THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

SCHEDULE OF INVESTMENTS
GLOBAL BONDS — 74.4%
	Face Amount		Value
Argentina — 0.5%
Agua y Saneamientos Argentinos
6.63%, 02/01/23	$	564,000	$	270,720
Transportadora de Gas del Sur
6.75%, 05/02/25		345,000		277,729
YPF
8.50%, 07/28/25		686,000		499,065
8.75%, 04/04/24		931,000		747,034
				1,794,548
Azerbaijan — 0.2%
State Oil of the Azerbaijan Republic MTN
4.75%, 03/13/23		750,000		776,025
Bahrain — 0.6%
Mumtalakat Sukuk Holding
5.63%, 02/27/24		1,000,000		1,045,000
Oil and Gas Holding BSCC
7.63%, 11/07/24		930,000		992,131
				2,037,131
Belarus — 0.1%
Development Bank of the Republic of Belarus JSC
6.75%, 05/02/24		213,000		200,476
Brazil — 5.1%
Banco Bradesco MTN
3.20%, 01/27/25 (a)		200,000		203,100
Banco Daycoval MTN
4.25%, 12/13/24		692,000		694,720
Banco do Brasil
4.63%, 01/15/25		881,000		928,142
5.88%, 01/19/23		1,100,000		1,169,850
Banco do Brasil MTN
4.88%, 04/19/23		365,000		383,801
Banco do Estado do Rio Grande do Sul
7.38%, 02/02/22		213,000		222,053
BRF
4.88%, 01/24/30		704,000		722,473
BRF GmbH
4.35%, 09/29/26		363,000		375,977
Cemig Geracao e Transmissao
9.25%, 12/05/24		750,000		828,713
Centrais Eletricas Brasileiras
3.63%, 02/04/25 (a)		2,033,000		2,027,918

1

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Brazil (continued)
CSN Resources
7.63%, 02/13/23	$	200,000	$	206,000
7.63%, 04/17/26		363,000		367,084
Embraer Netherlands Finance BV
6.95%, 01/17/28 (a)		1,100,000		1,112,089
Embraer Overseas
5.70%, 09/16/23		1,139,000		1,153,237
Fibria Overseas Finance
5.50%, 01/17/27		260,000		293,475
Gol Finance
7.00%, 01/31/25		1,431,000		1,001,700
GTL Trade Finance
5.89%, 04/29/24		210,000		229,687
Hidrovias International Finance SARL
5.95%, 01/24/25		362,000		369,421
Itau Unibanco Holding
3.25%, 01/24/25		1,768,000		1,799,294
Itau Unibanco Holding MTN
5.65%, 03/19/22		365,000		380,969
6.50%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.863% (b)(c)		110,000		106,975
JSL Europe
7.75%, 07/26/24		213,000		219,922
MARB BondCo
6.88%, 01/19/25		856,000		885,960
7.00%, 03/15/24		290,000		299,860
Natura Cosmeticos
5.38%, 02/01/23		1,100,000		1,124,750
Rumo Luxembourg Sarl
5.88%, 01/18/25		500,000		523,125
7.38%, 02/09/24		354,000		371,169
Unigel Luxembourg
8.75%, 10/01/26 (a)		365,000		352,411
				18,353,875
Cayman Islands — 0.3%
Azure Orbit IV International Finance MTN
3.75%, 01/25/23		1,200,000		1,253,153
Chile — 1.0%
Celulosa Arauco y Constitucion
4.50%, 08/01/24		826,000		903,685
Empresa Electrica Guacolda
4.56%, 04/30/25		310,000		253,472

2

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Chile (continued)
Empresa Nacional de Telecomunicaciones
4.75%, 08/01/26	$	110,000	$	121,060
4.88%, 10/30/24		110,000		117,579
Falabella
3.75%, 04/30/23		716,000		746,363
Inversiones CMPC
4.38%, 05/15/23		110,000		116,875
4.38%, 04/04/27		290,000		322,990
Nacional del Cobre de Chile
3.00%, 07/17/22		700,000		720,951
VTR Finance
6.38%, 07/15/28 (a)		200,000		210,750
				3,513,725
China — 21.0%
Agile Group Holdings
6.70%, 03/07/22		1,051,000		1,077,250
8.38%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+11.254% (b)(c)		1,240,000		1,278,750
Baidu
3.08%, 04/07/25		200,000		212,544
3.88%, 09/29/23		1,800,000		1,930,679
Bank of China
5.00%, 11/13/24		4,187,000		4,652,153
Bank of China MTN
1.10%, VAR ICE LIBOR USD 3 Month+0.850%, 03/08/23 (b)		313,000		313,103
Bi Hai
6.25%, 03/05/22		1,307,000		1,300,450
Bocom Leasing Management Hong Kong MTN
1.19%, VAR ICE LIBOR USD 3 Month+0.950%, 03/02/25 (b)		1,169,000		1,126,659
CCB Life Insurance
4.50%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.680%, 04/21/77 (b)		200,000		198,757
CFLD Cayman Investment
8.60%, 04/08/24		723,000		672,752
China Aoyuan Group
8.50%, 01/23/22		425,000		435,838
China Cinda Finance 2017 I MTN
3.88%, 02/08/23		1,200,000		1,263,735
China Clean Energy Development
4.00%, 11/05/25		364,000		404,604

3

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
China (continued)
China Evergrande Group
7.50%, 06/28/23	$	1,254,000	$	987,525
8.25%, 03/23/22		900,000		805,940
8.75%, 06/28/25		883,000		684,291
China Great Wall International Holdings III MTN
4.38%, 05/25/23		291,000		311,282
China Huadian Overseas Development Management
4.00%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.782% (b)(c)		200,000		208,516
China Overseas Finance Cayman VI
5.95%, 05/08/24		200,000		229,031
China SCE Group Holdings
7.38%, 04/09/24		695,000		702,348
Chinalco Capital Holdings
4.10%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.788% (b)(c)		1,223,000		1,242,052
Chongqing Nan’an Urban Construction & Development Group
4.66%, 06/04/24		471,000		488,935
Chouzhou International Investment
4.50%, 05/30/22		213,000		217,535
CIFI Holdings Group
5.50%, 01/23/22		350,000		352,800
6.55%, 03/28/24		254,000		262,400
CITIC MTN
3.88%, 02/28/27		200,000		219,276
CMHI Finance BVI
4.38%, 08/06/23		1,600,000		1,724,208
CNAC HK Finbridge
4.63%, 03/14/23		2,213,000		2,343,731
CNOOC Curtis Funding No. 1 Pty
4.50%, 10/03/23		2,300,000		2,523,258
CNOOC Finance 2014 ULC
4.25%, 04/30/24		1,461,000		1,611,389
Coastal Emerald
4.30%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.445% (b)(c)		544,000		551,072
Country Garden Holdings
5.13%, 01/17/25		200,000		209,100
6.50%, 04/08/24		1,195,000		1,292,076

4

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
China (continued)
CRCC Chengan
3.97%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.243% (b)(c)	$	1,223,000	$	1,248,027
ENN Energy Holdings
2.63%, 09/17/30 (a)		700,000		699,797
Fantasia Holdings Group
7.38%, 10/04/21		459,000		450,050
Fortune Star BVI
5.25%, 03/23/22		1,900,000		1,904,725
Franshion Brilliant
5.75%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.859% (b)(c)		354,000		334,705
Greenland Global Investment
5.88%, 07/03/24		546,000		507,595
Guohui International Bvi
4.37%, 07/09/22		973,000		995,353
Hongkong International Qingdao
4.25%, 12/04/22		200,000		203,100
Huarong Finance 2017
4.50%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+7.773% (b)(c)		200,000		201,998
Huarong Finance 2017 MTN
1.56%, VAR ICE LIBOR USD 3 Month+1.325%, 07/03/23 (b)		200,000		194,755
4.00%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.983% (b)(c)		543,000		548,414
Huarong Finance 2019 MTN
3.25%, 11/13/24		730,000		752,277
Huarong Finance II MTN
5.50%, 01/16/25		2,923,000		3,257,917
Industrial & Commercial Bank of China
4.88%, 09/21/25		2,463,000		2,764,988
Kaisa Group Holdings
8.50%, 06/30/22		1,123,000		1,101,076
11.50%, 01/30/23		2,160,000		2,198,880
KWG Group Holdings
5.88%, 11/10/24		363,000		354,107
6.00%, 09/15/22		255,000		256,394
7.88%, 09/01/23		351,000		361,705
Leader Goal International MTN
4.25%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.919% (b)(c)		212,000		215,720
Lenovo Group MTN
4.75%, 03/29/23		1,431,000		1,468,722

5

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
China (continued)
Minmetals Bounteous Finance BVI
3.38%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+5.209% (b)(c)	$	1,073,000	$	1,082,389
Poly Real Estate Finance
4.75%, 09/17/23		603,000		649,259
Prosus
4.85%, 07/06/27		110,000		125,138
Ronshine China Holdings
8.75%, 10/25/22		867,000		884,746
10.50%, 03/01/22		348,000		362,090
Scenery Journey
11.50%, 10/24/22		742,000		671,510
13.75%, 11/06/23		713,000		645,265
Shimao Group Holdings
5.60%, 07/15/26		1,275,000		1,391,417
Sino-Ocean Land Treasure Finance I
6.00%, 07/30/24		248,000		270,454
Sino-Ocean Land Treasure III
4.90%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.256% (b)(c)		695,000		582,063
Sinopec Group Overseas Development 2018
3.75%, 09/12/23		1,250,000		1,343,803
Sunac China Holdings
7.88%, 02/15/22		1,000,000		1,010,500
7.95%, 10/11/23		1,418,000		1,432,990
Sunny Optical Technology Group
3.75%, 01/23/23		219,000		227,571
Tencent Holdings MTN
2.99%, 01/19/23		546,000		569,472
Three Gorges Finance I Cayman Islands
1.30%, 09/22/25 (a)		3,400,000		3,368,083
Times China Holdings
6.75%, 07/16/23		688,000		702,650
7.63%, 02/21/22		348,000		354,083
Vanke Real Estate Hong Kong MTN
3.98%, 11/09/27		1,088,000		1,180,355
Weibo
3.38%, 07/08/30		1,769,000		1,797,322
Weichai International Hong Kong Energy Group
3.75%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+6.084%, 03/14/69 (b)(c)		283,000		285,971
Xiaomi Best Time International
3.38%, 04/29/30 (a)		2,200,000		2,300,144

