THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS GLOBAL BONDS — 70.7%
	Face Amount		Value
Argentina — 0.3%
YPF
8.50%, 07/28/25	$	1,278,000	$	901,629
Azerbaijan — 0.2%
Southern Gas Corridor CJSC
6.88%, 03/24/26		626,000		615,734
Bahrain — 0.8%
AUB Sukuk MTN
2.62%, 09/09/26		310,000		279,775
Gulf International Bank BSC MTN
2.38%, 09/23/25		322,000		291,532
Mumtalakat Sukuk Holding
5.63%, 02/27/24		1,000,000		1,000,288
Oil and Gas Holding BSCC
7.63%, 11/07/24		930,000		921,742
				2,493,337
Brazil — 5.2%
Atento Luxco 1
8.00%, 02/10/26		1,038,000		438,389
Azul Investments LLP
7.25%, 06/15/26		650,000		400,484
Banco BTG Pactual
2.75%, 01/11/26		622,000		538,030
Banco do Brasil
3.25%, 09/30/26		1,500,000		1,327,050
Banco Votorantim MTN
4.38%, 07/29/25		637,000		598,780
Braskem Netherlands Finance BV
8.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 8.220%, 01/23/81 (A)		660,000		654,799
BRF GmbH
4.35%, 09/29/26		363,000		322,711
Cemig Geracao e Transmissao
9.25%, 12/05/24		312,000		322,391
Centrais Eletricas Brasileiras
3.63%, 02/04/25		311,000		291,879
CSN Resources
7.63%, 04/17/26		229,000		220,231
Fibria Overseas Finance
4.00%, 01/14/25		310,000		295,275

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Brazil (continued)
FS Luxembourg Sarl
10.00%, 12/15/25	$	675,000	$	681,572
Gol Finance
7.00%, 01/31/25		550,000		258,140
8.00%, 06/30/26		600,000		366,225
InterCement Financial Operations BV
5.75%, 07/17/24		340,000		234,678
Itau Unibanco Holding
3.25%, 01/24/25		1,158,000		1,095,694
Light Servicos de Eletricidade
4.38%, 06/18/26		1,000,000		830,570
NBM US Holdings
7.00%, 05/14/26		1,316,000		1,269,858
Petrorio Luxembourg Trading Sarl
6.13%, 06/09/26		650,000		585,813
Tupy Overseas
4.50%, 02/16/31		400,000		296,074
Unigel Luxembourg
8.75%, 10/01/26		1,350,000		1,280,434
Usiminas International Sarl
5.88%, 07/18/26		1,050,000		971,985
Vale Overseas
6.25%, 08/10/26		647,000		652,537
XP
3.25%, 07/01/26		1,700,000		1,469,990
				15,403,589
Burkina Faso — 0.3%
Endeavour Mining
5.00%, 10/14/26		1,117,000		886,675
				886,675
Chile — 1.9%
AES Andes
7.13%, USD Swap Semi 30/360 5 Yr Curr + 4.644%, 03/26/79 (A)		634,000		555,971
Banco Santander Chile
2.70%, 01/10/25		680,000		634,936
Celulosa Arauco y Constitucion
4.50%, 08/01/24		826,000		804,739
Cencosud
5.15%, 02/12/25		947,000		930,428

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Chile (continued)
Empresa Nacional de Telecomunicaciones
4.75%, 08/01/26	$	560,000	$	524,294
Empresa Nacional del Petroleo
3.75%, 08/05/26		940,000		842,691
Kenbourne Invest
4.70%, 01/22/28		1,100,000		836,185
6.88%, 11/26/24		681,000		640,140
				5,769,384
China — 8.0%
Agile Group Holdings
8.38%, (A)(B)		1,860,000		375,340
CCBL Cayman 1 MTN
1.99%, 07/21/25		1,678,000		1,541,829
China Huadian Overseas Development 2018
3.38%, (A)(B)		400,000		377,200
China Huadian Overseas Development Management
4.00%, (A)(B)		200,000		195,096
China Railway Xunjie
3.25%, 07/28/26		307,000		290,732
China SCE Group Holdings
7.38%, 04/09/24		500,000		115,165
Chinalco Capital Holdings
2.13%, 06/03/26		567,000		511,445
4.10%, (A)(B)		1,223,000		1,189,936
CIFI Holdings Group
5.95%, 10/20/25		311,000		65,310
6.00%, 07/16/25		622,000		135,134
CITIC MTN
3.88%, 02/28/27		943,000		897,782
CNAC HK Finbridge
2.00%, 09/22/25		620,000		562,283
3.38%, 06/19/24		1,000,000		969,188
CNOOC Finance 2015 USA
3.50%, 05/05/25		1,000,000		968,830
CNPC Global Capital
1.35%, 06/23/25		700,000		637,970
Contemporary Ruiding Development
1.88%, 09/17/25		666,000		597,818
COSL Singapore Capital
1.88%, 06/24/25		700,000		643,652

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
China (continued)
Country Garden Holdings
3.13%, 10/22/25	$	625,000	$	199,705
5.13%, 01/17/25		634,000		207,564
5.13%, 01/14/27		311,000		90,190
5.63%, 12/15/26		309,000		89,079
6.50%, 04/08/24		622,000		225,259
ENN Clean Energy International Investment
3.38%, 05/12/26		1,650,000		1,414,339
Far East Horizon MTN
2.63%, 03/03/24		200,000		180,998
Fortune Star BVI
5.00%, 05/18/26		400,000		151,808
Geely Automobile Holdings
4.00%, (A)(B)		328,000		297,751
Haidilao International Holding
2.15%, 01/14/26		657,000		539,064
Huarong Finance II MTN
5.50%, 01/16/25		3,183,000		2,856,742
Kaisa Group Holdings
9.38%, 06/30/24 (C)		1,018,000		106,076
9.75%, 09/28/23		309,000		32,354
9.95%, 07/23/25		1,359,000		143,415
11.50%, 01/30/23		1,462,000		152,493
11.95%, 11/12/23 (C)		1,000,000		100,307
Minmetals Bounteous Finance BVI
3.38%, (A)(B)		1,073,000		1,027,526
4.20%, 07/27/26		750,000		727,167
Prosus
3.26%, 01/19/27		956,000		800,645
RKPF Overseas 2020 A
5.13%, 07/26/26		621,000		211,295
Shanghai Electric Group Global Investment
2.65%, 11/21/24		632,000		590,982
Shimao Group Holdings
5.20%, 01/16/27		311,000		37,009
5.60%, 07/15/26		309,000		36,793
6.13%, 02/21/24		312,000		37,546
Shougang Group
4.00%, 05/23/24		328,000		321,945
Shui On Development Holding
6.15%, 08/24/24		316,000		236,728

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
China (continued)
Sinochem Offshore Capital MTN
1.63%, 10/29/25	$	633,000	$	567,649
Sino-Ocean Land Treasure Finance I
6.00%, 07/30/24		248,000		85,386
Sunac China Holdings
6.50%, 07/09/23		305,000		42,566
7.50%, 02/01/24		1,392,000		193,462
7.95%, 10/11/23 (C)		1,068,000		144,180
Tencent Holdings MTN
3.24%, 06/03/50		1,391,000		844,886
Times China Holdings
5.75%, 01/14/27		667,000		64,557
6.60%, 03/02/23		309,000		76,700
Weibo
3.50%, 07/05/24		400,000		382,537
West China Cement
4.95%, 07/08/26		316,000		222,262
Yili Holding Investment
1.63%, 11/19/25		350,000		313,010
Zhenro Properties Group
6.63%, 01/07/26		632,000		21,072
8.30%, 09/15/23 (C)		309,000		12,360
				23,860,117
Colombia — 1.7%
Banco de Bogota
6.25%, 05/12/26		417,000		389,895
Bancolombia
3.00%, 01/29/25		673,000		613,786
Canacol Energy
5.75%, 11/24/28		1,250,000		945,313
Ecopetrol
5.88%, 09/18/23		314,000		311,579
5.88%, 11/02/51		3,094,000		1,833,195
Grupo de Inversiones Suramericana
5.50%, 04/29/26		730,000		674,688
SURA Asset Management
4.88%, 04/17/24		358,000		348,171
				5,116,627

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Congo — 0.4%
HTA Group
7.00%, 12/18/25	$	1,500,000	$	1,301,250
Egypt — 0.2%
Energean
6.50%, 04/30/27		600,000		525,216
Ghana — 0.6%
Kosmos Energy
7.50%, 03/01/28		1,300,000		1,020,500
7.75%, 05/01/27		200,000		159,000
Tullow Oil
10.25%, 05/15/26		610,000		515,450
				1,694,950
Guatemala — 0.4%
Central American Bottling
5.25%, 04/27/29		1,029,000		889,159
Investment Energy Resources
6.25%, 04/26/29		300,000		253,984
				1,143,143
Hong Kong — 0.1%
HKT Capital No. 4
3.00%, 07/14/26		200,000		184,983
India — 5.8%
ABJA Investment Pte
5.95%, 07/31/24		1,074,000		1,067,771
Adani Green Energy
4.38%, 09/08/24		800,000		656,000
Adani Ports & Special Economic Zone
3.38%, 07/24/24		364,000		346,226
4.20%, 08/04/27		400,000		350,161
Adani Transmission Step-One
4.00%, 08/03/26		309,000		279,395
Axis Bank MTN
4.10%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.315%, (A)(B)		800,000		658,158
Bharti Airtel
4.38%, 06/10/25		747,000		720,504
Bharti Airtel International Netherlands BV
5.35%, 05/20/24		620,000		619,231

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
India (continued)
BPRL International Singapore Pte MTN
4.38%, 01/18/27	$	728,000	$	676,545
Clean Renewable Power Mauritius Pte
4.25%, 03/25/27		334,250		266,564
Delhi International Airport
6.13%, 10/31/26		319,000		293,799
Greenko Solar Mauritius
5.55%, 01/29/25		450,000		399,600
5.95%, 07/29/26		338,000		283,244
Greenko Wind Projects Mauritius
5.50%, 04/06/25		1,000,000		886,875
ICICI Bank MTN
4.00%, 03/18/26		765,000		728,068
Indian Oil
4.75%, 01/16/24		666,000		659,307
JSW Steel
5.95%, 04/18/24		554,000		532,117
Magnum Holdings
5.38%, 10/31/26		300,000		252,026
Muthoot Finance MTN
4.40%, 09/02/23		360,000		350,100
Network i2i
3.98%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.390%, (A)(B)		1,100,000		893,061
NTPC MTN
4.25%, 02/26/26		764,000		734,150
Periama Holdings
5.95%, 04/19/26		1,515,000		1,306,687
REC
3.50%, 12/12/24		715,000		682,423
REC MTN
2.25%, 09/01/26		700,000		606,761
Reliance Industries
4.13%, 01/28/25		644,000		627,578
Shriram Transport Finance MTN
4.40%, 03/13/24		1,787,000		1,661,910
State Bank of India
4.38%, 01/24/24		110,000		108,871
State Bank of India MTN
1.80%, 07/13/26		620,000		544,985
				17,192,117

