retirement Income 2040 Fund		$75,000
LGIM America Cash Flow Matched Bond Fund		$99,999
LGIM America Global Developed Equity Index Fund		$99,999

The Funds have adopted a shareholder services plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the Funds’ Institutional Class Shares’ average net assets. W Class Shares do not have shareholder servicing fees. For the year ended October 31, 2023, no shareholder servicing fees were accrued.

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

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

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

7. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds and the LGIMA U.S. Credit Fund at a fee, which is calculated daily and paid monthly at an annual rate of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Funds, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) from exceeding a certain portion of the Funds’ average daily net assets until February 28, 2025 (the “contractual expense limit”).

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Fund	Advisory Fee	Institutional Shares Expense Limitation	W Shares Expense Limitation	R6 Shares Expense Limitation
LGIM America Commodity Strategy Fund	0.15%	0.15%	0.35%	0.65%
LGIM America Long Duration U.S. Credit Fund	0.23%	0.30%	0.30%	N/A
LGIM America U.S. Credit Fund	0.23%	0.30%	N/A	N/A
LGIM America Retirement Income 2040 Fund	0.15%	0.05%	0.00%	0.10%
LGIM America Cash Flow Matched Bond Fund	0.13%	0.20%	N/A	N/A
LGIM America Global Developed Equity Index Fund	0.06%	0.09%	N/A	N/A

In addition, the Adviser may receive from the Funds the difference between Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This reimbursement agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund III (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2025. Refer to waiver of investment advisory fees on the Statements of Operations/Consolidated Statements of Operations for fees waived for the year ended October 31, 2023. As of October 31, 2023, fees which were previously waived and/or reimbursed by the Adviser which may be subject to possible future reimbursement to the Adviser were as follows:

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Fiscal Year

Subject to

Repayment

until

October 31

LGIM
America
Commodity
Strategy
Fund

LGIM
America
Long
Duration
U.S. Credit
Fund

LGIM
America
U.S. Credit
Fund

LGIM
America
Retirement
Income
2040 Fund

LGIM
America
Cash Flow
Matched
Bond Fund

LGIM
America
Global
Developed
Equity Index
Fund

10/31/2020-10/31/2021

2024

N/A

$ 192,388

N/A

10/31/2021-10/31/2022

2025

N/A

275,266

$ 257,424

$ 138,119

$ 252,832

$ 339,210

10/31/2022-10/31/2023

2026

$ 261,578

320,161

265,847

153,344

270,314

354,049

$ 261,578

$ 787,815

$ 523,271

$ 291,463

$ 523,146

$ 693,259

8. Investment Transactions:

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the year ended October 31, 2023, were as follows:


	U.S. Government		Other		Total
LGIM America Commodity Strategy Fund
Purchases	$	46,252,083	$	8,942,090	$	55,194,173
Sales		9,679,027		3,911,991		13,591,018
LGIM America Long Duration U.S. Credit Fund
Purchases		22,784,871		25,908,784		48,693,655
Sales		22,101,508		10,463,993		32,565,501
LGIM America U.S. Credit Fund
Purchases		20,010,031		10,574,700		30,584,731
Sales		20,165,272		9,369,255		29,534,527
LGIM America Retirement Income 2040 Fund
Purchases		–		81,408		81,408
Sales		–		114,228		114,228
LGIM America Cash Flow Matched Bond Fund
Purchases		3,701,392		3,593,657		7,295,049
Sales		3,241,733		2,397,690		5,639,423
LGIM America Global Developed Equity Index Fund
Purchases		–		1,243,860		1,243,860
Sales		–		901,576		901,576

9. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (accumulated losses) or paid-in capital, as appropriate, in the period that the differences

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arise. The permanent differences primarily consist of foreign currency translations, and gains and losses on paydowns of mortgage, investments in passive foreign investment companies and asset-backed securities for tax purposes. The following permanent differences have been reclassified to/(from) the following accounts during the year ended October 31, 2023:


	Distributable Earnings (Accumulated Losses)		Paid-in Capital
LGIM America U.S. Credit Fund	$	592	$ (592)

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


	Ordinary Income		Total
LGIM America Commodity Strategy Fund
2023	$	63,670	$	63,670
LGIM America Long Duration U.S. Credit Fund
2023	$	1,743,629	$	1,743,629
2022		904,323		904,323
LGIM America U.S. Credit Fund
2023	$	710,461	$	710,461
2022		454,763		454,763
LGIM America Retirement Income 2040 Fund
2023	$	2,227	$	2,227
2022		2,016		2,016
LGIM America Cash Flow Matched Bond Fund
2023	$	533,581	$	533,581
2022		265,471		265,471
LGIM America Global Developed Equity Index Fund
2023	$	454,286	$	454,286
2022		377,283		377,283