6

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
China (continued)
Yingde Gases Investment
6.25%, 01/19/23	$	400,000	$	412,477
Yuzhou Group Holdings
8.30%, 05/27/25		1,300,000		1,311,462
8.50%, 02/26/24		713,000		739,730
				75,555,288
Colombia — 1.8%
Banco de Bogota
6.25%, 05/12/26		417,000		452,449
Bancolombia
4.88%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.929%, 10/18/27 (b)		110,000		107,910
Ecopetrol
4.13%, 01/16/25		110,000		115,501
5.38%, 06/26/26		110,000		121,550
5.88%, 09/18/23		314,000		345,400
Empresas Publicas de Medellin ESP
4.38%, 02/15/31 (a)		1,000,000		1,005,010
Grupo Aval
4.75%, 09/26/22		1,910,000		1,955,362
Grupo de Inversiones Suramericana
5.50%, 04/29/26		730,000		816,695
Oleoducto Central
4.00%, 07/14/27		1,029,000		1,068,308
SURA Asset Management
4.88%, 04/17/24		358,000		388,341
				6,376,526
Congo — 0.8%
HTA Group
7.00%, 12/18/25 (a)		2,900,000		3,029,775
Costa Rica — 0.1%
Instituto Costarricense de Electricidad
6.95%, 11/10/21		213,000		213,535
Georgia — 0.1%
Georgian Railway JSC
7.75%, 07/11/22		413,000		431,193
Ghana — 0.1%
Tullow Oil
6.25%, 04/15/22		291,000		149,865
7.00%, 03/01/25		254,000		118,110
				267,975

7

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Guatemala — 0.2%
Central American Bottling
5.75%, 01/31/27 (a)	$	350,000	$	362,596
Industrial Senior Trust
5.50%, 11/01/22		209,000		215,061
				577,657
Hong Kong — 0.1%
China Cinda Finance 2015 I MTN
4.25%, 04/23/25		110,000		121,727
HKT Capital No. 4
3.00%, 07/14/26		200,000		212,502
Melco Resorts Finance
4.88%, 06/06/25		110,000		112,355
				446,584
India — 4.2%
ABJA Investment Pte
5.95%, 07/31/24		1,074,000		1,103,535
Adani Ports & Special Economic Zone
3.38%, 07/24/24		364,000		370,370
4.38%, 07/03/29		435,000		436,579
Azure Power Energy
5.50%, 11/03/22		213,000		217,158
Bank of Baroda MTN
3.50%, 04/04/22		200,000		203,432
Bharti Airtel
4.38%, 06/10/25		110,000		115,981
Bharti Airtel International Netherlands BV
5.35%, 05/20/24		820,000		884,145
BPRL International Singapore Pte MTN
4.38%, 01/18/27		728,000		761,739
Delhi International Airport
6.13%, 10/31/26		740,000		743,034
Greenko Dutch BV
5.25%, 07/24/24		500,000		507,360
Greenko Solar Mauritius
5.55%, 01/29/25		450,000		455,208
ICICI Bank MTN
4.00%, 03/18/26		765,000		807,049
Indian Railway Finance MTN
3.25%, 02/13/30 (a)		700,000		702,710
JSW Steel
5.95%, 04/18/24		554,000		565,357
Muthoot Finance MTN
4.40%, 09/02/23 (a)		360,000		349,178
NTPC MTN
4.25%, 02/26/26		364,000		386,513

8

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
India (continued)
Oil India
5.38%, 04/17/24	$	218,000	$	237,688
Power Finance MTN
3.95%, 04/23/30		1,686,000		1,627,133
REC
3.50%, 12/12/24		715,000		727,706
ReNew Power Synthetic
6.67%, 03/12/24		364,000		375,830
Shriram Transport Finance MTN
5.10%, 07/16/23		289,000		268,029
5.95%, 10/24/22		213,000		200,532
State Bank of India
4.38%, 01/24/24		110,000		117,384
Vedanta Holdings Mauritius II
13.00%, 08/21/23 (a)		1,000,000		1,029,835
Vedanta Resources
6.13%, 08/09/24		2,602,000		1,833,229
				15,026,714
Indonesia — 3.4%
ABM Investama
7.13%, 08/01/22		1,063,000		659,028
Adaro Indonesia
4.25%, 10/31/24		1,500,000		1,458,750
Alam Synergy Pte
6.63%, 04/24/22		1,718,000		971,506
Bank Mandiri Persero MTN
3.75%, 04/11/24		362,000		379,767
Bukit Makmur Mandiri Utama
7.75%, 02/13/22		1,276,000		1,059,709
Indika Energy Capital III Pte
5.88%, 11/09/24		1,283,000		1,145,719
Indo Energy Finance II BV
6.38%, 01/24/23		121,410		118,065
Indonesia Asahan Aluminium Persero
4.75%, 05/15/25 (a)		1,700,000		1,870,000
Medco Oak Tree Pte
7.38%, 05/14/26		291,000		278,269
Modernland Overseas Pte
6.95%, 04/13/24		344,000		134,158
Pertamina Persero
4.88%, 05/03/22		2,200,000		2,323,117
Pertamina Persero MTN
4.30%, 05/20/23		1,204,000		1,289,317
Perusahaan Gas Negara
5.13%, 05/16/24		483,000		527,123

9

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Indonesia (continued)
Saka Energi Indonesia
4.45%, 05/05/24	$	213,000	$	191,700
				12,406,228
Ireland — 0.2%
C&W Senior Financing DAC
6.88%, 09/15/27		688,000		714,660
Israel — 0.8%
Israel Electric
5.00%, 11/12/24 (a)		913,000		1,027,125
Leviathan Bond
6.13%, 06/30/25 (a)		1,030,000		1,062,187
6.75%, 06/30/30 (a)		687,000		711,045
				2,800,357
Kazakhstan — 0.5%
Halyk Savings Bank of Kazakhstan JSC
5.50%, 12/21/22		805,887		803,751
Nostrum Oil & Gas Finance BV
8.00%, 07/25/22		212,000		52,979
Tengizchevroil Finance International
2.63%, 08/15/25 (a)		900,000		903,600
				1,760,330
Kuwait — 1.5%
Equate Petrochemical BV
3.00%, 03/03/22		1,676,000		1,693,786
Kuwait Projects SPC
5.00%, 03/15/23		717,000		736,303
Kuwait Projects SPC MTN
4.50%, 02/23/27		1,218,000		1,192,544
MEGlobal Canada ULC MTN
5.00%, 05/18/25 (a)		1,800,000		1,939,885
				5,562,518
Macau — 0.5%
Sands China
4.60%, 08/08/23		110,000		117,272
Wynn Macau
5.50%, 01/15/26 (a)		500,000		492,750
5.63%, 08/26/28 (a)		1,400,000		1,358,000
				1,968,022

10

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Malaysia — 0.1%
Malayan Banking
3.91%, VAR USD Swap Semi 30/360 5 Yr Curr+2.542%, 10/29/26 (b)	$	364,000	$	371,240
Mexico — 4.1%
Alfa
5.25%, 03/25/24		354,000		373,505
Alpek
4.50%, 11/20/22		217,000		223,738
Axtel
6.38%, 11/14/24		200,000		208,000
Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24		826,000		864,409
4.38%, 04/11/27		300,000		315,000
Banco Nacional de Comercio Exterior SNC
3.80%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.000%, 08/11/26 (b)		425,000		423,942
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand
4.13%, 11/09/22		110,000		115,775
5.38%, 04/17/25 (a)		350,000		389,550
5.95%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.995%, 10/01/28 (b)		1,215,000		1,281,217
BBVA Bancomer
6.75%, 09/30/22		2,738,000		2,951,564
Cemex
5.20%, 09/17/30 (a)		700,000		703,430
5.70%, 01/11/25		200,000		204,193
7.38%, 06/05/27 (a)		700,000		756,357
Fresnillo
5.50%, 11/13/23		500,000		558,585
Grupo Bimbo
5.95%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.280% (b)(c)		708,000		741,453
Infraestructura Energetica Nova
4.75%, 01/15/51 (a)		700,000		656,075
Nemak
4.75%, 01/23/25		251,000		252,255
Orbia Advance
4.88%, 09/19/22		1,300,000		1,378,676
Petroleos Mexicanos
3.50%, 01/30/23		1,184,000		1,165,684
4.88%, 01/24/22		75,000		75,750
6.50%, 03/13/27		1,074,000		1,006,370

11

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Mexico (continued)
Sigma Alimentos
4.13%, 05/02/26	$	110,000	$	117,095
				14,762,623
Mongolia — 0.3%
Development Bank of Mongolia
7.25%, 10/23/23		1,076,000		1,124,502
Morocco — 0.4%
OCP
4.50%, 10/22/25		1,269,000		1,338,450
Netherlands — 1.6%
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		2,556,000		2,444,175
3.15%, 10/01/26		2,146,000		1,893,223
Vivo Energy Investments BV
5.13%, 09/24/27 (a)		1,400,000		1,412,813
				5,750,211
Nigeria — 0.2%
United Bank for Africa
7.75%, 06/08/22		550,000		548,570
Oman — 0.6%
Bank Muscat SAOG MTN
4.88%, 03/14/23		354,000		357,027
OmGrid Funding
5.20%, 05/16/27		1,246,000		1,137,286
Oztel Holdings SPC
5.63%, 10/24/23		785,000		783,862
				2,278,175
Panama — 0.5%
AES Panama Generation Holdings SRL
4.38%, 05/31/30 (a)		700,000		718,375
Banco General
4.13%, 08/07/27		110,000		121,276
Banistmo
3.65%, 09/19/22		700,000		708,750
Global Bank
4.50%, 10/20/21		110,000		112,475
				1,660,876
Peru — 0.8%
Banco BBVA Peru
5.00%, 08/26/22		110,000		117,320
Banco de Credito del Peru
4.25%, 04/01/23		1,110,000		1,184,925

12

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Peru (continued)
Camposol
6.00%, 02/03/27 (a)	$	400,000	$	410,500
Credicorp
2.75%, 06/17/25 (a)		1,000,000		1,014,500
Southern Copper
3.88%, 04/23/25		110,000		121,498
Volcan Cia Minera SAA
5.38%, 02/02/22		213,000		212,736
				3,061,479
Qatar — 2.1%
ABQ Finance MTN
3.13%, 09/24/24		212,000		219,950
AKCB Finance
4.75%, 10/09/23		1,061,000		1,150,147
CBQ Finance MTN
5.00%, 05/24/23		660,000		714,121
Ezdan Sukuk
4.88%, 04/05/22		1,082,000		940,258
MAR Sukuk
3.03%, 11/13/24		289,000		300,800
Ooredoo International Finance MTN
3.25%, 02/21/23		2,800,000		2,924,880
QNB Finance MTN
3.50%, 03/28/24		1,217,000		1,292,717
				7,542,873
Russia — 2.4%
Credit Bank of Moscow Via CBOM Finance
7.12%, 06/25/24		213,000		234,568
7.50%, VAR USD Swap Semi 30/360 5 Yr Curr+5.416%, 10/05/27 (b)		364,000		347,292
Evraz
5.38%, 03/20/23		1,100,000		1,175,350
MMC Norilsk Nickel Via MMC Finance DAC
4.10%, 04/11/23		700,000		729,289
6.63%, 10/14/22		800,000		868,723
Novatek OAO Via Novatek Finance DAC
4.42%, 12/13/22		700,000		735,830
Sberbank of Russia Via SB Capital
5.13%, 10/29/22		2,230,000		2,338,664
SCF Capital DAC
5.38%, 06/16/23		700,000		752,150
Vnesheconombank Via VEB Finance
5.94%, 11/21/23		700,000		773,150
6.03%, 07/05/22		700,000		745,467
				8,700,483