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Indonesia — 4.7%
Bank Mandiri Persero MTN
3.75%, 04/11/24	$	362,000	$	354,207
4.75%, 05/13/25		300,000		295,017
Bank Negara Indonesia Persero
4.30%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.466%, (A)(B)		1,800,000		1,440,304
Bank Rakyat Indonesia Persero
3.95%, 03/28/24		644,000		633,152
Cikarang Listrindo
4.95%, 09/14/26		950,000		863,572
Medco Bell Pte
6.38%, 01/30/27		550,000		441,087
Medco Oak Tree Pte
7.38%, 05/14/26		691,000		601,170
Pelabuhan Indonesia Persero
4.25%, 05/05/25		1,996,000		1,924,922
Pertamina Persero
1.40%, 02/09/26		1,285,000		1,101,973
Pertamina Persero MTN
3.65%, 07/30/29		1,230,000		1,064,245
Perusahaan Gas Negara
5.13%, 05/16/24		1,633,000		1,603,136
Perusahaan Penerbit SBSN Indonesia III
4.15%, 03/29/27		647,000		618,927
4.33%, 05/28/25		250,000		247,813
4.40%, 06/06/27		2,000,000		1,920,268
Perusahaan Perseroan Persero Perusahaan Listrik Negara
3.88%, 07/17/29		1,022,000		870,478
				13,980,271
Israel — 2.2%
Energean Israel Finance
4.50%, 03/30/24		1,648,000		1,545,000
4.88%, 03/30/26		350,000		308,875
Israel Electric
5.00%, 11/12/24		2,913,000		2,840,974
Leviathan Bond
6.13%, 06/30/25		636,026		597,865
6.50%, 06/30/27		620,000		568,850

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Israel (continued)
Teva Pharmaceutical Finance Netherlands III BV
7.13%, 01/31/25	$	633,000	$	616,165
				6,477,729
Jordan — 0.4%
Hikma Finance USA
3.25%, 07/09/25		1,299,000		1,208,070
Kazakhstan — 0.8%
KazMunayGas National JSC
4.75%, 04/24/25		631,000		583,338
4.75%, 04/19/27		316,000		264,192
Nostrum Oil & Gas Finance BV
8.00%, 07/25/22		212,000		55,981
Tengizchevroil Finance International
2.63%, 08/15/25		900,000		742,500
4.00%, 08/15/26		981,000		820,151
				2,466,162
Kuwait — 1.3%
Kuwait Projects SPC MTN
4.50%, 02/23/27		868,000		713,670
MEGlobal Canada ULC MTN
5.00%, 05/18/25		1,800,000		1,757,797
NBK SPC
1.63%, U.S. SOFR + 1.050%, 09/15/27 (A)		1,750,000		1,500,625
				3,972,092
Macao — 0.4%
Sands China
3.75%, 08/08/31		1,641,000		1,176,467
Macau — 0.1%
Sands China
4.30%, 01/08/26		345,000		293,622
Malaysia — 0.8%
Axiata SPV2 MTN
4.36%, 03/24/26		819,000		798,935
Misc Capital Two Labuan MTN
3.63%, 04/06/25		1,000,000		956,080
TNB Global Ventures Capital MTN
3.24%, 10/19/26		636,000		589,508
				2,344,523

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Mexico — 5.7%
Alfa
5.25%, 03/25/24	$	354,000	$	352,542
Alsea
7.75%, 12/14/26		1,000,000		930,000
Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24		626,000		606,757
4.38%, 04/11/27		1,122,000		1,044,301
Banco Mercantil del Norte
5.88%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.643%, (A)(B)		1,600,000		1,309,600
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25		666,000		646,852
5.95%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.995%, 10/01/28 (A)		1,015,000		977,140
Cemex
5.45%, 11/19/29		1,039,000		928,606
7.38%, 06/05/27		700,000		693,000
Comision Federal de Electricidad
4.75%, 02/23/27		816,000		733,184
Grupo Bimbo
5.95%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.280%, (A)(B)		708,000		696,325
Orbia Advance
1.88%, 05/11/26		310,000		261,950
Petroleos Mexicanos
3.50%, 01/30/23		1,184,000		1,168,229
6.95%, 01/28/60		354,000		196,081
7.69%, 01/23/50		7,573,000		4,668,755
Sigma Alimentos
4.13%, 05/02/26		767,000		689,917
Total Play Telecomunicaciones
7.50%, 11/12/25		660,000		561,000
Trust Fibra Uno
5.25%, 01/30/26		600,000		542,957
				17,007,196

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Netherlands — 0.3%
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	$	1,035,000	$	849,217
Nigeria — 0.1%
Access Bank MTN
6.13%, 09/21/26		300,000		225,198
Oman — 0.9%
OmGrid Funding
5.20%, 05/16/27		1,546,000		1,393,957
OQ SAOC MTN
5.13%, 05/06/28		400,000		356,692
Oztel Holdings SPC
5.63%, 10/24/23		785,000		775,056
6.63%, 04/24/28		288,000		278,490
				2,804,195
Panama — 0.0%
Banco General
4.13%, 08/07/27		110,000		100,866
Peru — 1.0%
Banco de Credito del Peru S.A.
2.70%, 01/11/25		636,000		591,980
Cia de Minas Buenaventura SAA
5.50%, 07/23/26		317,000		264,844
Credicorp
2.75%, 06/17/25		1,631,000		1,489,315
Southern Copper
3.88%, 04/23/25		110,000		105,325
Volcan Cia Minera SAA
4.38%, 02/11/26		530,000		437,250
				2,888,714
Philippines — 0.5%
Bank of the Philippine Islands MTN
4.25%, 09/04/23		379,000		374,687
BDO Unibank MTN
2.13%, 01/13/26		310,000		282,252
Petron
5.95%, (A)(B)		316,000		294,828

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Philippines (continued)
SMC Global Power Holdings
7.00%, (A)(B)	$	632,000	$	562,480
				1,514,247
Qatar — 2.6%
ABQ Finance MTN
1.88%, 09/08/25		1,000,000		898,502
3.13%, 09/24/24		212,000		202,767
AKCB Finance
4.75%, 10/09/23		1,061,000		1,054,634
Doha Finance MTN
2.38%, 03/31/26		1,247,000		1,112,324
MAR Sukuk
2.21%, 09/02/25		310,000		285,975
3.03%, 11/13/24		289,000		277,801
QIB Sukuk
1.95%, 10/27/25		1,116,000		1,023,818
QNB Finance MTN
2.75%, 02/12/27		1,833,000		1,656,574
3.50%, 03/28/24		1,217,000		1,181,245
				7,693,640
Saudi Arabia — 3.1%
Almarai Sukuk
4.31%, 03/05/24		213,000		208,243
Arab National Bank
3.33%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.974%, 10/28/30 (A)		316,000		295,097
Dar Al-Arkan Sukuk
6.75%, 02/15/25		672,000		648,727
Global Sukuk
0.95%, 06/17/24		300,000		279,810
1.60%, 06/17/26		300,000		265,875
Riyad Sukuk
3.17%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.791%, 02/25/30 (A)		644,000		605,163
SABIC Capital II BV
4.00%, 10/10/23		700,000		691,033
Samba Funding
2.75%, 10/02/24		1,068,000		1,015,251
2.90%, 01/29/27		310,000		283,201

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Saudi Arabia (continued)
Saudi Arabian Oil
1.25%, 11/24/23	$	350,000	$	336,207
1.63%, 11/24/25		1,700,000		1,529,429
Saudi Electricity Global Sukuk 3
4.00%, 04/08/24		1,362,000		1,337,879
Saudi Electricity Global Sukuk 5
1.74%, 09/17/25		1,915,000		1,739,280
				9,235,195
Singapore — 0.7%
BOC Aviation MTN
4.77%, ICE LIBOR USD 3 Month + 1.125%, 09/26/23 (A)		110,000		109,772
BOC Aviation USA MTN
1.63%, 04/29/24		200,000		188,910
Puma International Financing
5.13%, 10/06/24		1,979,000		1,830,575
				2,129,257
South Africa — 2.2%
Anglo American Capital
4.75%, 04/10/27		1,363,000		1,289,354
Bidvest Group UK
3.63%, 09/23/26		316,000		267,526
Eskom Holdings SOC
7.13%, 02/11/25		338,000		299,299
Eskom Holdings SOC MTN
6.35%, 08/10/28		315,000		274,248
FirstRand Bank
6.25%, USD Swap Semi 30/360 5 Yr Curr + 3.561%, 04/23/28 (A)		428,000		413,662
Liquid Telecommunications Financing
5.50%, 09/04/26		400,000		312,000
Mauritius Investments
6.50%, 10/13/26		954,000		917,748
Sasol Financing USA
5.88%, 03/27/24		1,273,000		1,234,301
6.50%, 09/27/28		628,000		565,200
Stillwater Mining
4.00%, 11/16/26		1,317,000		1,083,233
				6,656,571

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
South Korea — 5.1%
Hana Bank
3.25%, 03/30/27	$	300,000	$	278,651
Hana Bank MTN
3.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.409%, (A)(B)		600,000		538,611
Hanwha Life Insurance
4.70%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.000%, (A)(B)		1,375,000		1,347,500
Hyundai Capital Services MTN
1.25%, 02/08/26		810,000		704,291
Kookmin Bank
1.75%, 05/04/25		1,500,000		1,382,621
Kookmin Bank MTN
4.35%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.639%, (A)(B)		726,000		702,405
Korea East-West Power
1.75%, 05/06/25		1,100,000		1,007,754
NAVER
1.50%, 03/29/26		310,000		273,503
NongHyup Bank MTN
1.25%, 07/20/25		620,000		558,620
POSCO Holdings
2.75%, 07/15/24		361,000		346,636
Shinhan Bank MTN
3.88%, 03/24/26		1,543,000		1,444,186
Shinhan Financial Group
2.88%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.064%, (A)(B)		1,800,000		1,535,400
SK Battery America
2.13%, 01/26/26		1,295,000		1,134,595
SK Hynix
1.00%, 01/19/24		700,000		661,514
1.50%, 01/19/26		2,000,000		1,731,776
3.00%, 09/17/24		500,000		477,208
Woori Bank MTN
4.25%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.664%, (A)(B)		723,000		679,620
4.75%, 04/30/24		474,000		468,827
				15,273,718