As of October 31, 2023, the components of distributable earnings on a tax basis were as follows:


	LGIM America Commodity Strategy Fund		LGIM America Long Duration U.S. Credit Fund		LGIM America U.S. Credit Fund

Undistributed Ordinary Income	$	718,757	$	14,268	$	–
Capital Loss Carryforwards Short-Term		(90,500)		(1,255,925)		(1,278,630)
Capital Loss Carryforwards Long-Term		–		(1,288,290)		(687,406)
Post October Losses		–		–		–
Unrealized Depreciation		(2,227,776)		(8,427,345)		(3,144,427)
Other Temporary Differences		–		(1)		1

Total Accumulated Losses	$	(1,599,519)	$	(10,957,293)	$	(5,110,462)

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	LGIM America Retirement Income 2040 Fund		LGIM America Cash Flow Matched Bond Fund		LGIM America Global Developed Equity Index Fund

Undistributed Ordinary Income	$	25	$	4,645	$	22,585
Undistributed Long-Term Capital Gain		–		–		–
Capital Loss Carryforwards Short-Term		(11,862)		(190,779)		(152,123)
Capital Loss Carryforwards Long-Term		(1,677)		(142,416)		(143,228)
Post October Losses		–		–		–
Unrealized Depreciation		(9,004)		(1,343,426)		(2,390,362)
Other Temporary Differences		–		(67)		(1)

Total Accumulated Losses	$	(22,518)	$	(1,672,043)	$	(2,663,129)

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the year ended October 31, 2023, the Funds did not utilize capital loss carryforwards to offset capital gains.

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales, which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2023, were as follows:


		Aggregate	Aggregate	Net
	Federal	Gross	Gross	Unrealized
	Tax	Unrealized	Unrealized	Appreciation/
	Cost	Appreciation	(Depreciation)	(Depreciation)
LGIM America Commodity Strategy Fund	$41,872,695	$—	$(2,227,776)	$(2,227,776)
LGIM America Long Duration U.S. Credit Fund	46,413,133	1,922	(8,429,267)	(8,427,345)
LGIM America U.S. Credit Fund	22,591,646	1,678	(3,146,105)	(3,144,427)
LGIM America Retirement Income 2040 Fund	104,102	642	(9,646)	(9,004)
LGIM America Cash Flow Matched Bond Fund	25,176,331	68	(1,343,494)	(1,343,426)
LGIM America Global Developed Equity Index Fund	25,294,968	1,651,570	(4,041,932)	(2,390,362)

10. Concentration of Shareholders:

At October 31, 2023, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that are held on behalf of various individual shareholders was as follows:

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

11. Concentration of Risks:

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

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

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

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

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

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

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

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

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

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

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

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

Sector Focus Risk – Because the Funds may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and

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economic risks that specifically affect those sectors. As a result, the Funds’ share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

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

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

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

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

12. Indemnifications:

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

13. Subsequent Events:

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees

The Advisors’ Inner Circle Fund III:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of LGIM America Long Duration U.S. Credit Fund, LGIM America U.S. Credit Fund, LGIM America Retirement Income 2040 Fund, LGIM America Cash Flow Matched Bond Fund, and LGIM America Global Developed Equity Index Fund (five of the funds comprising The Advisors’ Inner Circle Fund III (the Trust)), including the schedules of investments, as of October 31, 2023, the related statements of operations and changes in net assets for each of the years or periods listed in Appendix A, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods listed in Appendix A. We have also audited the accompanying consolidated statement of assets and liabilities of the LGIM America Commodity Strategy Fund (one of the Funds comprising the Trust) (the six funds collectively, the Funds), including the consolidated schedule of investments, as of October 31, 2023, the related consolidated statements of operations and changes in net assets for the period listed in Appendix A, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the period listed in Appendix A. In our opinion, the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2023, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods presented therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2023, by correspondence

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with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Philadelphia, Pennsylvania

December 27, 2023

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Appendix A

LGIM America Commodity Strategy Fund

Consolidated statements of operations and changes in net assets and consolidated financial highlights for the period from June 20, 2023 (commencement of operations) through October 31, 2023

LGIM America Long Duration U.S. Credit Fund

Statement of operations for the year ended October 31, 2023, statements of changes in net assets for the years ended October 31, 2023 and October 31, 2022, and financial highlights for the years ended October 31, 2023 and October 31, 2022, and the period from May 27, 2021 (commencement of operations) through October 31, 2021