13

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Saudi Arabia — 0.9%
Almarai Sukuk
4.31%, 03/05/24	$	213,000	$	227,736
Dar Al-Arkan Sukuk
6.75%, 02/15/25		672,000		623,280
6.88%, 03/21/23		724,000		705,900
Dar Al-Arkan Sukuk MTN
6.88%, 04/10/22		250,000		249,000
SABIC Capital II BV
4.00%, 10/10/23		700,000		752,500
Samba Funding
2.75%, 10/02/24		435,000		448,398
Saudi Electricity Global Sukuk 3
4.00%, 04/08/24		342,000		368,049
				3,374,863
Singapore — 1.2%
BOC Aviation MTN
1.36%, VAR ICE LIBOR USD 3 Month+1.125%, 09/26/23 (b)		110,000		107,433
3.25%, 04/29/25 (a)		2,800,000		2,924,712
Marble II Pte
5.30%, 06/20/22		500,000		502,496
Oversea-Chinese Banking
1.83%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+1.580%, 09/10/30 (a),(b)		700,000		698,315
United Overseas Bank MTN
3.50%, VAR USD Swap Semi 30/360 5 Yr Curr+2.236%, 09/16/26 (b)		200,000		203,740
				4,436,696
South Africa — 1.6%
Anglo American Capital
4.75%, 04/10/27		363,000		417,080
Eskom Holdings SOC MTN
6.35%, 08/10/28		928,000		931,480
Fields Orogen Holdings BVI
5.13%, 05/15/24		213,000		231,633
FirstRand Bank
6.25%, VAR USD Swap Semi 30/360 5 Yr Curr+3.561%, 04/23/28 (b)		428,000		440,498
Liquid Telecommunications Financing
8.50%, 07/13/22		212,000		214,226
Mauritius Investments
4.76%, 11/11/24		250,000		255,437
5.37%, 02/13/22		500,000		510,360
Sasol Financing International
4.50%, 11/14/22		365,000		353,237

14

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
South Africa (continued)
Sasol Financing USA
5.88%, 03/27/24	$	642,000	$	617,925
6.50%, 09/27/28		290,000		273,992
Transnet SOC
4.00%, 07/26/22		1,400,000		1,385,174
				5,631,042
South Korea — 2.4%
Hanwha Life Insurance
4.70%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.000% (b)(c)		354,000		363,741
Heungkuk Life Insurance
4.48%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.472% (b)(c)		928,000		927,973
Kia Motors
3.00%, 04/25/23		321,000		335,652
Kookmin Bank
1.75%, 05/04/25 (a)		1,800,000		1,857,692
Kookmin Bank MTN
4.35%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.639% (b)(c)		726,000		757,669
Korea East-West Power
1.75%, 05/06/25 (a)		1,100,000		1,136,610
Kyobo Life Insurance
3.95%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.091% (b)(c)		212,000		216,155
POSCO
2.75%, 07/15/24		361,000		377,880
SK Hynix
3.00%, 09/17/24		500,000		526,242
SK Innovation
4.13%, 07/13/23		200,000		212,697
Woori Bank MTN
4.25%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+2.664%, 04/04/69 (b)(c)		723,000		737,544
4.75%, 04/30/24		474,000		523,407
5.25%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.347% (b)(c)		708,000		735,482
				8,708,744
Supranational — 0.7%
Africa Finance MTN
4.38%, 04/17/26		687,000		738,841

15

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Supranational (continued)
Central American Bank for Economic Integration
2.00%, 05/06/25 (a)	$	1,800,000	$	1,860,408
				2,599,249
Switzerland — 0.1%
Syngenta Finance
5.18%, 04/24/28		363,000		399,737
Tanzania — 0.0%
AngloGold Ashanti Holdings
5.13%, 08/01/22		100,000		105,180
Thailand — 0.6%
Bangkok Bank MTN
4.05%, 03/19/24		110,000		119,583
5.00%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.729% (a)(b)(c)		1,700,000		1,701,727
PTT Global Chemical
4.25%, 09/19/22		110,000		115,265
Siam Commercial Bank MTN
2.75%, 05/16/23		200,000		207,310
				2,143,885
Tunisia — 0.3%
Banque Centrale de Tunisie International Bond
5.75%, 01/30/25		1,391,000		1,248,299
Turkey — 2.8%
Akbank T.A.S.
6.80%, 02/06/26 (a)		1,388,000		1,343,723
Arcelik
5.00%, 04/03/23		250,000		249,501
Coca-Cola Icecek
4.22%, 09/19/24		200,000		203,089
KOC Holding
5.25%, 03/15/23		1,765,000		1,754,516
Petkim Petrokimya Holding
5.88%, 01/26/23		709,000		703,623
QNB Finansbank
6.88%, 09/07/24		361,000		365,225
QNB Finansbank MTN
4.88%, 05/19/22		348,000		344,466
TC Ziraat Bankasi MTN
5.13%, 05/03/22		348,000		337,660

16

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Turkey (continued)
Turk Telekomunikasyon
4.88%, 06/19/24	$	213,000	$	206,352
6.88%, 02/28/25		730,000		744,600
Turkcell Iletisim Hizmetleri
5.75%, 10/15/25		417,000		414,915
Turkiye Is Bankasi
6.00%, 10/24/22		716,000		687,646
Turkiye Is Bankasi MTN
6.13%, 04/25/24		1,356,000		1,283,047
Turkiye Vakiflar Bankasi TAO
8.13%, 03/28/24		354,000		356,018
Turkiye Vakiflar Bankasi TAO MTN
5.63%, 05/30/22		417,000		406,784
5.75%, 01/30/23		354,000		338,903
Yapi ve Kredi Bankasi MTN
5.75%, 02/24/22		219,000		216,810
				9,956,878
Ukraine — 1.5%
Kernel Holding
8.75%, 01/31/22		916,000		946,686
Metinvest BV
7.65%, 10/01/27 (a)		1,500,000		1,455,435
7.75%, 04/23/23		404,000		411,070
8.50%, 04/23/26		1,074,000		1,077,652
MHP Lux
6.95%, 04/03/26		363,000		363,907
Ukraine Railways Via Rail Capital Markets
8.25%, 07/09/24		652,000		650,696
VF Ukraine PAT via VFU Funding
6.20%, 02/11/25		363,000		362,093
				5,267,539
United Arab Emirates — 4.8%
Abu Dhabi National Energy PJSC
3.63%, 01/12/23		2,350,000		2,478,132
Abu Dhabi National Energy PJSC MTN
3.88%, 05/06/24		722,000		782,648
ADCB Finance Cayman MTN
4.00%, 03/29/23		2,000,000		2,118,144
BOS Funding MTN
4.23%, 03/07/22		852,000		866,992
DAE Funding
5.00%, 08/01/24		922,000		929,007
DIB Sukuk
3.63%, 02/06/23		2,100,000		2,183,160
DIFC Sukuk
4.33%, 11/12/24		545,000		564,756

17

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
United Arab Emirates (continued)
DP World Crescent
3.91%, 05/31/23	$	361,000	$	379,086
EMG SUKUK
4.56%, 06/18/24		446,000		463,112
Emirates NBD Bank PJSC
3.25%, 11/14/22		1,900,000		1,971,721
Fab Sukuk
3.63%, 03/05/23		1,218,000		1,285,599
MAF Global Securities
4.75%, 05/07/24		716,000		762,655
5.50%, VAR USD Swap Semi 30/360 5 Yr Curr+3.476% (b)(c)		902,000		889,011
Mashreqbank PSC MTN
4.25%, 02/26/24		990,000		1,054,553
Rakfunding Cayman MTN
4.13%, 04/09/24		400,000		424,000
				17,152,576
United States — 1.0%
Flex
4.75%, 06/15/25		110,000		123,733
Hyundai Capital America
4.13%, 06/08/23 (a)		1,588,000		1,709,725
Hyundai Capital America MTN
2.75%, 09/27/26		1,772,000		1,834,544
				3,668,002
Zambia — 0.3%
First Quantum Minerals
6.88%, 03/01/26		363,000		349,841
7.25%, 04/01/23		566,000		565,293
				915,134
Total Global Bonds (Cost $263,554,675)				267,813,601
SOVEREIGN DEBT — 12.9%
Argentina — 0.0%
Argentine Republic Government International Bond
1.00%, 07/09/29		1		—
Provincia de Buenos Aires
9.13%, 03/16/24		500,000		197,500
				197,500

18

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
Armenia — 0.1%
Armenia Republic Government International Bond
7.15%, 03/26/25	$	213,000	$	231,062
Bahrain — 0.1%
Bahrain Government International Bond
7.00%, 01/26/26		356,000		394,968
Belarus — 0.2%
Belarus Republic Government International Bond
7.63%, 06/29/27		435,000		423,573
Republic of Belarus Ministry of Finance
5.88%, 02/24/26 (a)		350,000		323,904
				747,477
Bolivia — 0.1%
Bolivian Government International Bond
4.50%, 03/20/28		363,000		311,276
Brazil — 0.7%
Brazilian Government International Bond
2.88%, 06/06/25		2,510,000		2,531,360
Costa Rica — 0.4%
Costa Rica Government International Bond
4.25%, 01/26/23		896,000		864,640
4.38%, 04/30/25		687,000		642,689
				1,507,329
Dominican Republic — 0.8%
Dominican Republic Government International Bond
5.50%, 01/27/25		1,187,000		1,262,683
6.88%, 01/29/26		1,327,000		1,476,301
				2,738,984
Egypt — 1.3%
Egypt Government International Bond
5.75%, 05/29/24 (a)		1,450,000		1,482,051
7.63%, 05/29/32 (a)		1,800,000		1,757,250
Egypt Government International Bond MTN
6.13%, 01/31/22		356,000		364,615
6.20%, 03/01/24		1,088,000		1,128,304
				4,732,220