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Spain — 0.4%
EnfraGen Energia Sur
5.38%, 12/30/30	$	2,040,000	$	1,213,168
				1,213,168
Supranational — 1.3%
Africa Finance MTN
4.38%, 04/17/26		687,000		628,605
African Export-Import Bank
2.63%, 05/17/26		650,000		564,850
Banque Ouest Africaine de Developpement
4.70%, 10/22/31		1,400,000		1,128,400
Central American Bank for Economic Integration
2.00%, 05/06/25		1,800,000		1,666,443
				3,988,298
Taiwan — 0.9%
Formosa Group Cayman
3.38%, 04/22/25		316,000		301,368
TSMC Arizona
3.88%, 04/22/27		1,000,000		953,482
TSMC Global
1.25%, 04/23/26		648,000		567,752
4.38%, 07/22/27		1,000,000		968,259
				2,790,861
Thailand — 0.9%
Bangkok Bank MTN
4.05%, 03/19/24		110,000		108,688
5.00%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.729%, (A)(B)		1,700,000		1,504,500
Kasikornbank MTN
3.34%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.700%, 10/02/31 (A)		942,000		818,255
Siam Commercial Bank MTN
4.40%, 02/11/29		328,000		313,935
				2,745,378
Turkey — 1.4%
Akbank
6.80%, 02/06/26		688,000		611,908
KOC Holding
6.50%, 03/11/25		300,000		281,466
QNB Finansbank
6.88%, 09/07/24		361,000		358,218

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Turkey (continued)
Turk Telekomunikasyon
4.88%, 06/19/24	$	213,000	$	186,886
6.88%, 02/28/25		730,000		639,582
Turkcell Iletisim Hizmetleri
5.75%, 10/15/25		655,000		574,854
Turkiye Vakiflar Bankasi TAO
6.50%, 01/08/26		309,000		267,211
Ulker Biskuvi Sanayi
6.95%, 10/30/25		850,000		580,890
Yapi ve Kredi Bankasi MTN
5.85%, 06/21/24		681,000		640,580
				4,141,595
Ukraine — 0.1%
Ukraine Railways Via Rail Capital Markets
8.25%, 07/09/24		652,000		143,114
United Arab Emirates — 5.7%
Abu Dhabi National Energy PJSC MTN
3.88%, 05/06/24		722,000		707,488
BOS Funding MTN
4.00%, 09/18/24		310,000		295,275
Commercial Bank of Dubai PSC
6.00%, CMTUSD6Y + 5.597%, (A)(B)		460,000		437,000
DAE Funding MTN
2.63%, 03/20/25		310,000		283,600
DAE Sukuk Difc MTN
3.75%, 02/15/26		1,765,000		1,623,412
DIB Sukuk
2.95%, 02/20/25		936,000		891,143
DIB Sukuk MTN
2.95%, 01/16/26		310,000		289,758
DIFC Sukuk
4.33%, 11/12/24		545,000		536,144
DP World Crescent MTN
3.88%, 07/18/29		342,000		309,116
DP World Salaam
6.00%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.750%, (A)(B)		1,422,000		1,381,484
EI Sukuk
1.83%, 09/23/25		310,000		284,037

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
United Arab Emirates (continued)
Emaar Sukuk MTN
3.64%, 09/15/26	$	637,000	$	590,130
EMG SUKUK
4.56%, 06/18/24		446,000		434,793
Emirates Development Bank PJSC MTN
1.64%, 06/15/26		310,000		278,194
Fab Sukuk
2.50%, 01/21/25		400,000		379,988
First Abu Dhabi Bank PJSC
4.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.138%, (A)(B)		682,000		636,551
MAF Global Securities
4.75%, 05/07/24		1,349,000		1,330,643
Mashreqbank PSC MTN
4.25%, 02/26/24		990,000		970,497
MDGH GMTN RSC MTN
2.50%, 05/21/26		3,070,000		2,848,438
National Central Cooling PJSC
2.50%, 10/21/27		626,000		532,100
Rakfunding Cayman MTN
4.13%, 04/09/24		400,000		396,000
Sharjah Sukuk Program MTN
3.85%, 04/03/26		1,621,000		1,497,399
Shelf Drilling Holdings
8.88%, 11/15/24		43,000		41,710
				16,974,900
United Kingdom — 0.3%
Petrofac
9.75%, 11/15/26		1,250,000		960,952
United States — 0.6%
Flex
4.75%, 06/15/25		110,000		107,472
Hyundai Capital America MTN
2.75%, 09/27/26		1,772,000		1,563,934
				1,671,406
Uzbekistan — 0.2%
Uzauto Motors AJ
4.85%, 05/04/26		600,000		474,000

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

GLOBAL BONDS (continued)
	Face Amount		Value
Zambia — 0.1%
First Quantum Minerals
6.88%, 03/01/26	$	363,000	$	334,951
Total Global Bonds (Cost $248,903,372)				210,824,324
U.S. TREASURY OBLIGATIONS — 13.9%
U.S. Treasury Bills
2.12%, 10/27/2022 (D)	$	24,500,000		24,458,023
2.76%, 11/17/2022 (D)		2,588,100		2,578,967
U.S. Treasury Note
3.00%, 7/15/2025		14,899,300		14,403,433
Total U.S. Treasury Obligations (Cost $41,918,148)				41,440,423
SOVEREIGN DEBT — 9.5%
Bahrain — 0.1%
Bahrain Government International Bond
7.00%, 01/26/26		356,000		356,623
Colombia — 0.3%
Colombia Government International Bond
3.88%, 04/25/27		966,000		818,200
Dominican Republic — 0.7%
Dominican Republic Government International Bond
5.50%, 01/27/25		1,187,000		1,151,826
6.88%, 01/29/26		879,000		856,919
				2,008,745
Egypt — 0.3%
Egypt Government International Bond
8.88%, 05/29/50		1,739,000		963,472
El Salvador — 0.1%
El Salvador Government International Bond
8.63%, 02/28/29		523,000		188,547
Ghana — 0.1%
Ghana Government International Bond
8.13%, 03/26/32		1,081,000		402,370

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
Indonesia — 0.7%
Indonesia Government International Bond
4.35%, 01/08/27	$	2,116,000	$	2,020,909
Jordan — 0.5%
Jordan Government International Bond
4.95%, 07/07/25		1,500,000		1,381,875
				1,381,875
Lebanon — 0.1%
Lebanon Government International Bond MTN
6.10%, 10/04/22 (C)		1,260,000		71,190
6.15%, 06/19/20 (C)		2,770,000		152,350
6.85%, 05/25/29 (C)		1,594,000		91,910
				315,450
Mongolia — 0.2%
Mongolia Government International Bond
3.50%, 07/07/27		1,000,000		737,490
Morocco — 0.2%
Morocco Government International Bond
4.00%, 12/15/50		1,050,000		598,059
Nigeria — 0.2%
Nigeria Government International Bond MTN
6.50%, 11/28/27		341,000		246,325
8.38%, 03/24/29		300,000		214,080
				460,405
Oman — 0.1%
Oman Sovereign Sukuk
4.40%, 06/01/24		356,000		348,880
Pakistan — 0.0%
Pakistan Government International Bond MTN
6.00%, 04/08/26		350,000		134,470
Papua New Guinea — 0.2%
Papua New Guinea Government International Bond
8.38%, 10/04/28		727,000		588,034
Qatar — 0.6%
Qatar Government International Bond
3.40%, 04/16/25		1,800,000		1,738,332

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
Romania — 0.2%
Romanian Government International Bond
3.00%, 02/27/27	$	648,000	$	546,264
Saudi Arabia — 1.0%
Saudi Government International Bond MTN
2.90%, 10/22/25		1,000,000		948,662
3.25%, 10/26/26		2,246,000		2,135,254
				3,083,916
South Africa — 0.8%
Republic of South Africa Government International Bond
4.85%, 09/27/27		688,000		614,763
4.88%, 04/14/26		1,184,000		1,103,580
5.88%, 09/16/25		750,000		736,437
				2,454,780
South Korea — 1.4%
Korea Electric Power
3.63%, 06/14/25		1,000,000		965,915
Korea Gas
3.88%, 07/13/27		1,500,000		1,418,418
Korea Hydro & Nuclear Power MTN
1.25%, 04/27/26		997,000		876,646
Korea Mine Rehabilitation & Mineral Resources MTN
1.75%, 04/15/26		1,000,000		884,356
				4,145,335
Sri Lanka — 0.1%
Sri Lanka Government International Bond
7.55%, 03/28/30		1,081,000		264,529
Trinidad & Tobago — 0.1%
Trinidad & Tobago Government International Bond
4.50%, 08/04/26		308,000		295,986
Turkey — 1.1%
Turkey Government International Bond
4.88%, 04/16/43		5,178,000		2,915,214
Turkiye Ihracat Kredi Bankasi
5.75%, 07/06/26		619,000		512,544
				3,427,758

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

SOVEREIGN DEBT (continued)
	Face Amount		Value
Ukraine — 0.1%
Ukraine Government International Bond
7.75%, 09/01/26 (C)	$	1,294,000	$	260,741
7.75%, 09/01/28		619,000		125,572
				386,313
Uzbekistan — 0.2%
Republic of Uzbekistan International Bond MTN 4.75%, 02/20/24		538,000		505,451
Zambia — 0.1%
Zambia Government International Bond 8.50%, 04/14/24		463,000		219,782
Total Sovereign Debt (Cost $32,668,132)				28,391,975
COMMON STOCK — 1.2%
	Shares
Australia — 0.1%
Rio Tinto ADR		5,228		287,854
Canada — 0.2%
Vermilion Energy		26,000		556,920
China — 0.2%
Alibaba Group Holding ADR *		2,449		195,895
Chindata Group Holdings ADR *		23,388		188,975
Pinduoduo ADR *		1,526		95,497
Tencent Holdings ADR		3,500		118,370
Trip.com Group ADR *		1,150		31,407
				630,144
Macao — 0.1%
Sands China *		110,800		278,071
Russia — 0.1%
Yandex, Cl A * (E)		28,548		222,389
United States — 0.5%
APA		10,850		370,962
Kraft Heinz		6,584		219,576
Laredo Petroleum *		8,100		509,085
Las Vegas Sands *		4,025		151,018
Occidental Petroleum		2,505		153,932
				1,404,573
Total Common Stock (Cost $3,869,545)				3,379,951

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

PURCHASED OPTIONS — 0.2%*
	Contracts			Value
Total Purchased Options (Cost $507,343)		8,850,749			619,917
Total Investments - 95.5% (Cost $327,866,540)				$	284,656,590
WRITTEN OPTIONS — 0.0%*
Total Written Options (Proceeds $36,477)		(8,850,042	)	$	(32,547	)
Other Assets & Liabilities, Net - 19.5%					13,487,405
Net Assets - 100.0%				$	298,111,448

