THE ADVISORS’ INNER CIRCLE FUND III   

PENN MUTUAL AM

1847 INCOME FUND

SEPTEMBER 30, 2022

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — 43.8%

    
            Face Amount             Value

Communication Services — 1.1%

 

  

Electronic Arts

    

Callable 08/15/2050 @ $100

2.950%, 02/15/2051

   $ 325,000     $ 212,339  

Callable 11/15/2030 @ $100

1.850%, 02/15/2031

     237,000       182,676  
   

 

 

 

                      395,015  
   

 

 

 

Consumer Discretionary — 13.1%

 

  

Graham Holdings

    

Callable 10/17/2022 @ $103

5.750%, 06/01/2026 (A)

     1,159,000       1,123,871  

Macy’s Retail Holdings

    

Callable 07/15/2041 @ $100

5.125%, 01/15/2042

     250,000       154,062  

Callable 08/15/2042 @ $100

4.300%, 02/15/2043

     350,000       196,295  

Macy’s Retail Holdings

    

7.000%, 02/15/2028

     113,000       107,056  

Mattel

    

Callable 12/15/2022 @ $100

3.150%, 03/15/2023

     1,306,516       1,285,760  

Murphy Oil USA

    

Callable 11/07/2022 @ $103

5.625%, 05/01/2027

     10,000       9,557  

Callable 09/15/2024 @ $102

4.750%, 09/15/2029

     864,000       764,640  

Service International

    

Callable 08/15/2025 @ $102

3.375%, 08/15/2030

     1,433,000       1,120,735  

Signet UK Finance

    

Callable 03/15/2024 @ $100

4.700%, 06/15/2024

     100,000       96,000  
   

 

 

 

      4,857,976  
   

 

 

 

Consumer Staples — 3.9%

 

  

Energizer Holdings

    

Callable 06/15/2023 @ $102

4.750%, 06/15/2028 (A)

     350,000       277,302  

Ingles Markets

    

Callable 06/15/2026 @ $102

4.000%, 06/15/2031 (A)

     1,434,000       1,171,046  
   

 

 

 

      1,448,348  
   

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III   

PENN MUTUAL AM

1847 INCOME FUND

SEPTEMBER 30, 2022

(Unaudited)

 

 

 

CORPORATE OBLIGATIONS — continued

 

            Face Amount             Value  

Energy — 1.2%

    

Cheniere Energy

    

Callable 10/15/2023 @ $102

4.625%, 10/15/2028

   $ 500,000     $ 458,665  
   

 

 

  

Health Care — 11.4%

    

DaVita

    

Callable 06/01/2025 @ $102

4.625%, 06/01/2030 (A)

     400,000       309,500  

Hologic

    

Callable 02/01/2023 @ $102

4.625%, 02/01/2028 (A)

     100,000       92,250  

Callable 09/28/2023 @ $102

3.250%, 02/15/2029 (A)

     205,000       167,647  

Horizon Therapeutics USA

    

Callable 11/07/2022 @ $104

5.500%, 08/01/2027 (A)

     700,000       654,752  

Owens & Minor

    

Callable 09/15/2024 @ $100

4.375%, 12/15/2024

     957,000       927,651  

Regeneron Pharmaceuticals

    

Callable 03/15/2050 @ $100

2.800%, 09/15/2050

     1,770,000       1,069,556  

Royalty Pharma

    

Callable 03/02/2050 @ $100

3.550%, 09/02/2050

     1,635,000       1,018,911  
   

 

 

  
      4,240,267  
   

 

 

  

Industrials — 5.1%

    

Allegion US Holding

    

Callable 08/01/2024 @ $100

3.200%, 10/01/2024

     24,000       22,934  

Korn Ferry

    

Callable 12/15/2022 @ $102

4.625%, 12/15/2027 (A)

     896,000       791,258  

Mueller Water Products

    

Callable 06/15/2024 @ $102

4.000%, 06/15/2029 (A)

     1,245,000       1,059,507  
   

 