19

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
El Salvador — 0.7%
El Salvador Government International Bond
5.88%, 01/30/25	$	1,010,000	$	880,720
6.38%, 01/18/27		363,000		311,636
7.75%, 01/24/23		1,545,000		1,491,079
				2,683,435
Honduras — 0.1%
Honduras Government International Bond
6.25%, 01/19/27		182,000		199,108
7.50%, 03/15/24		213,000		231,638
				430,746
India — 0.5%
Export-Import Bank of India MTN
4.00%, 01/14/23		1,650,000		1,732,399
Indonesia — 0.1%
Perusahaan Penerbit SBSN Indonesia III
4.33%, 05/28/25		250,000		282,063
Jordan — 0.5%
Jordan Government International Bond
4.95%, 07/07/25 (a)		700,000		697,198
5.85%, 07/07/30		1,027,000		994,927
				1,692,125
Lebanon — 0.0%
Lebanon Government International Bond MTN
6.40%, (d)		422,000		66,845
Mongolia — 0.4%
Mongolia Government International Bond MTN
5.13%, 12/05/22		1,400,000		1,427,967
Oman — 0.5%
Oman Government International Bond
3.88%, 03/08/22		582,000		575,805
5.63%, 01/17/28		895,000		822,086
Oman Sovereign Sukuk
4.40%, 06/01/24		356,000		353,462
				1,751,353
Pakistan — 0.6%
Pakistan Government International Bond
8.25%, 04/15/24		673,000		712,664
Third Pakistan International Sukuk
5.63%, 12/05/22		1,400,000		1,396,500
				2,109,164

20

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
Papua New Guinea — 0.2%
Papua New Guinea Government International Bond
8.38%, 10/04/28	$	727,000	$	727,727
Paraguay — 0.2%
Paraguay Government International Bond
4.63%, 01/25/23		600,000		634,506
Qatar — 0.5%
Qatar Government International Bond
3.40%, 04/16/25 (a)		1,800,000		1,972,764
Romania — 0.5%
Romanian Government International Bond MTN
6.75%, 02/07/22		1,580,000		1,700,791
Saudi Arabia — 0.9%
Saudi Government International Bond MTN
2.90%, 10/22/25 (a)		1,000,000		1,068,004
3.25%, 10/26/26		1,846,000		2,007,451
3.25%, 10/22/30 (a)		200,000		217,196
				3,292,651
South Africa — 0.2%
South Africa Government International Bond
4.85%, 09/27/27		688,000		678,065
Sri Lanka — 0.6%
Sri Lanka Government International Bond
5.75%, 04/18/23		1,163,000		854,805
5.88%, 07/25/22		1,727,000		1,372,965
				2,227,770
Trinidad & Tobago — 0.1%
Trinidad & Tobago Government International Bond
4.50%, 08/04/26		213,000		215,876
Turkey — 2.1%
Turkey Government International Bond
3.25%, 03/23/23		364,000		344,872
4.88%, 10/09/26		544,000		497,357
5.75%, 03/22/24		4,571,000		4,485,522
6.25%, 09/26/22		716,000		721,490
7.38%, 02/05/25		856,000		884,043
Turkiye Ihracat Kredi Bankasi
4.25%, 09/18/22		727,000		690,650
				7,623,934

21

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
United Arab Emirates — 0.5%
Abu Dhabi Government International Bond MTN
0.75%, 09/02/23 (a)	$	700,000	$	699,125
Sharjah Sukuk Program MTN
3.85%, 04/03/26		990,000		1,075,013
				1,774,138
Total Sovereign Debt (Cost $46,600,070)				46,416,495
U.S. TREASURY OBLIGATIONS — 4.5%
U.S. Treasury Bills
0.08%, 12/10/2020 (e)		10,000,000		9,998,153
U.S. Treasury Notes
1.13%, 2/28/2022		6,000,000		6,084,375
Total U.S. Treasury Obligations (Cost $16,052,016)				16,082,528
COMMON STOCK — 4.1%
	Shares
Argentina — 0.2%
MercadoLibre *		741		802,118
Brazil — 0.2%
Pagseguro Digital, Class A *		19,170		722,901
China — 0.8%
21Vianet Group ADR *		29,663		686,995
Alibaba Group Holding ADR *		6,597		1,939,386
				2,626,381
Germany — 0.2%
Delivery Hero *		6,852		788,264
Hong Kong — 0.6%
Meituan Dianping, Class B *		24,800		773,755
Wuxi Biologics Cayman *		31,500		766,563
Yihai International Holding		47,000		733,195
				2,273,513

22

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

COMMON STOCK (continued)
	Shares		Value
Netherlands — 0.2%
Adyen *		413	$	761,443
Taiwan — 0.4%
Sea ADR *		8,352		1,286,542
United States — 1.7%
Communication Services — 0.7%
Roku, Class A *		3,807		718,762
Spotify Technology *		3,050		739,838
Zillow Group, Class C *		9,887		1,004,420
				2,463,020
Consumer Discretionary — 0.2%
Chegg *		11,174		798,271
Consumer Staples — 0.2%
Walmart		6,318		883,951
Information Technology — 0.4%
Advanced Micro Devices *		8,585		703,884
Square, Class A *		4,270		694,089
				1,397,973
				6,230,210
Total Common Stock (Cost $12,310,409)				14,804,377
EXCHANGE-TRADED FUNDS — 1.3%
United States — 1.3%
iShares JP Morgan EM Corporate Bond ETF		60,000		3,102,600
VanEck Vectors Emerging Markets High Yield Bond ETF		75,000		1,705,500
Total Exchange-Traded Funds (Cost $4,813,316)				4,808,100
Total Investments - 97.2% (Cost $343,330,486)				349,925,101
	Contracts
Purchased Option (f) — 0.0% (Cost $50,654)		10,000,000		15,070
Other Assets & Liabilities, Net - 6.3%				10,070,876
Net Assets - 100.0%			$	360,011,047

23

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

PURCHASED OPTION — 0.0%

	Contracts		Notional     Amount^		Strike  Price		Expiration   Date		Value
Call Option
EUROPEAN CURRENCY UNION — 0.0%
EUR/USD Currency*		10,000,000	$	50,654	$	1		10/17/20	$	15,070

^ Represents amortized cost.

The open futures contracts held by the Fund at September 30, 2020, are as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount			Value			Unrealized Appreciation/   (Depreciation)
Bovespa Index		(167)		Oct-2020	$	(3,148,083	)	$	(2,813,566	)	$	239,112
MSCI Emerging Markets		(66)		Dec-2020		(3,678,517	)		(3,592,050	)		86,467
Russell 2000 Index E-MINI		(41)		Dec-2020		(3,096,430	)		(3,084,020	)		12,410
S&P 500 Index E-MINI		(18)		Dec-2020		(2,998,893	)		(3,016,800	)		(17,907	)
U.S. 10-Year Treasury Notes		40		Dec-2020		5,564,473			5,581,250			16,777
					$	(7,357,451	)	$	(6,925,186	)	$	336,859

A list of the outstanding forward foreign currency contracts held by the Fund at September 30, 2020, are as follows:

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank	10/14/20		USD	144,717		EUR	122,000	$	(1,635	)
JPMorgan Chase Bank	10/14/20		EUR	1,485,000		USD	1,763,928		22,315
Goldman Sachs	11/27/20		USD	1,400,000		HKD	10,855,828		453
Goldman Sachs	11/27/20		HKD	40,549,600		USD	5,200,000		(31,088	)
JPMorgan Chase Bank	12/18/20		USD	1,433,300		KRW	1,717,953,380		40,264
JPMorgan Chase Bank	12/18/20		KRW	2,594,190,000		USD	2,150,000		(75,151	)
								$	(44,842	)

The open centrally cleared swap agreements held by the Fund at September 30, 2020, are as follows:

Reference Entity/Obligation	Buy/ Sell Protection	(Pays)/ Receives Rate	Payment Frequency	Termination Date	Notional Amount	Value	Upfront Payments/ Receipts	Net Unrealized Depreciation
CDX.EM.34	Buy	1.00%	Quarterly	12/20/2025	21,380,000	$1,361,399	$1,382,488	$(21,089)

24

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

Interest Rate Swaps
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount		Value		Upfront Payments/ Receipts		Net Unrealized Appreciation (Depreciation)
JIBA3M INDEX		10.18%		Quarterly		06/10/2030		ZAR		36,000,000	$	30,267	$	–	$	30,267
JIBA3M INDEX		9.95%		Quarterly		08/25/2030		ZAR		48,000,000		3,880		–		3,880
											$	34,147	$	–	$	34,147

The open OTC swap agreements held by the Fund at September 30, 2020 are as follows:

Interest Rate Swap

Counterparty

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Upfront Payments

Net Unrealized Appreciation (Depreciation)

JPMorgan Chase

2.2%

CLP-TNA 6M

Semi-Annually

09/03/2030

CLP

1,500,000,000

$

(9,074

)

$

–

$

(9,074

)

Total Return Swaps

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment   Frequency

Termination   Date

Currency

Notional   Amount

Value

Upfront Payments/ Receipts

Net Unrealized Appreciation (Depreciation)

Bank of America

Brasil Bolsa Balcao

1MLIBOR

B3 SA-BRASIL BOLSA BALCAO

Annually

04/28/2024

USD

(125,363)

$

64,963

$

–

$

64,963

Bank of America

Brasil Bolsa Balcao

1MLIBOR

B3 SA-BRASIL BOLSA BALCAO

Annually

05/12/2024

USD

(138,937)

91,599

–

91,599

Bank of America

Brasil Bolsa Balcao

1MLIBOR

B3 SA-BRASIL BOLSA BALCAO

Annually

05/20/2024

USD

(147,894)

62,090

–

62,090

Goldman Sachs

Cake US

1MLIBOR

CAKE US EQUITY

Annually

09/29/2022

USD

333,146

(10,356

)

–

(10,356

)

Goldman Sachs

Denn US

1MLIBOR

DENN US EQUITY

Annually

09/29/2022

USD

328,221

11,511

–

11,511

Bank of America

DJ STOXX 600**

TOTAL RETURN SX8P INDEX

1M EURIBOR

Annually

08/12/2022

EUR

3,372,070

34,734

–

34,734

Bank of America

DJ STOXX 600**

TOTAL RETURN SX8P INDEX

1M EURIBOR

Annually

09/18/2022

EUR

311,691

2,635

–

2,635

JPMorgan Chase

Kakao Corp

1MLIBOR

KAKAO CORP

Annually

03/25/2022

KRW

(412,379)