The open option contracts held by the Fund at September 30, 2022, are as follows:

Description	Number of Contracts			Notional                     Amount			Exercise     Price		Expiration         Date		Value
PURCHASED OPTIONS — 0.2%
Put Options
Compass Inc		661		$	153,352			$2.50		1/21/2023	$	36,355
GBP Call USD Put		8,850,000			9,292,500			1.05		11/19/2022		54,422
Nasdaq-100		2			2,200,000			11,000.00		3/18/2023		170,500
Nasdaq-100		1			1,000,000			10,000.00		2/18/2023		45,170
S&P 500 Index		22			7,590,000			3,450.00		10/22/2022		99,682
S&P 500 Index		7			2,450,000			3,500.00		12/17/2022		94,304
S&P 500 Index		7			2,100,000			3,000.00		2/18/2023		47,040
Williams-Sonoma, Inc.		17			200,345			135.00		1/21/2023		39,780
Williams-Sonoma, Inc.		14			164,990			125.00		2/18/2023		25,410
					25,151,187							612,663
Call Options
S&P 500 Index		18			6,840,000			3,800.00		10/22/2022		7,254
Total Purchased Options				$	31,991,187						$	619,917
WRITTEN OPTIONS — 0.0%
Put Options
Alibaba Group Holding Ltd - ADR		(14	)	$	(111,986	)		80.00		10/22/22	$	(5,922	)
GBP Call USD Put		(8,850,000	)		(8,850,000	)		1.00		11/19/22		(21,571	)
Las Vegas Sands Corp.		(14	)		(52,528	)		35.50		10/22/22		(1,680	)
Occidental Petroleum Corporation		(14	)		(86,030	)		60.00		10/22/22		(3,374	)

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

Description	Number of Contracts	Notional                     Amount			Exercise     Price	Expiration         Date	Value
WRITTEN OPTIONS (continued)
Total Written Options		$	(9,100,544	)			$	(32,547	)

The open futures contracts held by the Fund at September 30, 2022, are as follows:

Type of Contract	Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized   Appreciation/     (Depreciation)
Long Contracts
NASDAQ 100 Index E-MINI	8		Dec-2022	$	1,817,822	$	1,765,680	$	(52,142)
Russell 2000 Index E-MINI	23		Dec-2022		1,918,401		1,920,270		1,869
U.S. Ultra Long Treasury Bond	124		Dec-2022		17,109,863		16,988,000		(121,863)
					20,846,086		20,673,950		(172,136)
Short Contracts
3 MONTH SOFR	(105)		Mar-2024	$	(25,272,646)	$	(25,139,625)	$	133,020
MSCI Emerging Markets	(50)		Dec-2022		(2,429,409)		(2,178,750)		250,659
S&P 500 Index E-MINI	(22)		Dec-2022		(4,040,934)		(3,961,650)		79,284
U.S. 5-Year Treasury Note	(126)		Jan-2023		(13,555,779)		(13,545,985)		9,795
					(45,298,768)		(44,826,010)		472,758
				$	(24,452,682)	$	(24,152,060)	$	300,622

The open forward foreign currency contracts held by the Fund at September 30, 2022, are as follows:

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation/         (Depreciation)
Barclays PLC	10/03/22		USD	1,045,000		INR	83,271,870	$	(21,391	)
Barclays PLC	10/03/22 - 10/13/22		USD	2,085,634		CZK	51,127,000		(49,436	)
Barclays PLC	10/03/22		ILS	3,478,000		USD	1,045,254		70,000
Barclays PLC	10/04/22		USD	1,034,404		BRL	5,259,571		(59,389	)
Barclays PLC	10/04/22 - 10/14/22		KRW	2,880,282,886		USD	2,083,850		73,115
Barclays PLC	10/11/22		USD	2,597,441		JPY	371,740,000		(27,210	)
Barclays PLC	10/11/22		TWD	31,957,075		USD	1,037,500		31,526
Barclays PLC	10/13/22		USD	1,009,691		HUF	414,955,000		(51,010	)
Barclays PLC	10/13/22		CZK	25,537,000		USD	1,035,988		19,448
Barclays PLC	10/14/22		USD	1,039,350		KRW	1,444,301,547		(32,311	)

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation/         (Depreciation)
Barclays PLC	10/14/22		USD	1,039,350		PHP	59,136,936	$	(32,045	)
Barclays PLC	10/31/22		PHP	83,772,034		USD	1,412,348		(11,138	)
Goldman Sachs	10/03/22		USD	1,020,694		ILS	3,478,000		(45,440	)
Goldman Sachs	10/03/22		USD	3,456,030		EUR	3,450,000		(74,870	)
Goldman Sachs	10/03/22 - 10/06/22		EUR	8,675,000		USD	8,696,109		193,477
Goldman Sachs	10/03/22		CZK	25,590,000		USD	1,030,797		11,139
Goldman Sachs	10/03/22		INR	83,412,945		USD	1,045,000		19,657
Goldman Sachs	10/04/22		USD	1,044,500		KRW	1,399,327,461		(66,428	)
Goldman Sachs	10/04/22		BRL	5,399,030		USD	1,034,404		33,537
Goldman Sachs	11/03/22		BRL	7,676,729		USD	1,412,337		(164	)
Goldman Sachs	10/11/22		USD	1,037,500		TWD	32,527,700		(13,563	)
Goldman Sachs	10/11/22		USD	1,037,500		CLP	927,045,634		(80,875	)
Goldman Sachs	10/13/22		GBP	3,006,300		USD	3,476,254		118,899
Goldman Sachs	10/13/22		USD	3,432,054		GBP	3,006,300		(74,699	)
Goldman Sachs	10/17/22		USD	3,446,840		JPY	495,110,000		(21,655	)
Goldman Sachs	10/19/22		USD	1,034,211		AUD	1,539,000		(49,604	)
Goldman Sachs	10/31/22		PLN	7,134,770		USD	1,412,211		(20,616	)
Goldman Sachs	11/03/22		USD	1,412,337		BRL	7,630,729		(8,300	)
JPMorgan Chase Bank	10/03/22		ILS	3,534,200		USD	1,029,030		38,017
JPMorgan Chase Bank	10/03/22 - 10/26/22		ZAR	81,294,000		USD	4,641,897		156,516
JPMorgan Chase Bank	10/26/22		ZAR	45,382,000		USD	2,498,665		(3,468	)
JPMorgan Chase Bank	10/06/22 - 10/18/22		USD	10,196,251		EUR	10,225,000		(169,651	)
JPMorgan Chase Bank	10/11/22		USD	2,593,846		JPY	374,131,000		(7,083	)
JPMorgan Chase Bank	10/11/22		USD	3,431,296		GBP	2,991,350		(90,788	)
JPMorgan Chase Bank	10/11/22		GBP	2,991,350		USD	3,453,024		112,516
JPMorgan Chase Bank	10/19/22 - 10/27/22		GBP	3,216,529		USD	3,482,345		(110,599	)
JPMorgan Chase Bank	10/11/22 - 10/17/22		JPY	1,240,981,000		USD	8,746,808		164,629
JPMorgan Chase Bank	10/12/22		USD	1,039,182		MXN	20,980,000		968
JPMorgan Chase Bank	10/12/22		MXN	20,980,000		USD	1,048,888		8,738
JPMorgan Chase Bank	10/13/22 - 10/26/22		USD	6,220,429		ZAR	108,816,000		(219,656	)

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation/         (Depreciation)
JPMorgan Chase Bank	10/13/22		HUF	414,955,000		USD	1,042,020	$	83,340
JPMorgan Chase Bank	10/18/22		EUR	5,000,000		USD	5,092,111		186,984
JPMorgan Chase Bank	10/19/22		AUD	1,539,000		USD	993,711		9,103
JPMorgan Chase Bank	10/31/22		USD	1,413,572		ILS	4,990,885		(10,678	)
JPMorgan Chase Bank	10/31/22		USD	1,430,956		PLN	7,134,770		1,871
JPMorgan Chase Bank	11/17/22		USD	6,725,542		CNH	46,000,000		(277,562	)
JPMorgan Chase Bank	11/17/22		CNH	46,000,000		USD	6,797,976		349,995
Morgan Stanley	10/03/22		USD	1,022,315		ZAR	17,860,000		(35,574	)
Morgan Stanley	10/03/22		USD	1,037,383		ILS	3,534,200		(46,370	)
Morgan Stanley	10/11/22		USD	1,037,500		COP	4,615,567,750		(37,713	)
Morgan Stanley	10/11/22		CLP	913,653,625		USD	1,037,500		94,694
Morgan Stanley	10/11/22		COP	4,675,130,625		USD	1,037,500		24,811
Morgan Stanley	10/14/22		PHP	59,495,512		USD	1,039,350		25,938
Morgan Stanley	10/27/22		USD	1,728,420		GBP	1,581,287		38,081
Morgan Stanley	10/31/22		ILS	4,990,885		USD	1,401,141		(1,754	)
Morgan Stanley	10/31/22		INR	116,086,872		USD	1,412,335		(7,759	)
								$	108,200

The open centrally cleared swap agreements held by the Fund at September 30, 2022, are as follows:

Interest Rate Swaps
Fund Pays	Fund Receives	Payment Frequency		Termination Date		Currency Notional Amount			Value			Upfront Payments/ Receipts		Unrealized Appreciation (Depreciation)
SOFR	2.777%		Annually		07/25/2042		USD	4,485,000	$	(321,796	)	$	–	$	(321,796	)
2.579%	SOFR		Annually		07/25/2052		USD	3,346,500		262,639			–		262,639
SOFR	3.147%		Annually		09/20/2042		USD	4,761,000		(89,209	)		–		(89,209	)
2.928%	SOFR		Annually		09/20/2052		USD	3,588,000		40,956			–		40,956
									$	(107,410	)	$	–	$	(107,410	)

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

The open OTC swap agreements held by the Fund at September 30, 2022, 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

Unrealized Appreciation (Depreciation)

Goldman Sachs

ACCTON

1-Day USD SOFR

6005214

Annually

09/02/2024

USD

43,651

$

(736)

$

–

$

(736)

Goldman Sachs

ATACADAO SA

1-Day USD SOFR

BF7LBH4

Annually

08/10/2024

USD

64,778

(6,847)

–

(6,847)

JPMorgan Chase

BANK NEGARA INDONESIA

USD_OBFR_ON_ACT/360_BBA

6727121

Annually

08/11/2024

IDR

116,143

1,972

–

1,972

BNP Paribas

BHARAT

1-Day USD SOFR

BF1THH6

Annually

08/08/2024

INR

34,254

71,231

–

71,231

Bank of America

BIM BIRLESIK MAGAZALAR

1-Day USD SOFR

B0D0006

Annually

08/18/2024

USD

120,294

1,741

–

1,741

Goldman Sachs

CENTRAL RETAIL CORP

1-Day USD SOFR

BKV24W4

Annually

08/29/2024

USD

87,017

(5,441)