 

  
                      1,873,699  
   

 

 

  

Information Technology — 4.4%

    

Keysight Technologies

    

Callable 07/30/2024 @ $100

4.550%, 10/30/2024

     500,000       493,083  

THE ADVISORS’ INNER CIRCLE FUND III   

PENN MUTUAL AM

1847 INCOME FUND

SEPTEMBER 30, 2022

(Unaudited)

 

 

 

CORPORATE OBLIGATIONS — continued

 

            Face Amount             Value  

Information Technology — continued

    

Skyworks Solutions

    

Callable 03/01/2031 @ $100

3.000%, 06/01/2031

   $ 649,000     $ 490,987  

VeriSign

    

Callable 11/07/2022 @ $102

4.750%, 07/15/2027

     352,000       338,621  

Callable 03/15/2031 @ $100

2.700%, 06/15/2031

     400,000       310,299  
   

 

 

  
                      1,632,990  
   

 

 

  

Materials — 3.6%

    

Compass Minerals International

    

Callable 05/15/2024 @ $100

4.875%, 07/15/2024 (A)

     727,000       683,388  

GCP Applied Technologies

    

Callable 10/12/2022 @ $101

5.500%, 04/15/2026 (A)

     166,000       168,283  

Koppers

    

Callable 11/07/2022 @ $102

6.000%, 02/15/2025 (A)

     550,000       492,250  
   

 

 

  
      1,343,921  
   

 

 

  

TOTAL CORPORATE OBLIGATIONS
(Cost $18,497,146)

       16,250,881  
   

 

 

  

    

    

CONVERTIBLE BONDS — 23.6%

    

Communication Services — 1.0%

    

Snap CV to 46.1233

    

0.750%, 08/01/2026

     400,000       343,800  

0.250%, 05/01/2025

     26,000       23,621  
   

 

 

  
      367,421  
   

 

 

  

Consumer Staples — 2.4%

    

Turning Point Brands CV to 18.6295
2.500%, 07/15/2024

     1,000,000       874,316  
   

 

 

  

Health Care — 13.4%

    

CryoPort CV to 8.5038
0.750%, 12/01/2026 (A)

     500,000       365,383  

Halozyme Therapeutics CV to 12.9576
0.250%, 03/01/2027

     1,305,000       1,104,356  

Ionis Pharmaceuticals CV to 12.0075
0.125%, 12/15/2024

     1,256,000       1,135,850  

THE ADVISORS’ INNER CIRCLE FUND III   

PENN MUTUAL AM

1847 INCOME FUND

SEPTEMBER 30, 2022

(Unaudited)

 

 

 

CONVERTIBLE BONDS — continued

 

             Face Amount             Value  

Health Care — continued

     

Jazz Investments I CV to 4.5659 1.500%, 08/15/2024

    $ 515,000     $ 485,709  

Ligand Pharmaceuticals CV to 4.0244 0.750, 05/15/2023

      1,256,000       1,215,180  

Supernus Pharmaceuticals CV to 16.8545 0.625%, 04/01/2023

      675,000       654,750  
    

 

 

  
       4,961,228  
    

 

 

  

Industrials — 1.1%

     

John Bean Technologies CV to 5.8958 0.250%, 05/15/2026

      500,000       413,500  
    

 

 

  

Information Technology — 5.7%

     

InterDigital CV to 12.3018 2.000%, 06/01/2024

      1,274,000       1,188,005  

Vishay Intertechnology CV to 12.8083 2.250%, 06/15/2025

      1,015,000       943,341  
    

 

 

  
                       2,131,346  
    

 

 

  

TOTAL CONVERTIBLE BONDS
(Cost $9,207,317)

        8,747,811  
    

 

 

  

    

     
COMMON STOCK — 22.8%             
                 Shares                    

Consumer Discretionary — 0.3%

     

Gildan Activewear, Cl A

      4,200       118,734  
    

 

 

  

Consumer Staples — 0.8%

     