328,572

–

328,572

Bank of America

Magazine Luiza

1MLIBOR

MAGAZINE LUIZA SA

Annually

04/28/2024

USD

(77,881)

74,566

–

74,566

Bank of America

Magazine Luiza

1MLIBOR

MAGAZINE LUIZA SA

Annually

05/12/2024

USD

(150,446)

111,105

–

111,105

Bank of America

Magazine Luiza

1MLIBOR

MAGAZINE LUIZA SA

Annually

05/20/2024

USD

(159,263)

100,794

–

100,794

Bank of America

RAIA Drogasil SA

1MLIBOR

RAIA DROGASIL SA

Annually

08/13/2024

USD

(646,381)

20,782

–

20,782

Bank of America

TT Equity

1MLIBOR

2454 TT EQUITY

Annually

06/08/2022

USD

(531,187)

147,402

–

147,402

JPMorgan Chase

TT Equity

1MLIBOR

6415 TT EQUITY

Annually

06/19/2022

USD

(725,998)

(31,555

)

–

(31,555

)

$

1,008,842

$

–

$

1,008,842

25

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

** The following table represents the individual common stock exposure comprising the Bank of American Equity Basket Swaps at September 30, 2020:

Equity Basket Swaps
Shares	Description	Notional Amount		Unrealized       Appreciation		Fair Value		Percentage of       Basket
SX8PR Index
29	Alten SA	$	16,371	$	166	$	166		0.44%
450	Amadeus IT Group SA		149,140		1,513		1,513		4.05%
261	ams AG		35,123		356		356		0.95%
47	ASM International NV		40,086		407		407		1.09%
261	ASML Holding NV		570,847		5,791		5,791		15.50%
97	Atos SE		46,626		473		473		1.27%
969	Auto Trader Group PLC		41,800		424		424		1.13%
668	Avast PLC		26,981		274		274		0.73%
64	AVEVA Group PLC		23,596		239		239		0.64%
73	BE Semiconductor Industries NV		18,505		188		188		0.50%
27	Bechtle AG		32,825		333		333		0.89%
39	CANCOM SE		11,826		120		120		0.32%
169	Capgemini SE		129,369		1,312		1,312		3.51%
141	Dassault Systemes SE		156,639		1,589		1,589		4.25%
72	Dialog Semiconductor PLC		18,623		189		189		0.51%
283	Hexagon AB		127,187		1,290		1,290		3.45%
1,306	Infineon Technologies AG		219,073		2,222		2,222		5.95%
59	Ingenico Group SA		54,726		555		555		1.48%
119	Just Eat Takeaway.com NV		78,949		801		801		2.14%
173	Logitech International SA		79,919		811		811		2.17%
537	Moneysupermarket.com Group PLC		10,987		111		111		0.30%
55	Nemetschek SE		23,994		243		243		0.65%
45	Netcompany Group A/S		22,091		224		224		0.60%
445	Prosus NV		243,442		2,470		2,470		6.61%
886	Rightmove PLC		42,569		432		432		1.16%
1,121	Sage Group PLC/The		61,899		628		628		1.68%
1,094	SAP SE		1,010,556		10,251		10,251		27.43%
101	Scout24 AG		52,524		533		533		1.43%
41	SimCorp A/S		31,617		321		321		0.86%
42	Sinch AB		20,467		208		208		0.56%
96	Softwareone Holding AG		15,859		161		161		0.43%
23	SOITEC		19,725		200		200		0.53%
16	Sopra Steria Group		15,029		152		152		0.41%
661	STMicroelectronics NV		120,617		1,224		1,224		3.28%
122	TeamViewer AG		35,747		363		363		0.97%
66	Temenos AG		53,084		538		538		1.44%
112	United Internet AG		25,343		257		257		0.69%
		$	3,683,761	$	37,369	$	37,369		100.00%

26

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

* Non-income producing security.

(a) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in transaction exempt from registration to qualified institutional buyers. At September 30, 2020, these securities amounted to $53,388,958 or 14.8% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(c) Perpetual security with no stated maturity date.

(d) The issuer is, or is in danger of being, in default of its payment obligation.

(e) Rate shown represents the effective yield to maturity at date of purchase.

(f) Refer to the table below for details on options contracts.

ADR — American Depositary Receipt

CLP — Chilean Peso

DAC — Designated Activity Company

EM — Emerging Markets

ETF — Exchange Traded Fund

EUR — Euro

EURIBOR — European Interbank Offered Rate

HKD — Hong Kong Dollar

ICE — Intercontinental Exchange

JSC — Joint Stock Company

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

OTC — Over the Counter

PJSC — Public Joint Stock Company

PLC — Public Limited Company

S&P — Standard & Poor’s

ULC — Unlimited Liability Corporation

USD — United States Dollar

VAR — Variable Rate

ZAR — South African Rand

The following table summarizes the inputs used as of September 30, 2020, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Global Bonds	$	–	$	267,813,601	$	–	$	267,813,601
Sovereign Debt		–		46,416,495		–		46,416,495
U.S. Treasury Obligations		–		16,082,528		–		16,082,528
Common Stock		14,804,377		–		–		14,804,377
Exchange-Traded Funds		4,808,100		–		–		4,808,100
Total Investments in Securities	$	19,612,477	$	330,312,624	$	–	$	349,925,101

27

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE NEW WORLD
	OPPORTUNITIES FUND
	SEPTEMBER 30, 2020 (Unaudited)

Other Financial Instruments		Level 1			Level 2			Level 3		Total
Purchased Option	$	15,070		$	–		$	–	$	15,070
Futures Contracts*
Unrealized Appreciation		354,766			–			–		354,766
Unrealized Depreciation		(17,907	)		–			–		(17,907	)
Forwards Contracts*
Unrealized Appreciation		–			63,032			–		63,032
Unrealized Depreciation		–			(107,874	)		–		(107,874	)
Centrally Cleared Swaps
Credit Default Swap*
Unrealized Depreciation		–			(21,089	)		–		(21,089	)
Interest Rate Swaps*
Unrealized Appreciation		–			34,147			–		34,147
OTC Swaps
Interest Rate Swaps*
Unrealized Depreciation		–			(9,074	)		–		(9,074	)
Total Return Swaps*
Unrealized Appreciation		–			1,050,753			–		1,050,753
Unrealized Depreciation		–			(41,911	)		–		(41,911	)
Total Other Financial Instruments	$	351,929		$	967,984		$	–	$	1,319,913

*Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “— “ are $0.

For the period ended September 30, 2020, there have been no transfers in or out of Level 3.

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

API-QH-002-0300

28

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 81.4%
	Shares		Value
China — 4.7%
Alibaba Group Holding ADR *		5,217	$	1,533,693
Chindata Group Holdings ADR		14,361		193,874
				1,727,567
Hong Kong — 4.4%
Alibaba Group Holding *		27,200		967,261
Melco Resorts & Entertainment ADR		38,413		639,576
				1,606,837
Japan — 3.5%
Sony		16,900		1,287,070
Switzerland — 1.0%
ams		17,017		386,696
United Kingdom — 2.7%
Everarc Holdings *		76,048		988,624
United States — 65.1%
Communication Services — 21.6%
Activision Blizzard		14,144		1,144,957
Altice USA, Class A *		44,367		1,153,542
Charter Communications, Class A *		1,965		1,226,828
Comcast, Class A		14,699		679,976
Gogo *		35,713		329,988
Take-Two Interactive Software *		6,280		1,037,581
T-Mobile US *		20,789		2,377,430
				7,950,302
Consumer Discretionary — 5.6%
Amazon.com *		161		506,946
Farfetch, Class A *		28,989		729,363
Tiffany		7,146		827,864
				2,064,173
Financial — 1.7%
Aon, Class A		3,075		634,372
Industrial — 8.4%
AECOM *		17,234		721,071
Owens Corning		13,125		903,131
XPO Logistics *		17,215		1,457,422
				3,081,624
Industrials — 3.2%
WillScot Mobile Mini Holdings, Class A *		71,165		1,187,032

1

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

COMMON STOCK (continued)
	Shares		Value
Information Technology — 15.4%
Crowdstrike Holdings, Class A *		2,257	$	309,931
Fidelity National Information Services		8,445		1,243,188
First Solar *		5,140		340,268
Fiserv *		9,661		995,566
Micron Technology *		12,285		576,904
Nuance Communications *		32,182		1,068,121
Palo Alto Networks *		1,721		421,215
QUALCOMM		4,939		581,221
Snowflake, Class A *		470		117,970
				5,654,384
Materials — 5.9%
Barrick Gold		27,641		776,989
Constellium, Class A *		112,969		886,807
Freeport-McMoRan		31,235		488,515
				2,152,311
Utilities — 3.3%
Vistra		63,451		1,196,686
				23,920,884
Total Common Stock (Cost $25,701,661)				29,917,678
U.S. TREASURY OBLIGATION — 7.1%
	Face Amount
U.S. Treasury Bills
0.10%, 12/10/2020 (a)	$	2,600,000		2,599,520
Total U.S. Treasury Obligation (Cost $2,599,510)				2,599,520
EXCHANGE-TRADED FUND — 4.2%
	Shares
United States — 4.2%
Financial Select Sector SPDR Fund		65,205		1,569,484
Total Exchange-Traded Fund (Cost $1,509,935)				1,569,484

2

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

WARRANTS — 0.0%
	Number of         Warrants			Value
United Kingdom — 0.0%
Everarc Holdings, Expires 12/01/2022*		76,161		$	762
Total Warrants (Cost $764)					762
Total Investments - 92.7% (Cost $29,811,870)					34,087,444
		Contracts
Purchased Options (b) — 0.4%
Total Purchased Options (Cost $431,574)		120			159,531
Written Options (b) — (0.1)%
Total Written Options (Premiums $(163,712))		(58	)		(40,955	)
Other Assets & Liabilities, Net - 7.0%					2,561,431
Net Assets - 100.0%				$	36,767,451

The open option contracts held by the Fund at September 30, 2020, are as follows:

PURCHASED OPTIONS — 0.4%

	Contracts		Notional     Amount^		Strike  Price		Expiration  Date		Value
Call Option
UNITED STATES — 0.1%
Alibaba Group Holding*		62	$	81,048	$	300		10/17/20	$	41,230
Put Options
UNITED STATES — 0.3%
NASDAQ 100 Index*		4		109,384		10,800		10/17/20		19,840
Russell 2000 Index*		15		50,126		1,420		10/17/20		20,790
S&P 500 Index*		8		45,604		3,170		10/17/20		13,920
S&P 500 Index*		20		108,860		3,180		10/17/20		33,160
S&P 500 Index*		11		36,553		3,270		10/17/20		30,591
										118,301
Total Purchased Options									$	159,531

3

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

WRITTEN OPTIONS — (0.1)%

	Contracts		Notional       Amount^		Strike  Price		Expiration  Date		Value
Put Options
UNITED STATES — (0.1)%
NASDAQ 100 Index*		(4)	$	(51,260)	$	10,250		10/17/20	$	(6,000)
Russell 2000 Index*		(15)		(23,434)		1,350		10/17/20		(6,705)
S&P 500 Index*		(8)		(18,881)		3,010		10/17/20		(3,720)
S&P 500 Index*		(20)		(59,940)		3,070		10/17/20		(14,300)
S&P 500 Index*		(11)		(10,197)		3,100		10/17/20		(10,230)
Total Written Options									$	(40,955)

^ Represents amortized cost.