–

(5,441)

Bank of America

E INK HOLDINGS INC

1-Day USD SOFR

6744283

Annually

08/18/2024

USD

95,574

(15,446)

–

(15,446)

JPMorgan Chase

EMAAR

USD_OBFR_ ON_ ACT/360_BBA

B01RM25

Annually

09/19/2024

AED

86,876

(7,380)

–

(7,380)

Bank of America

HANWHA SOLUTIONS

1-Day USD SOFR

6407768

Annually

09/15/2024

USD

33,948

(4,553)

–

(4,553)

Goldman Sachs

HYPERA SA

1-Day USD SOFR

B2QY968

Annually

08/10/2024

USD

65,028

(1,149)

–

(1,149)

BNP Paribas

INDIAN HOTELS CO LTD

1-Day USD SOFR

B1FRT61

Annually

08/18/2024

INR

79,276

8,229

–

8,229

BNP Paribas

MAHINDRA & MAHINDRA

1-Day USD SOFR

6100186

Annually

08/31/2024

INR

105,983

(5,012)

–

(5,012)

Morgan Stanley

META PLATFORMS INC-C

30303M102

FEDEF-1D

Annually

09/16/2024

USD

308,441

29,890

–

29,890

BNP Paribas

NTPC LTD

1-Day USD SOFR

B037HF1

Annually

08/24/2024

INR

216,616

(12,283)

–

(12,283)

Morgan Stanley

POSCO CHEMICAL CO LTD

FEDEF-1D

6419451

Annually

08/08/2024

KRW

138,638

(18,382)

–

(18,382)

Bank of America

SAMSUNG

1-DAY SOFR

6771720

Annually

06/10/2024

USD

395,353

(96,274)

–

(96,274)

$

(60,440)

$

–

$

(60,440)

* Non-Income producing security.

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

(B) Perpetual security with no stated maturity date.

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

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

(D) Interest rate represents the security’s effective yield at the time of purchase.

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

ADR — American Depositary Receipt

BRL — Brazilian Real

Cl — Class

CLP — Chilean Peso

CNH — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

ILS — Israeli New Shekel

INR — Indian Rupee

JPY — Japanese Yen

JSC — Joint Stock Company

KRW — Korean Won

LIBOR — London Interbank Offered Rate

LLP — Limited Liability Partnership

Ltd. — Limited

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

MXN — Mexican Peso

NASDAQ — National Association of Securities Dealers Automated Quotations

OTC — Over The Counter

PHP — Philippine Peso

PJSC — Public Joint Stock Company

PLC — Public Limited Company

PLN — Polish Zloty

S&P — Standard & Poor’s

SOFR — Secured Overnight Financing Rate

TWD — Taiwan Dollar

USD — U.S. Dollar

ULC — Unlimited Liability Company

ZAR — South African Rand

THE ADVISORS’ INNER CIRCLE FUND III APERTURE NEW WORLD
OPPORTUNITIES FUND
SEPTEMBER 30, 2022 (Unaudited)

The following table summarizes the 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
Global Bonds	$	–	$	210,824,324	$	–	$	210,824,324
U.S. Treasury Obligations		–		41,440,423		–		41,440,423
Sovereign Debt		–		28,391,975		–		28,391,975
Common Stock		3,157,562		–		222,389		3,379,951
Purchased Options		619,917		–		–		619,917
Total Investments in Securities	$	3,777,479	$	280,656,722	$	222,389	$	284,656,590

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Written Options	$	(32,547	)	$	–		$	–	$	(32,547	)
Futures Contracts*
Unrealized Appreciation		474,627			–			–		474,627
Unrealized Depreciation		(174,005	)		–			–		(174,005	)
Forwards Contracts*
Unrealized Appreciation		–			1,866,999			–		1,866,999
Unrealized Depreciation		–			(1,758,799	)		–		(1,758,799	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			303,595			–		303,595
Unrealized Depreciation		–			(411,005	)		–		(411,005	)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–			113,063			–		113,063
Unrealized Depreciation		–			(173,503	)		–		(173,503	)
Total Other Financial Instruments	$	268,075		$	(59,650	)	$	–	$	208,425

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

Amounts designated as “—” are $0.

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

API-QH-002-0700

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

SCHEDULE OF INVESTMENTS COMMON STOCK — 58.5%
	Shares		Value
China — 2.7%
Alibaba Group Holding *		54,000	$	536,241
Alibaba Group Holding ADR *		5,951		476,020
JD.com ADR		48,614		2,445,284
				3,457,545
Germany — 8.2%
Deutsche Telekom		619,841		10,625,915
Japan — 2.4%
Sony Group		49,200		3,156,714
Nigeria — 0.2%
IHS Holding *		49,822		278,007
South Korea — 0.2%
Delivery Hero *		8,089		300,773
Sweden — 0.3%
Hemnet Group		32,252		411,227
Taiwan — 1.4%
Silicon Motion Technology ADR		13,865		903,860
Taiwan Semiconductor Manufacturing ADR		13,638		935,021
				1,838,881
United Kingdom — 2.3%
Farfetch, Cl A *		35,919		267,596
Linde		9,705		2,655,569
				2,923,165
United States — 40.8%
Activision Blizzard		43,314		3,219,963
ACV Auctions, Cl A *		36,107		259,610
Alcoa		6,164		207,480
Amazon.com *		31,331		3,540,403
Aon, Cl A		8,667		2,321,629
Braze, Cl A		13,031		453,870
Constellation Brands, Cl A		14,336		3,292,693
Dollar Tree *		10,847		1,476,277
EQT Corp		10,653		434,110
Finch Therapeutics Group *		101,717		169,867
Freeport-McMoRan		8,260		225,746
GXO Logistics *		30,493		1,069,085
Las Vegas Sands *		5,361		201,145
Lithia Motors, Cl A		3,252		697,716
Marathon Oil		75,094		1,695,622

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
United States (continued)
Martin Marietta Materials		4,366	$	1,406,245
Microsoft		18,762		4,369,670
nCino *		8,433		287,649
Perimeter Solutions		307,237		2,460,968
S&P Global		4,449		1,358,502
SBA Communications, Cl A		7,170		2,040,941
ServiceNow *		3,398		1,283,119
Snap, Cl A *		31,307		307,434
T-Mobile US *		43,441		5,828,479
Vistra		186,073		3,907,533
WillScot Mobile Mini Holdings, Cl A *		121,313		4,892,553
XPO Logistics *		118,366		5,269,654
				52,677,963
Total Common Stock (Cost $85,184,438)				75,670,190
U.S. TREASURY OBLIGATIONS — 23.1%
	Face Amount
U.S. Treasury Bills 2.24%, 11/10/2022 (A)	$	10,000,000		9,971,347
2.93%, 12/15/2022 (A)		20,000,000		19,886,475
Total U.S. Treasury Obligations (Cost $29,854,071)				29,857,822
REGISTERED INVESTMENT COMPANIES — 4.0%
	Shares
Invesco S&P 500 Low Volatility ETF		43,899		2,538,679
SPDR S&P 500 ETF Trust		7,289		2,603,485
Total Registered Investment Companies (Cost $5,818,213)				5,142,164
WARRANTS — 0.3%
	Number of Warrants
Perimeter Holdings, Expires 12/01/2022*		76,161		29,915

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

WARRANTS (continued)
	Number of
	Warrants
			Value
PureCycle Technologies, Expires 03/20/2026*		93,268	$	317,111
Total Warrants (Cost $941,135)				347,026
Total Investments - 85.9% (Cost $121,797,857)			$	111,017,202
Other Assets & Liabilities, Net - 14.1%				18,245,620
Net Assets - 100.0%			$	129,262,822

The open futures contracts held by the Fund at September 30, 2022, are as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional   Amount		Value		Unrealized   (Depreciation)
Long Contracts
Euro STOXX 50		62		Dec-2022	$	2,270,246	$	2,014,289	$	(218,359	)
FTSE 100 Index		19		Dec-2022		1,603,045		1,466,866		(83,654	)
NASDAQ 100
Index E-MINI		13		Dec-2022		3,186,791		2,869,230		(317,561	)
Nikkei 225 Index		6		Dec-2022		1,153,914		1,075,382		(63,560	)
Nikkei 225 Index		16		Dec-2022		2,187,667		2,075,600		(112,067	)
S&P 500 Index
E-MINI		45		Dec-2022		8,967,877		8,103,375		(864,502	)
					$	19,369,540	$	17,604,742	$	(1,659,703	)

The open forward foreign currency contracts held by the Fund at September 30, 2022, are as follows:

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
Goldman Sachs	12/21/22		USD	912,921		TWD	28,600,000	$	(12,310)
JPMorgan Chase Bank	12/15/22		USD	2,509,939		EUR	2,200,000		(341,629)
JPMorgan Chase Bank	12/15/22		EUR	2,200,000		USD	2,513,591		345,282
JPMorgan Chase Bank	12/21/22		EUR	3,200,000		USD	3,131,811		(24,229)
JPMorgan Chase Bank	12/21/22		HKD	4,900,000		USD	625,159		64
JPMorgan Chase Bank	12/21/22		CNH	10,100,000		USD	1,441,572		24,540
Morgan Stanley	12/21/22		EUR	5,900,000		USD	5,944,098		125,151

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
Morgan Stanley		12/21/22		EUR	5,000,000		USD	4,920,025	$	(11,286)
Morgan Stanley		12/21/22		JPY	510,000,000		USD	3,601,070		44,808
									$	150,391

The open OTC swap agreements held by the Fund at September 30, 2022, 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

Unrealized Appreciation (Depreciation)

Bank of America

ACER INC

6005850

1-DAY SOFR

Annually

04/13/2024

TWD

1,030,576

$

164,205

$

–

$

164,205

Goldman Sachs

Airbus

EUR-EURIBOR-Telerate

4012250

Annually

07/27/2023

EUR

2,915,180

(547,557

)

–

(547,557)

Morgan Stanley

COMPASS GROUP PLC

SONIA-1-DAY

BD6K457

Annually

09/26/2024

GBP

1,230,553

17,319

–

17,319

Morgan Stanley

CSI 500 NTR

SOFR-1-DAY

CSIN0905

Annually

09/16/2024

USD

1,436,437

(69,443

)

–

(69,443)

Barclays

DOXIMITY INC-CLASS

26622P107

1-DAY SOFR

Annually

06/13/2024

USD

238,953

34,061

–

34,061

Barclays

DOXIMITY INC-CLASS

26622P107

1-DAY SOFR

Annually

05/09/2024

USD

187,726

28,225

–

28,225

Morgan Stanley

Energy Transfer LP

29273V100

FEDEF-1D

Annually

02/07/2024

USD

2,931,796

(41,671

)