LGIM America U.S. Credit Fund

Statement of operations for the year ended October 31, 2023, statements of changes in net assets for the year ended October 31, 2023 and for the period from December 20, 2021 (commencement of operations) through October 31, 2022, and financial highlights for the year ended October 31, 2023 and the period from December 20, 2021 (commencement of operations) through October 31, 2022

LGIM America Retirement Income 2040 Fund

Statement of operations for the year ended October 31, 2023, statements of changes in net assets for the year ended October 31, 2023 and for the period from December 22, 2021 (commencement of operations) through October 31, 2022, and financial highlights for the year ended October 31, 2023 and the period from December 22, 2021 (commencement of operations) through October 31, 2022

LGIM America Cash Flow Matched Bond Fund

LGIM America Global Developed Equity Index Fund

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DISCLOSURE OF FUND EXPENSES (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 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 period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

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

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

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


	Beginning Account Value 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios		Expenses Paid During Period*
LGIM America Commodity Strategy Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	1,000.00		0.12%		$0.60^
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,024.60		0.12%		$0.61^
LGIM America Long Duration U.S. Credit Fund
Actual Fund Return
W Shares	$	1,000.00	$	875.80		0.30%		$1.42
Hypothetical 5% Return
W Shares	$	1,000.00	$	1,023.69		0.30%		$1.53

LGIM America U.S. Credit Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	943.40		0.30%		$1.47
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,023.69		0.30%		$1.53

LGIM America Retirement Income 2040 Fund
Actual Fund Return
W Shares	$	1,000.00	$	955.80		—%		$–
Hypothetical 5% Return
W Shares	$	1,000.00	$	1,025.21		—%		$–

LGIM America Cash Flow Matched Bond Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	993.80		0.20%		$1.01
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,024.20		0.20%		$1.02

LGIM America Global Developed Equity Index Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	986.40		0.09%		$0.45
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,024.75		0.09%		$0.46

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365.

^ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 133/365 (to reflect since inception to period end).

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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 Trustees.” Mr. Doran is a Trustee who may be an “interested” persons of


Name and Year of Birth	Position with Trust and Length of Time Served¹	Principal Occupations in the Past Five Years

INTERESTED 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.

INDEPENDENT TRUSTEES³
Jon C. Hunt (Born: 1951)	Trustee and Lead Independent Trustee (since 2014)	Retired since 2013. Consultant to Management, Convergent Capital Management, LLC (“CCM”) from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.
Thomas P. Lemke (Born: 1954)	Trustee (since 2014)	Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.

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.

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.

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the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-833-44-LGIMA. The following chart lists Trustees and Officers as of October 31, 2023.

Other Directorships

Held in the Past Five Years²

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

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

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

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.

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

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.

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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

INDEPENDENT TRUSTEES (continued)³
Nichelle Maynard-Elliott (Born: 1968)	Trustee (since 2021)	Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019.
Jay C. Nadel (Born: 1958)	Trustee (since 2016)	Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001.
Randall S. Yanker (Born: 1960)	Trustee (since 2014)	Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.

OFFICERS
Michael Beattie (Born: 1965)	President (since 2014)	Director of Client Service, SEI Investments, since 2004.
James Bernstein (Born: 1962)	Vice President (since 2017) Secretary (since 2020)	Attorney, SEI Investments, since 2017. Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.
John Bourgeois (Born: 1973)	Assistant Treasurer (since 2017)	Fund Accounting Manager, SEI Investments, since 2000.

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Other Directorships

Held in the Past Five Years²

Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Managed Futures Fund (Cayman), FS Real Development Fund (Cayman), Legal & General Commodity Strategy Fund Offshore Ltd., Element Solutions Inc., Xerox Holdings Corporation and Lucid Group, IncElement 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.

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

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

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

Former Directorships: FS Alternatives Fund (Cayman), FS Managed Futures Fund (Cayman), FS Real Development Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

None.

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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

OFFICERS (continued)
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.
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.
Matthew M. Maher (Born: 1975)	Vice President and Assistant Secretary (since 2018)	Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.
Andrew Metzger (Born: 1980)	Treasurer, Controller and Chief Financial Officer (since 2021)	Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019.
Robert Morrow (Born: 1968)	Vice President (since 2017)	Account Manager, SEI Investments, since 2007.

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.

158

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

Other Directorships

Held in the Past Five Years

None.

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

159

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

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

OFFICERS (continued)
Stephen F. Panner (Born: 1970)	Chief Compliance Officer (since 2022)	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.
Alexander F. Smith (Born: 1977)	Vice President and Assistant Secretary (since 2020)	Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012.