The open futures contracts held by the Fund at September 30, 2020, are as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized   Depreciation
Nikkei 225 Index		6		Dec-2020	$	702,175	$	699,150	$	(3,025	)

The open forward currency contracts held by the Fund at September 30, 2020, are as follows:

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
Goldman Sachs	12/16/20		USD	684,132		CAD	900,000	$	(7,974	)
Goldman Sachs	12/16/20		HKD	1,380,000		USD	178,023		14
JPMorgan Chase Bank	12/16/20		USD	256,140		JPY	27,000,000		157
JPMorgan Chase Bank	12/16/20		CHF	324,000		USD	350,991		(1,642	)
JPMorgan Chase Bank	12/16/20		USD	467,785		EUR	400,000		2,053
JPMorgan Chase Bank	12/16/20		USD	416,977		EUR	354,820		(208	)
JPMorgan Chase Bank	12/16/20		CAD	900,000		USD	686,722		10,564
JPMorgan Chase Bank	12/16/20		HKD	5,998,037		USD	773,421		(278	)
JPMorgan Chase Bank	12/16/20		JPY	3,800,000		USD	36,307		235
JPMorgan Chase Bank	12/16/20		JPY	14,877,900		USD	140,983		(245	)
Morgan Stanley	12/16/20		USD	258,884		JPY	27,196,000		(727	)
Morgan Stanley	12/16/20		USD	305,511		EUR	258,390		(2,008	)
Morgan Stanley	12/16/20		EUR	613,210		USD	727,128		6,855
Morgan Stanley	12/16/20		JPY	36,262,000		USD	345,186		970
Morgan Stanley	12/16/20		JPY	140,359,970		USD	1,325,001		(7,363	)
								$	403

4

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

The open OTC swap contracts held by the Fund at September 30, 2020, are as follows:

Total Return Swaps
Counterparty	Reference   Entity/   Obligation	Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount			Value			Upfront Payments/ Receipts		Net Unrealized Appreciation (Depreciation)
Goldman Sachs	Airbus SE	EUR-EURIBOR-Telerate	4012250	Annually	10/01/2024	EUR		(13,499	)	$	(8,523	)	$	–	$	(8,523	)
Goldman Sachs	Airbus SE	EUR-EURIBOR-Telerate	4012250	Annually	10/01/2024	EUR		(356,323	)		(197,669	)		–		(197,669	)
Goldman Sachs	Airbus SE	EUR-EURIBOR-Telerate	4012250	Annually	01/06/2022	EUR		(21,836	)		(13,787	)		–		(13,787	)
Goldman Sachs	Airbus SE	EUR-EURIBOR-Telerate	4012250	Annually	06/08/2022	EUR		(70,919	)		(16,417	)		–		(16,417	)
Goldman Sachs	Airbus SE	EUR-EURIBOR-Telerate	4012250	Annually	03/04/2022	EUR		(110,224	)		(58,276	)		–		(58,276	)
Goldman Sachs	Albemarle Corp	12653101	1M USD-LIBOR- BBA	Annually	05/07/2022	USD		74,131			(41,311	)		–		(41,311	)
Goldman Sachs	Albemarle Corp	12653101	1M USD-LIBOR- BBA	Annually	04/16/2022	USD		72,332			(39,652	)		–		(39,652	)
Goldman Sachs	Albemarle Corp	EUR-EURIBOR-Telerate	1M USD-LIBOR- BBA	Annually	02/25/2022	USD		31,248			(228	)		–		(228	)
Goldman Sachs	Albemarle Corp	12653101	1M USD-LIBOR- BBA	Annually	06/12/2022	USD		305,770			(40,999	)		–		(40,999	)
Goldman Sachs	Albemarle Corp	12653101	1M USD-LIBOR- BBA	Annually	07/08/2022	USD		49,325			(6,977	)		–		(6,977	)
Bank of America	CSX Corp	126408103	1M LIBOR	Annually	04/16/2022	USD		72,582			(21,186	)		–		(21,186	)
Bank of America	CSX Corp	126408103	1M LIBOR	Annually	04/13/2022	USD		41,930			(9,669	)		–		(9,669	)
Bank of America	CSX Corp	126408103	1M LIBOR	Annually	07/22/2022	USD		83,292			(6,949	)		–		(6,949	)
Bank of America	CSX Corp	126408103	1M LIBOR	Annually	08/03/2022	USD		23,244			(3,054	)		–		(3,054	)
Bank of America	CSX Corp	833034101	1M LIBOR	Annually	03/16/2022	USD		70,869			(25,275	)		–		(25,275	)
Bank of America	CSX Corp	126408103	1M LIBOR	Annually	07/31/2022	USD		136,014			(14,566	)		–		(14,566	)
Goldman Sachs	Delivery Hero	EUR-EURIBOR-Telerate	BZCNB42	Annually	09/18/2022	EUR		(77,775	)		7,536			–		7,536
Goldman Sachs	Delivery Hero	12653101	BZCNB42	Annually	07/10/2024	EUR		(589,559	)		(6,766	)		–		(6,766	)
Bank of America	Enersys	5497168	1M LIBOR	Annually	07/23/2022	USD		331,328			(1,322	)		–		(1,322	)
JPMorgan Chase	Evolution Gaming Group	ILS_LIBOR_ON_ACT/ 365_BBA	BJXSCH4	Annually	07/22/2022	SEK		(3,807,061	)		(36,622	)		–		(36,622	)
Goldman Sachs	Flutter Entertainment	1M GBP-LIBOR-BBA	BWXC0Z1	Annually	06/01/2022	GBP		(50,314	)		11,427			–		11,427
Goldman Sachs	Flutter Entertainment	EUR-EURIBOR-Telerate	BWXC0Z1	Annually	06/01/2022	GBP		(645,300	)		179,024			–		179,024
Bank of America	International Paper	460146103	1M LIBOR	Annually	06/17/2022	USD		41,541			(5,551	)		–		(5,551	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	06/12/2022	USD		39,843			(6,696	)		–		(6,696	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	06/12/2022	USD		45,564			(7,340	)		–		(7,340	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	06/11/2022	USD		64,024			(6,515	)		–		(6,515	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	08/12/2022	USD		34,538			(2,432	)		–		(2,432	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	07/31/2022	USD		66,788			(8,694	)		–		(8,694	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	05/28/2022	USD		30,269			(4,408	)		–		(4,408	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	05/21/2022	USD		75,872			(17,403	)		–		(17,403	)

5

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

Total Return Swaps
Counterparty	Reference   Entity/   Obligation	Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount			Value			Upfront Payments/ Receipts		Net Unrealized Appreciation (Depreciation)
Bank of America	International Paper	460146103	1M LIBOR	Annually	06/25/2022	USD		47,865		$	(9,903	)	$	–	$	(9,903	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	08/03/2022	USD		76,946			(13,482	)		–		(13,482	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	04/13/2022	USD		69,437			(11,976	)		–		(11,976	)
Bank of America	International Paper	126408103	1M LIBOR	Annually	03/16/2022	USD		34,978			(8,793	)		–		(8,793	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	05/04/2022	USD		44,178			(9,636	)		–		(9,636	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	04/13/2022	USD		27,467			(5,470	)		–		(5,470	)
Bank of America	International Paper	460146103	1M LIBOR	Annually	04/15/2022	USD		69,979			(15,506	)		–		(15,506	)
Morgan Stanley	JD.com Inc	3M USD LIBOR - 17.5BPS	47215P106	Annually	06/18/2021	USD		(661,952	)		169,190			–		169,190
Goldman Sachs	Livent Corp	53814L108	1M USD-LIBOR- BBA	Annually	05/05/2022	USD		24,646			(18,384	)		–		(18,384	)
Goldman Sachs	Livent Corp	53814L108	1M USD-LIBOR- BBA	Annually	09/24/2022	USD		35,957			(6,180	)		–		(6,180	)
Goldman Sachs	Livent Corp	1M GBP-LIBOR-BBA	1M USD-LIBOR- BBA	Annually	02/26/2022	USD		41,833			2,764			–		2,764
JPMorgan Chase	Max Stock	29275Y102	BMC5RW7	Annually	09/16/2022	ILS		(1,076,900	)		(1,429	)		–		(1,429	)
Bank of America	Monro	460146103	1M LIBOR	Annually	07/31/2022	USD		244,643			76,233			–		76,233
Bank of America	Monro	610236101	1M LIBOR	Annually	08/03/2022	USD		67,681			18,020			–		18,020
Bank of America	Monro	610236101	1M LIBOR	Annually	08/07/2022	USD		83,275			21,269			–		21,269
Morgan Stanley	MSCI ACWI Index TRS**	EUR-EURIBOR-Telerate	M1CXADB	Annually	10/05/2021	USD		(2,637,284	)		199,858			–		199,858
Goldman Sachs	Ormat Tech Inc	686688102	1M USD-LIBOR- BBA	Annually	06/08/2022	USD		115,051			19,634			–		19,634
Goldman Sachs	Ormat Tech Inc	53814L108	1M USD-LIBOR- BBA	Annually	05/12/2022	USD		20,363			3,395			–		3,395
Goldman Sachs	Ormat Tech Inc	686688102	1M USD-LIBOR- BBA	Annually	06/12/2022	USD		48,561			6,954			–		6,954
Goldman Sachs	Ormat Tech Inc	686688102	1M USD-LIBOR- BBA	Annually	07/08/2022	USD		49,556			2,371			–		2,371
Goldman Sachs	Ormat Tech Inc	686688102	1M USD-LIBOR- BBA	Annually	06/25/2022	USD		79,789			6,164			–		6,164
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/13/2022	USD		28,161			(6,341	)		–		(6,341	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/16/2022	USD		43,520			(13,403	)		–		(13,403	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	07/30/2022	USD		85,689			(7,913	)		–		(7,913	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/30/2022	USD		29,561			(3,417	)		–		(3,417	)
Bank of America	Packaging Corp of America	610236101	1M LIBOR	Annually	03/18/2022	USD		61,543			(15,457	)		–		(15,457	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	06/25/2022	USD		48,500			(5,594	)		–		(5,594	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	05/27/2022	USD		30,595			(4,234	)		–		(4,234	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	03/19/2022	USD		62,202			(15,074	)		–		(15,074	)