–

(41,671)

Goldman Sachs

Flutter Entertainment

1-Month GBP-LIBOR-BBA

BWXC0Z1

Annually

05/27/2023

GBP

870,243

(227,552

)

–

(227,552)

JPMorgan Chase

GLENCORE PLC

1-Day SONIA

B4T3BW6

Annually

03/25/2024

GBP

1,599,162

(63,225

)

–

(63,225)

Goldman Sachs

GS HY DEBT SENSITIVITY ††

1-Day USD SOFR

GSXUDEBT

Annually

09/23/2024

USD

1,203,195

84,984

–

84,984

Morgan Stanley

HY DEBT SENSITIVITY †

1-Day FEDEF

SAIHYDS

Annually

08/18/2024

USD

1,246,657

216,828

–

216,828

Bank of America

KAWASAKI KISEN KAIS

6484686

1-DAY TONAR

Annually

06/15/2024

JPY

108,435,729

181,310

–

181,310

Barclays

MCCORMICK & CO-NON

579780206

1-DAY SOFR

Annually

06/29/2024

USD

690,435

126,689

–

126,689

Bank of America

MIPS AB

BF2CVV6

1-MONTH STIBO

Annually

06/17/2024

SEK

1,383,792

44,761

–

44,761

Bank of America

MITSUI OSK LINES LT

6597584

1-DAY TONAR

Annually

06/15/2024

JPY

114,086,826

122,091

–

122,091

Morgan Stanley

MSAIBNK1 ^^^

MSAIBNK1

1-Month LIBOR

Annually

09/28/2023

USD

1,192,898

(268,046

)

–

(268,046)

Morgan Stanley

MSAIFINL ^^

MSAIFINL

1-Month LIBOR

Annually

09/24/2023

USD

3,051,173

(611,081

)

–

(611,081)

Morgan Stanley

MSCI ACWI Index***

M1CXADB

3-Month USD LIBOR -17.5BPS

Quarterly

10/04/2022

USD

12,286,116

(2,161,581

)

–

(2,161,581)

Bank of America

NIPPON YUSEN KK

6643960

1-DAY TONAR

Annually

09/07/2024

JPY

71,473,509

77,701

–

77,701

Goldman Sachs

OLD DOMINION FREIGHT

679580100

1-Day USD SOFR

Annually

08/15/2024

USD

3,241,355

553,892

–

553,892

Morgan Stanley

Shell PLC

BP6MXD8

SONIA-1D

Annually

02/07/2024

GBP

868,344

158,621

–

158,621

Morgan Stanley

SHELL PLC

SONIA-1-DAY

BP6MXD8

Annually

05/04/2024

GBP

78,913

4,422

–

4,422

Morgan Stanley

Snap-On Inc

833034101

1-Day FEDEF

Annually

10/11/2022

USD

872,342

58,083

–

58,083

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Total Return Swaps

Counterparty

Reference Entity/ Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination Date

Currency

Notional Amount

Value

Upfront Payments/ Receipts

Unrealized Appreciation (Depreciation)

Bank of America

SNOW PEAK INC

BSLVC23

1-DAY TONAR

Annually

04/15/2024

JPY

101,478,186

$

127,874

$

–

$

127,874

Morgan Stanley

STXE 600 Banks

STXE 600 Banks

1-Month EURIBOR

Annually

09/28/2023

EUR

808,824

(117,553

)

–

(117,553)

JPMorgan Chase

THULE GROUP AB/THE

SQXJ01

SEK_STIBOR_ ON_ACT/360_ BBA

Annually

04/07/2024

SEK

7,178,177

221,979

–

221,979

JPMorgan Chase

T-MOBILE US INC

0.000%

BCOMEN3

Annually

09/09/2024

USD

10,472,842

399,348

–

399,348

Morgan Stanley

Topix Banks Index ###

TPNBNK

1-Day MUTSC

Annually

10/04/2023

JPY

106,225,860

19,522

–

19,522

Morgan Stanley

Toridoll Holdings Company

1-Day MUTSC

B0WHPP8

Annually

03/09/2024

JPY

126,788,342

(296,124

)

–

(296,124)

Bank of America

WACKER CHEMIE AG

B11Y568

1D ESTR

Annually

07/07/2024

EUR

195,890

33,437

–

33,437

Bank of America

WOODSIDE ENERGY GRO

BMGT167

1-MONTH BBR

Annually

06/03/2024

AUD

2,135,145

(2,018

)

–

(2,018)

Goldman Sachs

ZALANDO SE

BQV0SV7

EUR-EuroSTR

Annually

05/25/2024

EUR

139,876

56,630

–

56,630

$

(1,673,869

)

$

–

$

(1,673,869)

† The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2022:

Equity Basket Swaps

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage of Basket
MSXXHYDS
2,080	Wynn Resorts Ltd	$	32,787	$	5,703	$	5,703		2.63	%
3,258	Royal Caribbean Cruises Ltd		30,917		5,377		5,377		2.48	%
1,141	Yum! Brands Inc		30,294		5,269		5,269		2.43	%
6,734	Comstock Resources Inc		29,172		5,074		5,074		2.34	%
3,890	MGM Resorts International		28,922		5,030		5,030		2.32	%
3,491	United Airlines Holdings Inc		28,424		4,944		4,944		2.28	%
3,610	Aramark		28,174		4,900		4,900		2.26	%
9,867	Norwegian Cruise Line Holdings Ltd		28,050		4,879		4,879		2.25	%
2,150	Tenet Healthcare Corp		27,800		4,835		4,835		2.23	%
918	WESCO International Inc		27,426		4,770		4,770		2.20	%
2,243	Boyd Gaming Corp		26,803		4,662		4,662		2.15	%
203	TransDigm Group Inc		26,678		4,640		4,640		2.14	%
2,275	Berry Global Group Inc		26,429		4,597		4,597		2.12	%
631	Nexstar Media Group Inc		26,304		4,575		4,575		2.11	%
1,333	Acadia Healthcare Co Inc		26,055		4,532		4,532		2.09	%
2,360	Olin Corp		25,307		4,402		4,402		2.03	%
7,362	Cleveland-Cliffs Inc		24,808		4,315		4,315		1.99	%
1,135	Post Holdings Inc		23,312		4,055		4,055		1.87	%
12,925	Carnival Corp		22,689		3,946		3,946		1.82	%
7,221	Elanco Animal Health Inc		22,440		3,903		3,903		1.80	%
2,772	Caesars Entertainment Inc		22,315		3,881		3,881		1.79	%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage of Basket
3,008	OneMain Holdings Inc	$	22,190	$	3,860	$	3,860		1.78	%
5,302	Nordstrom Inc		22,190		3,860		3,860		1.78	%
292	Charter Communications Inc		22,190		3,860		3,860		1.78	%
4,036	Spirit AeroSystems Holdings Inc		22,190		3,860		3,860		1.78	%
12,619	Hanesbrands Inc		21,941		3,816		3,816		1.76	%
8,464	Goodyear Tire & Rubber Co/ The		21,318		3,708		3,708		1.71	%
53,170	Avaya Holdings Corp		21,193		3,686		3,686		1.70	%
827	Penske Automotive Group Inc		20,321		3,534		3,534		1.63	%
1,829	Performance Food Group Co		19,697		3,426		3,426		1.58	%
5,643	Newell Brands Inc		19,573		3,404		3,404		1.57	%
2,926	US Foods Holding Corp		19,323		3,361		3,361		1.55	%
10,262	Equitrans Midstream Corp		19,199		3,339		3,339		1.54	%
2,711	Delek US Holdings Inc		18,451		3,209		3,209		1.48	%
12,543	Altice USA Inc		18,326		3,187		3,187		1.47	%
2,815	KB Home		18,201		3,166		3,166		1.46	%
3,453	BellRing Brands Inc		17,827		3,101		3,101		1.43	%
421	Cheniere Energy Inc		17,453		3,036		3,036		1.40	%
3,508	ChampionX Corp		17,204		2,992		2,992		1.38	%
6,908	CommScope Holding Co Inc		15,957		2,775		2,775		1.28	%
3,633	International Game Technology PLC		14,337		2,494		2,494		1.15	%
11,046	Sabre Corp		14,212		2,472		2,472		1.14	%
2,438	Taylor Morrison Home Corp		14,212		2,472		2,472		1.14	%
2,434	Univar Solutions Inc		13,838		2,407		2,407		1.11	%
2,906	United States Steel Corp		13,215		2,298		2,298		1.06	%
344	Asbury Automotive Group Inc		12,965		2,255		2,255		1.04	%
1,470	Travel + Leisure Co		12,591		2,190		2,190		1.01	%
3,488	Xerox Holdings Corp		11,469		1,995		1,995		0.92	%
990	Iridium Communications Inc		10,971		1,908		1,908		0.88	%
1,835	Hostess Brands Inc		10,721		1,865		1,865		0.86	%
230,825	Other		178,276		31,003		31,003		14.30	%
		$	1,246,657	$	216,828	$	216,828		100.00	%

†† The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2022:

Equity Basket Swaps

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage of Basket
GSXUDEBT
12,217	MicroStrategy Inc	$	42,473	$	3,000	$	3,000		3.53	%
183,979	PG&E Corp		37,660		2,660		2,660		3.13	%
167,617	Cleveland-Cliffs Inc		37,058		2,618		2,618		3.08	%
33,313	HealthEquity Inc		36,697		2,592		2,592		3.05	%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount	Unrealized Appreciation		Fair Value	Percentage of  Basket
42,934	Tenet Healthcare Corp	$              36,336	$          2,567	$	2,567	3.02%
50,529	Performance Food Group Co	35,615	2,516		2,516	2.96%
78,555	Uber Technologies Inc	34,171	2,414		2,414	2.84%
149,505	DISH Network Corp	33,930	2,397		2,397	2.82%
135,623	Outfront Media Inc	33,810	2,388		2,388	2.81%
174,301	Park Hotels & Resorts Inc	32,125	2,269		2,269	2.67%
297,708	Coty Inc	30,802	2,176		2,176	2.56%
139,632	Cinemark Holdings Inc	27,673	1,955		1,955	2.30%
52,141	Option Care Health Inc	26,952	1,904		1,904	2.24%
60,109	ATI Inc	26,230	1,853		1,853	2.18%
78,068	Carvana Co	25,989	1,836		1,836	2.16%
45,261	Allison Transmission Holdings Inc	25,026	1,768		1,768	2.08%
98,920	Dun & Bradstreet Holdings Inc	20,093	1,419		1,419	1.67%
130,277	CommScope Holding Co Inc	19,612	1,385		1,385	1.63%
155,861	Rithm Capital Corp	18,650	1,317		1,317	1.55%
48,049	Frontier Communications Parent Inc	18,409	1,300		1,300	1.53%
53,216	AdaptHealth Corp	16,363	1,156		1,156	1.36%
127,832	GEO Group Inc/The	16,123	1,139		1,139	1.34%
23,169	Mr Cooper Group Inc	15,401	1,088		1,088	1.28%
33,766	Adient PLC	15,401	1,088		1,088	1.28%
34,641	Energizer Holdings Inc	14,318	1,011		1,011	1.19%
15,502	Cogent Communications Holdings Inc	13,235	935		935	1.10%
14,243	Howard Hughes Corp/The	12,874	909		909	1.07%
18,515	TreeHouse Foods Inc	12,874	909		909	1.07%
28,035	Driven Brands Holdings Inc	12,874	909		909	1.07%
50,083	Verra Mobility Corp	12,634	892		892	1.05%
469,341	Party City Holdco Inc	12,152	858		858	1.01%
37,175	Wendy’s Co/The	11,430	807		807	0.95%
16,133	Light & Wonder Inc	11,310	799		799	0.94%
14,242	Boyd Gaming Corp	11,069	782		782	0.92%
23,139	Cheesecake Factory Inc/The	11,069	782		782	0.92%
8,898	Live Nation Entertainment Inc	11,069	782		782	0.92%
1,280	TransDigm Group Inc	11,069	782		782	0.92%
54,849	American Airlines Group Inc	10,829	765		765	0.90%
5,391	Marriott Vacations Worldwide Corp	10,829	765		765	0.90%
25,650	Brinker International Inc	10,468	739		739	0.87%
13,976	SeaWorld Entertainment Inc	10,468	739		739	0.87%
28,887	Spirit AeroSystems Holdings Inc	10,347	731		731	0.86%
26,507	Surgery Partners Inc	10,227	722		722	0.85%
27,989	Select Medical Holdings Corp	10,107	714		714	0.84%
17,925	United Natural Foods Inc	10,107	714		714	0.84%
34,703	Six Flags Entertainment Corp	10,107	714		714	0.84%
24,055	Peabody Energy Corp	9,746	688		688	0.81%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount	Unrealized Appreciation		Fair Value	Percentage of  Basket
79,009	ADT Inc	$                9,746	$            688	$	688	0.81%
49,770	Norwegian Cruise Line Holdings Ltd	9,265	654		654	0.77%
17,469	Caesars Entertainment Inc	9,265	654		654	0.77%
2,141,667	Other	251,108	17,735		17,735	20.87%
		$         1,203,195	$       84,984	$	84,984	100.00%
^^^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2022:
Equity Basket Swaps
Shares	Description	Notional Amount	Unrealized Appreciation		Fair Value	Percentage of Basket
MSAIBNK1
9,753	Regions Financial Corp	$              86,485	$     (19,433)	$	(19,433)	7.25%
1,251	PNC Financial Services Group Inc/The	82,668	(18,576)		(18,576)	6.93%
6,130	Bank of America Corp	81,833	(18,388)		(18,388)	6.86%
1,688	JPMorgan Chase & Co	78,016	(17,530)		(17,530)	6.54%
3,464	Truist Financial Corp	66,683	(14,984)		(14,984)	5.59%
4,562	Fifth Third Bancorp	64,416	(14,474)		(14,474)	5.40%
3,599	US Bancorp	64,178	(14,421)		(14,421)	5.38%
3,518	Wells Fargo & Co	62,508	(14,046)		(14,046)	5.24%
3,896	Citizens Financial Group Inc	59,168	(13,295)		(13,295)	4.96%
1,004	First Republic Bank/CA	57,975	(13,027)		(13,027)	4.86%
8,139	KeyCorp	57,617	(12,947)		(12,947)	4.83%
368	SVB Financial Group	54,635	(12,277)		(12,277)	4.58%
665	M&T Bank Corp	51,891	(11,660)		(11,660)	4.35%
2,674	Citigroup Inc	49,267	(11,070)		(11,070)	4.13%
1,912	Zions Bancorp NA	42,944	(9,650)		(9,650)	3.60%
1,368	Comerica Inc	42,944	(9,650)		(9,650)	3.60%
7,102	Huntington Bancshares Inc/ OH	41,394	(9,301)		(9,301)	3.47%
781	Popular Inc	24,812	(5,575)		(5,575)	2.08%
769	East West Bancorp Inc	22,784	(5,120)		(5,120)	1.91%
367	Cullen/Frost Bankers Inc	21,472	(4,825)		(4,825)	1.80%
605	Commerce Bancshares Inc/ MO	17,655	(3,967)		(3,967)	1.48%
4,476	New York Community Bancorp Inc	16,820	(3,779)		(3,779)	1.41%
758	Synovus Financial Corp	12,525	(2,814)		(2,814)	1.05%
757	BankUnited Inc	11,452	(2,573)		(2,573)	0.96%
1,255	Associated Banc-Corp	11,094	(2,493)		(2,493)	0.93%
2,003	Valley National Bancorp	9,662	(2,171)		(2,171)	0.81%
		$         1,192,898	$   (268,046)	$	(268,046)	100.00%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

^^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2022:

Equity Basket Swaps
Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value	Percentage  of Basket
MSAIFINL
12,513	Blackstone Inc	$            146,761	$	(29,393)	$	(29,393)	4.81%
13,068	Nasdaq Inc	103,740		(20,777)		(20,777)	3.40%
6,348	Progressive Corp/The	103,435		(20,716)		(20,716)	3.39%
2,677	Aon PLC	100,384		(20,105)		(20,105)	3.29%
4,681	Marsh & McLennan Cos Inc	97,943		(19,616)		(19,616)	3.21%
2,707	Ameriprise Financial Inc	95,502		(19,127)		(19,127)	3.13%
2,198	Mastercard Inc	87,569		(17,538)		(17,538)	2.87%
2,358	Moody’s Corp	80,246		(16,071)		(16,071)	2.63%
3,065	Visa Inc	76,279		(15,277)		(15,277)	2.50%
3,877	American Express Co	73,228		(14,666)		(14,666)	2.40%
2,807	Chubb Ltd	71,397		(14,299)		(14,299)	2.34%
6,891	Charles Schwab Corp/The	69,262		(13,872)		(13,872)	2.27%
5,416	Discover Financial Services	68,957		(13,810)		(13,810)	2.26%
3,928	Allstate Corp/The	68,651		(13,749)		(13,749)	2.25%
7,992	MetLife Inc	68,041		(13,627)		(13,627)	2.23%
5,304	Intercontinental Exchange Inc	67,126		(13,444)		(13,444)	2.20%
8,418	Aflac Inc	66,210		(13,260)		(13,260)	2.17%
1,607	Goldman Sachs Group Inc/The	65,905		(13,199)		(13,199)	2.16%
6,381	Principal Financial Group Inc	64,380		(12,894)		(12,894)	2.11%
2,894	Travelers Cos Inc/The	62,244		(12,466)		(12,466)	2.04%
7,066	Hartford Financial Services Group Inc/The	61,329		(12,283)		(12,283)	2.01%
2,450	CME Group Inc	60,718		(12,161)		(12,161)	1.99%
20,347	Regions Financial Corp	57,057		(11,427)		(11,427)	1.87%
736	BlackRock Inc	56,752		(11,366)		(11,366)	1.86%
14,470	Ally Financial Inc	56,447		(11,305)		(11,305)	1.85%
2,609	PNC Financial Services Group Inc/The	54,616		(10,938)		(10,938)	1.79%
4,213	Capital One Financial Corp	54,311		(10,877)		(10,877)	1.78%
12,789	Bank of America Corp	54,006		(10,816)		(10,816)	1.77%
3,522	JPMorgan Chase & Co	51,565		(10,327)		(10,327)	1.69%
11,350	Fifth Third Bancorp	50,955		(10,205)		(10,205)	1.67%
3,391	T Rowe Price Group Inc	49,734		(9,961)		(9,961)	1.63%
6,953	Zions Bancorp NA	49,429		(9,900)		(9,900)	1.62%
25,489	Huntington Bancshares Inc/OH	46,988		(9,411)		(9,411)	1.54%
11,592	Synchrony Financial	45,768		(9,166)		(9,166)	1.50%
6,859	American International Group Inc	45,462		(9,105)		(9,105)	1.49%
7,453	Brighthouse Financial Inc	45,462		(9,105)		(9,105)	1.49%
7,228	Truist Financial Corp	43,937		(8,800)		(8,800)	1.44%
9,115	Citizens Financial Group Inc	43,937		(8,800)		(8,800)	1.44%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage  of Basket
3,588	Prudential Financial Inc	$	43,022	$	(8,616)	$	(8,616)	1.41%
3,590	Northern Trust Corp		43,022		(8,616)		(8,616)	1.41%
7,510	US Bancorp		42,411		(8,494)		(8,494)	1.39%
18,837	KeyCorp		42,411		(8,494)		(8,494)	1.39%
7,340	Wells Fargo & Co		41,496		(8,311)		(8,311)	1.36%
4,013	Comerica Inc		39,970		(8,005)		(8,005)	1.31%
19,952	Western Union Co/The		37,835		(7,577)		(7,577)	1.24%
6,987	Bank of New York Mellon Corp/The		37,835		(7,577)		(7,577)	1.24%
11,244	Franklin Resources Inc		33,868		(6,783)		(6,783)	1.11%
5,401	Lincoln National Corp		33,258		(6,661)		(6,661)	1.09%
3,847	State Street Corp		32,648		(6,539)		(6,539)	1.07%
5,579	Citigroup Inc		32,648		(6,539)		(6,539)	1.07%
13,068	Invesco Ltd		25,016		(5,010)		(5,010)	0.82%
		$	3,051,173	$	(611,081)	$	(611,081)	100.00%