Calavo Growers

      9,200       292,100  
    

 

 

  

Energy — 4.7%

     

Cameco

      13,115       347,679  

Evolution Petroleum

      42,168       293,489  

HF Sinclair

      3,925       211,322  

MPLX

      7,540       226,275  

Suncor Energy

      9,950       280,093  

Tenaris ADR

      14,850       383,724  
    

 

 

  
       1,742,582  
    

 

 

  

Financials — 1.5%

     

American Equity Investment Life Holding

      4,885       182,161  

Unum Group

      9,595       372,286  
    

 

 

  
       554,447  
    

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

PENN MUTUAL AM

1847 INCOME FUND

SEPTEMBER 30, 2022

(Unaudited)

 

 

 

COMMON STOCK — continued

 

             Shares             Value  

Health Care — 2.0%

     

Hypera ADR *

      28,890     $ 237,476  

Novartis ADR

      4,120       313,161  

Utah Medical Products

      2,300       196,213  
    

 

 

  
       746,850  
    

 

 

  

Industrials — 5.4%

     

Argan

      13,280       427,218  

Brady, Cl A

      4,610       192,375  

BWX Technologies

      7,305       367,953  

Healthcare Services Group

      7,770       93,939  

LSI Industries

      72,990       561,293  

Snap-on

      1,765       355,383  
    

 

 

  
                       1,998,161  
    

 

 

  

Information Technology — 4.7%

     

Adeia

      20       283  

International Business Machines

      2,725       323,757  

MiX Telematics ADR

      42,410       322,316  

NVE

      6,413       299,167  

Richardson Electronics

      28,644       432,524  

Spectris

      12,650       366,850  
    

 

 

  
       1,744,897  
    

 

 

  

Materials — 2.9%

     

First Majestic Silver

      45,280       345,034  

Fortitude Gold

      66,001       364,985  

FutureFuel

      64,044       386,826  
    

 

 

  
       1,096,845  
    

 

 

  

Utilities — 0.5%

     

Vistra

      8,705       182,805  
    

 

 

  

TOTAL COMMON STOCK
(Cost $8,812,226)

        8,477,421  
    

 

 

  

    

     

PREFERRED STOCK — 4.6%

     

Communication Services — 0.8%

     

Paramount Global 5.750% *

      9,330       288,297  
    

 

 

  

Financials — 2.0%

     

American Equity Investment Life Holding 6.625%,
US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.297%

      8,000       189,920  

Bank of America 4.375%

      31,370       573,444  
    

 

 

  
       763,364  
    

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III   

PENN MUTUAL AM

1847 INCOME FUND

SEPTEMBER 30, 2022

(Unaudited)

 

 

 

PREFERRED STOCK — continued

     
             Shares             Value  

Health Care — 0.7%

     

Elanco Animal Health 5.000% *

      11,800     $                 246,738  
    

 

 

  

Utilities — 1.1%

     

UGI 7.250%

      5,145       410,314  
    

 

 

  

TOTAL PREFERRED STOCK
(Cost $2,160,999)

        1,708,713  
    

 

 

  

TOTAL INVESTMENTS — 94.8%
(Cost $38,677,688)

      $ 35,184,826  
    

 

 

  

 

  

Percentages are based on Net Assets of $37,116,119.

 

*

Non-income producing security.

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors”. The total value of such securities as of September 30, 2022 was $7,356,437 and represents 19.8% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

CV— Convertible

The following is a summary of the level of inputs used as of September 30, 2022, 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

      $ —        $ 16,250,881        $ —        $ 16,250,881  

Convertible Bonds

      —        8,747,811        —        8,747,811  

Common Stock

      8,477,421        —        —        8,477,421  

Preferred Stock

      288,297        1,420,416        —        1,708,713  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $                     8,765,718      $                     26,419,108      $                     —      $                     35,184,826  
  

 

 

     

 

 

     

 

 

     

 

 

  

Amounts designated as “—” are $0.

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

PNN-QH-001-0900