6

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

Total Return Swaps
Counterparty	Reference   Entity/   Obligation	Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount			Value			Upfront Payments/ Receipts		Net Unrealized Appreciation (Depreciation)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/20/2022	USD		43,564		$	(9,768	)	$	–	$	(9,768	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/06/2022	USD		40,614			(14,459	)		–		(14,459	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/21/2022	USD		58,888			(15,450	)		–		(15,450	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/13/2022	USD		27,750			(5,991	)		–		(5,991	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/13/2022	USD		28,268			(6,234	)		–		(6,234	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	08/03/2022	USD		84,989			(13,402	)		–		(13,402	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	03/19/2022	USD		61,440			(11,047	)		–		(11,047	)
Bank of America	Packaging Corp of America	695156109	1M LIBOR	Annually	04/02/2022	USD		68,399			(19,871	)		–		(19,871	)
Bank of America	Porsche Automobile	695156109	7101069	Annually	05/29/2022	EUR		(17,896	)		20			–		20
Bank of America	Porsche Automobile	1M EURIBOR	7101069	Annually	06/03/2022	EUR		(246,309	)		(1,466	)		–		(1,466	)
Morgan Stanley	Quaker Chemical Corp	747316107	FEDEF-1D	Annually	10/05/2021	USD		386,942			(49,110	)		–		(49,110	)
Goldman Sachs	Safran SA	EUR-EURIBOR-Telerate	B058TZ6	Annually	10/01/2024	EUR		(64,108	)		(29,673	)		–		(29,673	)
Goldman Sachs	Safran SA	EUR-EURIBOR-Telerate	B058TZ6	Annually	05/28/2022	EUR		(55,586	)		(3,442	)		–		(3,442	)
Goldman Sachs	Safran SA	EUR-EURIBOR-Telerate	B058TZ6	Annually	01/06/2022	EUR		(56,080	)		(25,837	)		–		(25,837	)
Goldman Sachs	Safran SA	EUR-EURIBOR-Telerate	B058TZ6	Annually	01/06/2022	EUR		(44,534	)		(20,517	)		–		(20,517	)
Goldman Sachs	Safran SA	EUR-EURIBOR-Telerate	B058TZ6	Annually	12/26/2021	EUR		(27,452	)		(13,012	)		–		(13,012	)
Goldman Sachs	Safran SA	686688102	B058TZ6	Annually	10/01/2024	EUR		(140,644	)		(68,047	)		–		(68,047	)
Goldman Sachs	Safran SA	EUR-EURIBOR-Telerate	B058TZ6	Annually	10/01/2024	EUR		(34,426	)		(16,003	)		–		(16,003	)
Morgan Stanley	Snap-On Inc	747316107	FEDEF-1D	Annually	10/05/2021	USD		527,976			(28,195	)		–		(28,195	)
Bank of America	Volkswageon AG	1M EURIBOR	1M EURIBOR	Annually	05/29/2022	EUR		29,791			(95	)		–		(95	)
Bank of America	Volkswageon AG	5497168	1M EURIBOR	Annually	06/03/2022	EUR		248,892			6,352			–		6,352
										$	(401,887	)	$	–	$	(401,887	)

7

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

**The following tables represent the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2020:

Equity Basket Swaps
Shares	Description	Notional Amount			Unrealized Depreciation		Fair Value		Percentage of Basket
M1CXADB Index
0.0073	ASTRAZENECA PLC	$	(162,774	)	$	10,593	$	10,593		5.30	%
0.0280	GLAXOSMITHKLINE PLC		(106,849	)		314		314		0.16	%
0.0128	BRITISH AMERICAN TOBACCO PLC		(93,463	)		260		260		0.13	%
0.0130	DIAGEO PLC		(90,845	)		230		230		0.12	%
0.1135	HSBC HOLDINGS PLC		(90,063	)		216		216		0.11	%
0.0065	UNILEVER PLC		(81,857	)		199		199		0.10	%
0.0040	RECKITT BENCKISER GROUP PLC		(78,774	)		181		181		0.09	%
0.0063	RIO TINTO PLC		(76,616	)		162		162		0.08	%
0.1129	BP PLC		(66,922	)		149		149		0.07	%
0.0228	ROYAL DUTCH SHELL PLC-A SHS		(57,983	)		145		145		0.07	%
0.0118	BHP GROUP PLC		(51,232	)		119		119		0.06	%
0.0206	ROYAL DUTCH SHELL PLC-B SHS		(51,109	)		112		112		0.06	%
0.0108	RELX PLC		(48,894	)		110		110		0.06	%
0.0196	NATIONAL GRID PLC		(45,807	)		90		90		0.05	%
0.0145	PRUDENTIAL PLC		(42,436	)		90		90		0.05	%
0.0018	LONDON STOCK EXCHANGE GROUP		(41,179	)		88		88		0.04	%
0.1492	VODAFONE GROUP PLC		(40,322	)		87		87		0.04	%
0.0051	EXPERIAN PLC		(38,901	)		81		81		0.04	%
0.0068	ANGLO AMERICAN PLC		(33,752	)		79		79		0.04	%
0.0099	COMPASS GROUP PLC		(30,584	)		79		79		0.04	%
0.0546	TESCO PLC		(30,525	)		79		79		0.04	%
0.3942	LLOYDS BANKING GROUP PLC		(27,350	)		69		69		0.03	%
0.0013	FERGUSON PLC		(25,749	)		69		69		0.03	%
0.0966	BARCLAYS PLC		(24,822	)		66		66		0.03	%
0.0557	GLENCORE PLC		(23,593	)		66		66		0.03	%
0.0966	APPLE INC		(23,161	)		66		66		0.03	%
0.0179	BAE SYSTEMS PLC		(22,731	)		61		61		0.03	%
0.0049	SMITH & NEPHEW PLC		(19,457	)		58		58		0.03	%
0.0053	IMPERIAL BRANDS PLC		(18,983	)		57		57		0.03	%
0.0025	ASHTEAD GROUP PLC		(18,453	)		57		57		0.03	%
0.0058	SSE PLC		(18,416	)		54		54		0.03	%
0.0025	OCADO GROUP PLC		(18,394	)		49		49		0.02	%
0.0401	MICROSOFT CORPORATION		(17,479	)		49		49		0.02	%
0.0332	LEGAL & GENERAL GROUP PLC		(16,481	)		47		47		0.02	%
0.0219	AVIVA PLC		(16,459	)		46		46		0.02	%
0.0066	SEGRO PLC		(16,286	)		43		43		0.02	%
0.0024	AMAZON.COM INC		(15,399	)		42		42		0.02	%
0.0009	INTERTEK GROUP PLC		(14,994	)		41		41		0.02	%
0.0103	RENTOKIL INITIAL PLC		(14,567	)		40		40		0.02	%
0.0054	3I GROUP PLC		(14,224	)		40		40		0.02	%
0.0149	STANDARD CHARTERED PLC		(14,012	)		39		39		0.02	%
0.0021	HALMA PLC		(13,058	)		39		39		0.02	%
0.0495	BT GROUP PLC		(12,834	)		39		39		0.02	%
0.0019	BUNZL PLC		(12,384	)		38		38		0.02	%
0.0004	SPIRAX-SARCO ENGINEERING PLC		(11,967	)		37		37		0.02	%
0.0007	CRODA INTERNATIONAL PLC		(11,815	)		37		37		0.02	%
0.0027	MONDI PLC		(11,676	)		37		37		0.02	%
0.0007	NEXT PLC		(11,603	)		36		36		0.02	%
0.0018	PERSIMMON PLC		(11,568	)		36		36		0.02	%
0.0061	SAGE GROUP PLC/THE		(11,532	)		36		36		0.02	%
38.1981	OTHER		(786,950	)		185,001		185,001		92.57	%
		$	(2,637,284	)	$	199,858	$	199,858		100.00	%

*   Non-income producing security.

(a)  Rate shown represents the effective yield to maturity at date of purchase.

(b)  Refer to the table below for details on options contracts.

ACWI — All Country World Index

ADR — American Depositary Receipt

BBA — British Banker’s Association

CAD — Canadian Dollar

8

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

CHF — Swiss Franc

EUR — Euro

EURIBOR — European Interbank Offered Rate

FEDEF — Federal Funds Rate

HKD — Hong Kong Dollar

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers Automated Quotations

OTC — Over the counter

PLC — Public Limited Company

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipt

USD — United States Dollar

The following table summarizes the inputs used as of September 30, 2020, 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	$	29,917,678	$	–	$	–	$	29,917,678
U.S. Treasury Obligation		–		2,599,520		–		2,599,520
Exchange-Traded Fund		1,569,484		–		–		1,569,484
Warrants		–		762		–		762
Total Investments in Securities	$	30,487,162	$	2,600,282	$	–	$	34,087,444

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Purchased Options	$	159,531	$	–	$	–	$	159,531
Written Options		(40,955)		–		–		(40,955)
Futures Contracts*
Unrealized Depreciation		(3,025)		–		–		(3,025)
Forward Currency Contracts*
Unrealized Appreciation		–		20,848		–		20,848
Unrealized Depreciation		–		(20,445)		–		(20,445)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–		730,211		–		730,211
Unrealized Depreciation		–		(1,132,098)		–		(1,132,098)
Total Other Financial Instruments	$	115,551	$	(401,484)	$	–	$	(285,933)

*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “— “ are $0.

For the period ended September 30, 2020, there have been no transfers in or out of Level 3.