160

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

Other Directorships

Held in the Past Five Years

None.

161

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

Approval of Investment Advisory Agreement (Unaudited)

LGIM America Long Duration U.S. Credit Fund

LGIM America U.S. Credit Fund

LGIM America Retirement Income 2040 Fund

LGIM America Cash Flow Matched Bond Fund

LGIM America Global Developed Equity Index Fund

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

A Board meeting was held on September 13–14, 2023 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

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

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

162

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

Investment Performance of the Funds and the Adviser

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

163

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

Costs of Advisory Services, Profitability and Economies of Scale

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

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

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

Renewal of the Agreement

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

164

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

Legal & General Commodity Strategy Fund

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

A Board meeting was held on March 15–16, 2023 to decide whether to approve the Agreement for an initial two-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting, to help them decide whether to approve the Agreement for an initial two-year term.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations; (iv) the Fund’s proposed advisory fee to be paid to the Adviser and the Fund’s overall fees and operating expenses compared with a peer group of mutual funds; (v) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (vi) the Adviser’s policies on and compliance procedures for personal securities transactions; (vii) the Adviser’s investment experience; (viii) the Adviser’s rationale for introducing the Fund as well as the Fund’s proposed objective and strategy; and (ix) the Adviser’s performance in managing similar accounts.

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

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

In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the proposed Agreement. The Trustees also reviewed the Adviser’s proposed investment and risk management approaches for the Fund. The most recent investment adviser registration form (“Form ADV”) for the Adviser was publicly available to the Board, and the response of the Adviser to a detailed series of questions

165

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

which included, among other things, information about the investment advisory services to be provided by the Adviser to the Fund, was available to the Board in the meeting materials.

The Trustees also considered other services to be provided to the Fund by the Adviser such as monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by the Adviser would be satisfactory.

Costs of Advisory Services

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fee to be paid to the Adviser. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information, as well as the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. The Board also considered the Adviser’s commitment to managing the Fund and its willingness to enter into an expense limitation and fee waiver arrangement with the Fund.

Investment Performance, Profitability and Economies of Scale

Because the Fund was new and had not commenced operations, it did not yet have an investment performance record and it was not possible to determine the profitability that the Adviser might achieve with respect to the Fund or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding the Fund’s investment performance, the Adviser’s profitability, or the extent to which economies of scale would be realized by the Adviser as the assets of the Fund grow, but will do so during future considerations of the Agreement.

Approval of the Agreement

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

166

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

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 Fund is designating the following items with regard to distributions paid during the year.


Long-Term Capital Gain Distributions	Ordinary Income Distributions	Total Distributions	Qualifying for Corporate dividends Received Deduction (1)	Qualifying Dividend Income (2)	U.S. Government Interest (3)	Interest Related Dividend (4)	Short-Term Capital Gain Dividend (5)
LGIM America Commodity Strategy Fund
0.00%	100.00%	100.00%	0.00%	0.00%	100.00%	99.34%	0.00%
LGIM America Long Duration U.S. Credit Fund
0.00%	100.00%	100.00%	0.00%	0.00%	5.28%	91.78%	0.00%
LGIM America U.S. Credit Fund
0.00%	100.00%	100.00%	0.00%	0.00%	5.09%	88.79%	0.00%
LGIM America Retirement Income 2040 Fund
0.00%	100.00%	100.00%	16.09%	16.09%	0.00%	0.00%	0.00%
LGIM America Cash Flow Matched Bond Fund
0.00%	100.00%	100.00%	0.00%	0.00%	3.31%	90.40%	0.00%
LGIM America Global Developed Equity Index Fund
0.00%	100.00%	100.00%	48.55%	97.80%	0.00%	1.08%	0.00%

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

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

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

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

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

167

THE ADVISORS’ INNER CIRCLE FUND III

LGIM America

October 31, 2023

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2023. Complete information will be computed and reported with your 2023 Form 1099-DIV.

168

NOTES

Legal & General Investment Management

LGIMA Funds

P.O. Box 219009

Kansas City, MO 64121-9009

www.lgima.com/funds

Adviser:

Legal & General Investment Management America, Inc.

71 South Wacker Drive

Chicago, IL 60606

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

Independent Registered Public Accounting Firm:

KPMG LLP

1601 Market Street

Philadelphia, PA 19103

LOGO

This information must be preceded or accompanied by a current prospectus for the Funds

described.

LGI-AR-001-0300

(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-Related 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-Related 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