API-QH-001-0400

9

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

SCHEDULE OF INVESTMENTS COMMON STOCK — 77.7%
	Shares		Value
Canada — 1.9%
Descartes Systems Group *		92,606	$	5,275,179
Israel — 5.9%
Kornit Digital *		249,211		16,166,318
United Kingdom — 4.5%
Clarivate *		403,433		12,502,389
United States — 65.4%
Communication Services — 2.1%
New York Times, Class A		138,317		5,918,584
Consumer Discretionary — 28.6%
Boot Barn Holdings *		299,840		8,437,498
Etsy *		121,607		14,791,060
Lindblad Expeditions Holdings *		371,436		3,160,920
Malibu Boats, Class A *		214,740		10,642,514
OneSpaWorld Holdings		717,340		4,662,710
Revolve Group, Class A *		480,073		7,887,599
RH *		32,668		12,499,430
Vail Resorts		38,536		8,245,548
YETI Holdings *		179,711		8,144,503
				78,471,782
Consumer Staples — 2.9%
Vital Farms *		193,981		7,862,050
Health Care — 4.7%
Envista Holdings *		355,729		8,779,392
PetIQ, Class A *		123,041		4,050,510
				12,829,902
Industrials — 3.9%
AZEK, Class A *		311,947		10,858,875
Information Technology — 14.3%
Everbridge *		134,662		16,931,053
Pluralsight, Class A *		424,153		7,265,741
Sprout Social, Class A *		252,342		9,715,167
Verra Mobility, Class A *		561,623		5,425,278
				39,337,239

1

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCK (continued)
Materials — 8.9%
Ashland Global Holdings		178,005	$	12,624,115
Ingevity *		236,628		11,698,888
				24,323,003
				179,601,435
Total Common Stock (Cost $163,730,778)				213,545,321
U.S. TREASURY OBLIGATION — 23.7%
	Face Amount
U.S. Treasury Bills
0.09%, 12/10/2020 (a)	$	65,000,000		64,987,993
Total U.S. Treasury Obligation (Cost $64,988,280)				64,987,993
Total Investments - 101.4%				278,533,314
(Cost $228,719,058)
Other Assets & Liabilities, Net - (1.4)%				(3,843,367	)
Net Assets - 100.0%			$	274,689,947

The open futures contracts held by the Fund at September 30, 2020, are as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized   Appreciation
Russell 2000 Index E-MINI		700		Dec-2020	$	52,194,947	$	52,654,000	$	459,053

The open forwards contracts held by the Fund at September 30, 2020, are as follows:

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized     Appreciation
Goldman Sachs		12/16/20		USD	661,973		CAD	887,273	$	4,623
Morgan Stanley		12/16/20		CAD	8,013,201		USD	6,076,591		56,377
									$	61,000

2

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

The open OTC swap contracts held by the Fund at September 30, 2020, are as follows:

Total Return Swaps
Counterparty	Reference Entity/ Obligation	Fund Pays	Fund Receives	Payment Frequency	Termination Date	Currency	Notional Amount	Value	Upfront Payments/ Receipts	Net Unrealized Appreciation (Depreciation)
Morgan Stanley	Becton Roof Supply Inc	1M US LIBOR	073685109	Annually	04/02/2022	USD	2,338,079	$  (1,931,982)	$            –	$  (1,931,982)
Morgan Stanley	Harley Davidson Inc	1M US LIBOR	412822108	Annually	04/06/2022	USD	1,614,717	(440,843)	–	(440,843)
Bank of America	iRobot Corp	IROBOT CORP	1MLIBOR	Annually	07/23/2022	USD	1,295,785	68,773	–	68,773
Bank of America	iRobot Corp	IROBOT CORP	1MLIBOR	Annually	07/29/2022	USD	227,772	(9,062)	–	(9,062)
Bank of America	iRobot Corp	IROBOT CORP	1MLIBOR	Annually	07/30/2022	USD	413,991	(20,504)	–	(20,504)
Bank of America	iRobot Corp	IROBOT CORP	1MLIBOR	Annually	07/31/2022	USD	397,487	(17,084)	–	(17,084)
Bank of America	iRobot Corp	IROBOT CORP	1MLIBOR	Annually	08/10/2022	USD	547,488	(256)	–	(256)
Bank of America	iRobot Corp	IROBOT CORP	1MLIBOR	Annually	09/04/2022	USD	562,595	(6,570)	–	(6,570)
Bank of America	MLAPSCFS Index**	1M US LIBOR	MLAPSCFS INDEX	Annually	06/05/2022	USD	(7,072,411)	(864,986)	–	(864,986)
Bank of America	MLAPSCFS Index**	1M US LIBOR	MLAPSCFS INDEX	Annually	06/14/2022	USD	(7,299,356)	(559,093)	–	(559,093)
								$  (3,781,607)	$            –	$  (3,781,607)

3

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

**The following table represents the individual common stock exposure comprising the Bank of America Equity Basket Swaps at September 30, 2020:

Equity Basket Swaps
Shares	Description	Notional       Amount			Unrealized       Depreciation			Fair Value			Percentage of       Basket
MLAPSCHC Index
10,744	Rexford Industrial Realty Inc	$	(198,086	)	$	(19,628	)	$	(19,628	)		1.38%
12,269	First Industrial Realty Trust Inc		(196,741	)		(19,495	)		(19,495	)		1.37%
3,687	EastGroup Properties Inc		(192,121	)		(19,037	)		(19,037	)		1.34%
8,574	Redfin Corp		(172,483	)		(17,091	)		(17,091	)		1.20%
13,079	STAG Industrial Inc		(160,670	)		(15,921	)		(15,921	)		1.12%
12,982	Healthcare Realty Trust Inc		(157,543	)		(15,611	)		(15,611	)		1.10%
2,015	Kinsale Capital Group Inc		(154,398	)		(15,299	)		(15,299	)		1.07%
12,915	First Financial Bankshares Inc		(145,230	)		(14,391	)		(14,391	)		1.01%
9,539	Essent Group Ltd		(142,241	)		(14,095	)		(14,095	)		0.99%
6,435	Terreno Realty Corp		(141,976	)		(14,068	)		(14,068	)		0.99%
5,500	QTS Realty Trust Inc		(139,651	)		(13,838	)		(13,838	)		0.97%
6,975	South State Corp		(135,314	)		(13,408	)		(13,408	)		0.94%
6,582	Stifel Financial Corp		(134,081	)		(13,286	)		(13,286	)		0.93%
3,953	RLI Corp		(133,355	)		(13,214	)		(13,214	)		0.93%
18,450	Physicians Realty Trust		(133,136	)		(13,192	)		(13,192	)		0.92%
5,678	Selective Insurance Group Inc		(117,793	)		(11,672	)		(11,672	)		0.82%
19,987	Radian Group Inc		(117,652	)		(11,658	)		(11,658	)		0.82%
7,058	Ares Management Corp		(114,942	)		(11,390	)		(11,390	)		0.80%
6,748	PotlatchDeltic Corp		(114,461	)		(11,342	)		(11,342	)		0.79%
8,671	Glacier Bancorp Inc		(111,969	)		(11,095	)		(11,095	)		0.78%
5,058	Community Bank System Inc		(110,983	)		(10,997	)		(10,997	)		0.77%
12,372	Blackstone Mortgage Trust Inc		(109,514	)		(10,852	)		(10,852	)		0.76%
12,346	United Bankshares Inc/WV		(106,797	)		(10,582	)		(10,582	)		0.74%
38,598	Valley National Bancorp		(106,526	)		(10,556	)		(10,556	)		0.74%
6,176	Hannon Armstrong Sustainable Infrastructure		(105,182	)		(10,422	)		(10,422	)		0.73%
18,881	Sabra Health Care REIT Inc		(104,866	)		(10,391	)		(10,391	)		0.73%
4,037	Agree Realty Corp		(103,512	)		(10,257	)		(10,257	)		0.72%
4,188	National Health Investors Inc		(101,697	)		(10,077	)		(10,077	)		0.71%
15,321	CNO Financial Group Inc		(99,013	)		(9,811	)		(9,811	)		0.69%
23,408	Lexington Realty Trust		(98,556	)		(9,766	)		(9,766	)		0.69%
6,559	Cannae Holdings Inc		(98,465	)		(9,757	)		(9,757	)		0.68%
4,096	Houlihan Lokey Inc		(97,450	)		(9,656	)		(9,656	)		0.68%
4,735	Green Dot Corp		(96,551	)		(9,567	)		(9,567	)		0.67%
1,925	PS Business Parks Inc		(94,925	)		(9,406	)		(9,406	)		0.66%
15,540	Home BancShares Inc/AR		(94,919	)		(9,405	)		(9,405	)		0.66%
4,116	FirstCash Inc		(94,875	)		(9,401	)		(9,401	)		0.66%
2,919	Trupanion Inc		(92,793	)		(9,195	)		(9,195	)		0.65%
6,759	National General Holdings Corp		(91,909	)		(9,107	)		(9,107	)		0.64%
23,853	First Horizon National Corp		(90,627	)		(8,980	)		(8,980	)		0.63%
13,324	CVB Financial Corp		(89,275	)		(8,846	)		(8,846	)		0.62%
4,448	UMB Financial Corp		(87,832	)		(8,703	)		(8,703	)		0.61%
20,175	Uniti Group Inc		(85,635	)		(8,485	)		(8,485	)		0.60%
16,825	Old National Bancorp/IN		(85,143	)		(8,437	)		(8,437	)		0.59%
5,940	EVERTEC Inc		(83,070	)		(8,231	)		(8,231	)		0.58%
9,398	Federated Hermes Inc		(81,447	)		(8,071	)		(8,071	)		0.57%
9,175	American Equity Investment Life Holding		(81,289	)		(8,055	)		(8,055	)		0.57%
5,018	Artisan Partners Asset Management Inc		(78,829	)		(7,811	)		(7,811	)		0.55%
9,890	BancorpSouth Bank		(77,224	)		(7,652	)		(7,652	)		0.54%
5,795	National Storage Affiliates Trust		(76,372	)		(7,568	)		(7,568	)		0.53%
1,137	Enstar Group Ltd		(73,983	)		(7,331	)		(7,331	)		0.51%
1,535,199	OTHER		(8,658,665	)		(857,973	)		(857,973	)		60.25%
		$	(14,371,767	)	$	(1,424,079	)	$	(1,424,079	)		100.00%

* Non-income producing security.

(a) Rate shown represents the effective yield to maturity at date of purchase.

CAD — Canadian Dollar

LIBOR — London Interbank Offered Rate

OTC — Over the counter

USD — United States Dollar

4

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2020 (Unaudited)

The following table summarizes the inputs used as of September 30, 2020, 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	$	213,545,321	$	–	$	–	$	213,545,321
U.S. Treasury Obligation		–		64,987,993		–		64,987,993
Total Investments in Securities	$	213,545,321	$	64,987,993	$	–	$	278,533,314

Other Financial Instruments		Level 1		Level 2			Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	459,053	$	–		$	–	$	459,053
Forwards Contracts*
Unrealized Appreciation		–		61,000			–		61,000
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–		68,773			–		68,773
Unrealized Depreciation		–		(3,850,380	)		–		(3,850,380	)
Total Other Financial Instruments	$	459,053	$	(3,720,607	)	$	–	$	(3,261,554	)

*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “— “ are $0.

For the period ended September 30, 2020, there have been no transfers in or out of Level 3.

API-QH-003-0200

5