### The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2022:

Equity Basket Swaps
Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage  of Basket
TPNBNK
9,297	Mitsubishi UFJ Financial Group Inc	$	31,846,513	$	5,853	$	5,853	29.98%
1,031	Sumitomo Mitsui Financial Group Inc		21,808,169		4,008		4,008	20.53%
1,904	Mizuho Financial Group Inc		15,647,069		2,876		2,876	14.73%
263	Sumitomo Mitsui Trust Holdings Inc		5,661,838		1,041		1,041	5.33%
1,681	Resona Holdings Inc		4,663,315		857		857	4.39%
375	Japan Post Bank Co Ltd		1,986,424		365		365	1.87%
786	Concordia Financial Group Ltd		1,848,330		340		340	1.74%
449	Chiba Bank Ltd/The		1,837,707		338		338	1.73%
115	Fukuoka Financial Group Inc		1,550,898		285		285	1.46%
327	Shizuoka Bank Ltd/The		1,529,652		281		281	1.44%
49	Bank of Kyoto Ltd/The		1,370,314		252		252	1.29%
89	Aozora Bank Ltd		1,200,352		221		221	1.13%
104	Shinsei Bank Ltd		1,125,994		207		207	1.06%
653	Mebuki Financial Group Inc		966,655		178		178	0.91%
295	Hachijuni Bank Ltd/The		743,581		137		137	0.70%
178	Iyo Bank Ltd/The		658,600		121		121	0.62%
203	Hirogin Holdings Inc		647,978		119		119	0.61%
472	Seven Bank Ltd		637,355		117		117	0.60%
159	Yamaguchi Financial Group Inc		637,355		117		117	0.60%
278	Kyushu Financial Group Inc		562,997		103		103	0.53%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage  of Basket
112	Chugoku Bank Ltd/The	$	541,752	$	100	$	100	0.51%
256	Gunma Bank Ltd/The		531,129		98		98	0.50%
90	Hokuhoku Financial Group Inc		403,658		74		74	0.38%
42	77 Bank Ltd/The		393,036		72		72	0.37%
26	Shiga Bank Ltd/The		350,545		64		64	0.33%
47	Kiyo Bank Ltd/The		339,923		62		62	0.32%
83	Nishi-Nippon Financial Holdings Inc		329,300		61		61	0.31%
13	Hokkoku Financial Holdings Inc		329,300		61		61	0.31%
88	San-In Godo Bank Ltd/The		329,300		61		61	0.31%
22	Daishi Hokuetsu Financial Group Inc		318,678		59		59	0.30%
139	Suruga Bank Ltd		276,187		51		51	0.26%
27	Ogaki Kyoritsu Bank Ltd/The		244,319		45		45	0.23%
200	North Pacific Bank Ltd		233,697		43		43	0.22%
18	Juroku Financial Group Inc		233,697		43		43	0.22%
21	Nanto Bank Ltd/The		233,697		43		43	0.22%
133	Hyakugo Bank Ltd/The		223,074		41		41	0.21%
21	Awa Bank Ltd/The		212,452		39		39	0.20%
18	Tokyo Kiraboshi Financial Group Inc		201,829		37		37	0.19%
115	TOMONY Holdings Inc		191,207		35		35	0.18%
169	Senshu Ikeda Holdings Inc		180,584		33		33	0.17%
20	Musashino Bank Ltd/The		180,584		33		33	0.17%
16	Procrea Holdings Inc		180,584		33		33	0.17%
66	Keiyo Bank Ltd/The		159,339		29		29	0.15%
10	Bank of Nagoya Ltd/The		148,716		27		27	0.14%
13	Okinawa Financial Group Inc		148,716		27		27	0.14%
5	Aichi Bank Ltd/The		148,716		27		27	0.14%
34	Bank of the Ryukyus Ltd		138,094		25		25	0.13%
14	Hyakujushi Bank Ltd/The		127,471		23		23	0.12%
114	Toho Bank Ltd/The		116,848		21		21	0.11%
71	Tochigi Bank Ltd/The		106,226		20		20	0.10%
403	Other		1,742,106		319		319	1.64%
		$	106,225,860	$	19,522	$	19,522	100.00%

*** The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at September 30, 2022:

Equity Basket Swaps
Shares	Description	Notional Amount		Unrealized Depreciation		Fair Value		Percentage  of Basket
MSCI ACWI
4,672	APPLE		$         533,728	$	(93,902)	$	(93,902)	4.34%
2,051	MICROSOFT CORP		394,850		(69,469)		(69,469)	3.21%
2,643	AMAZON.COM		246,902		(43,439)		(43,439)	2.01%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount		Unrealized Depreciation		Fair Value		Percentage  of Basket
763	TESLA	$	167,207	$	(29,418)	$	(29,418)	1.36%
1,736	ALPHABET A		137,289		(24,154)		(24,154)	1.12%
1,628	ALPHABET C		129,414		(22,769)		(22,769)	1.05%
271	UNITEDHEALTH GROUP		113,058		(19,891)		(19,891)	0.92%
760	JOHNSON & JOHNSON		102,572		(18,046)		(18,046)	0.83%
1,216	EXXON MOBIL CORP		87,761		(15,440)		(15,440)	0.71%
371	BERKSHIRE HATHAWAY B		81,921		(14,413)		(14,413)	0.67%
7,110	TAIWAN SEMICONDUCTOR MFG		78,128		(13,746)		(13,746)	0.64%
662	META PLATFORMS A		74,253		(13,064)		(13,064)	0.60%
848	JPMORGAN CHASE & CO		73,236		(12,885)		(12,885)	0.60%
813	NESTLE		73,076		(12,857)		(12,857)	0.59%
723	NVIDIA		72,529		(12,761)		(12,761)	0.59%
693	PROCTER & GAMBLE CO		72,279		(12,716)		(12,716)	0.59%
475	VISA A		69,761		(12,274)		(12,274)	0.57%
297	HOME DEPOT		67,670		(11,906)		(11,906)	0.55%
539	CHEVRON CORP		63,989		(11,258)		(11,258)	0.52%
233	LILLY (ELI) & COMPANY		62,314		(10,963)		(10,963)	0.51%
251	MASTERCARD A		58,920		(10,366)		(10,366)	0.48%
1,620	PFIZER		58,587		(10,308)		(10,308)	0.48%
510	ABBVIE		56,590		(9,956)		(9,956)	0.46%
203	ROCHE HOLDING GENUSS		55,091		(9,693)		(9,693)	0.45%
1,189	COCA COLA (THE)		55,049		(9,685)		(9,685)	0.45%
399	PEPSICO		53,864		(9,477)		(9,477)	0.44%
2,093	BANK OF AMERICA CORP		52,253		(9,193)		(9,193)	0.43%
730	MERCK & CO		51,965		(9,143)		(9,143)	0.42%
1,803	TENCENT HOLDINGS LI (CN)		50,593		(8,901)		(8,901)	0.41%
128	COSTCO WHOLESALE CORP		49,925		(8,784)		(8,784)	0.41%
113	THERMO FISHER SCIENTIFIC		47,376		(8,335)		(8,335)	0.39%
437	WALMART		46,856		(8,244)		(8,244)	0.38%
2,147	SHELL		44,510		(7,831)		(7,831)	0.36%
117	BROADCOM		42,783		(7,527)		(7,527)	0.35%
199	DANAHER CORP		42,570		(7,490)		(7,490)	0.35%
1,379	SAMSUNG ELECTRONICS CO		42,295		(7,441)		(7,441)	0.34%
117	ASML HLDG		41,199		(7,248)		(7,248)	0.34%
447	ASTRAZENECA		41,041		(7,221)		(7,221)	0.33%
526	DISNEY (WALT)		40,999		(7,213)		(7,213)	0.33%
213	MCDONALD’S CORP		40,718		(7,164)		(7,164)	0.33%
505	ABBOTT LABORATORIES		40,426		(7,112)		(7,112)	0.33%
478	NOVO NORDISK B		39,626		(6,972)		(6,972)	0.32%
624	NOVARTIS		39,613		(6,969)		(6,969)	0.32%
80	LVMH MOET HENNESSY		39,612		(6,969)		(6,969)	0.32%
1,195	CISCO SYSTEMS		39,524		(6,954)		(6,954)	0.32%
183	ACCENTURE A		38,888		(6,842)		(6,842)	0.32%
1,212	VERIZON COMMUNICATIONS		38,049		(6,694)		(6,694)	0.31%
567	NEXTERA ENERGY		36,755		(6,467)		(6,467)	0.30%
1,094	WELLS FARGO & CO		36,376		(6,400)		(6,400)	0.30%

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

Shares	Description	Notional Amount		Unrealized Depreciation		Fair Value		Percentage  of Basket
615	BRISTOL-MYERS SQUIBB CO	$	36,115	$	(6,354)	$	(6,354)	0.29%
1,082,092	Other		8,226,012		(1,447,259)		(1,447,259)	66.96%
		$	12,286,117	$	(2,161,583)	$	(2,161,583)	100.00%

* Non-Income producing security.

(A) Interest rate represents the security’s effective yield at the time of purchase.

ADR — American Depositary Receipt

BBA — British Bankers Association

Cl — Class

CNH — Chinese Yuan

ETF — Exchange Traded Fund

EUR — Euro

EURIBOR — European Interbank Offered Rate

ESTR — Euro Short-Term Rate

FTSE— Financial Times Stock Exchange Group

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

LIBOR— London Interbank Offered Rate

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers Automated Quotations

PLC — Public Limited Company

S&P — Standard & Poor’s

SEK — Swedish Krona

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Interbank Average Rate

SPDR — Standard & Poor’s Depositary Receipt

STIBOR — Stockholm Interbank Offered Rate

TONAR — Tokyo Overnight Average Rate

TWD— Taiwan Dollar

USD — U.S. Dollar

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE ENDEAVOUR
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

The following table summarizes the 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
Common Stock	$	75,670,190	$	—	$	—	$	75,670,190
U.S. Treasury Obligations		—		29,857,822		—		29,857,822
Registered Investment Companies		5,142,164		—		—		5,142,164
Warrants		—		347,026		—		347,026
Total Investments in Securities	$	80,812,354	$	30,204,848	$	—	$	111,017,202
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation		(1,659,703)		—		—		(1,659,703)
Forwards Contracts*
Unrealized Appreciation		—		539,845		—		539,845
Unrealized Depreciation		—		(389,454)		—		(389,454)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		—		2,731,982		—		2,731,982
Unrealized Depreciation		—		(4,405,851)		—		(4,405,851)
Total Other Financial Instruments	$	(1,659,703)	$	(1,523,478)	$	—	$	(3,183,181)

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

Amounts designated as “—” are $0.

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

API-QH-001-0800

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 92.5%
	Shares		Value
Canada — 4.1%
Descartes Systems Group *		220,848	$	14,022,933
United States — 88.4%
Communication Services — 2.7%
New York Times, Cl A		321,053		9,230,274
Consumer Discretionary — 24.8%
Lindblad Expeditions Holdings *		1,122,980		7,591,345
Malibu Boats, Cl A *		298,426		14,321,464
Mister Car Wash *		698,711		5,994,940
Skyline Champion *		397,920		21,038,030
Vail Resorts		78,720		16,975,181
Xometry, Cl A *		163,534		9,287,096
YETI Holdings *		323,057		9,213,585
				84,421,641
Health Care — 4.5%
Progyny *		413,882		15,338,467
Industrials — 34.8%
Astec Industries		310,318		9,678,818
Atkore *		178,730		13,906,981
Driven Brands Holdings *		507,266		14,193,303
EnPro Industries		172,135		14,628,032
Hillman Solutions *		1,558,285		11,749,469
Montrose Environmental Group *		552,340		18,586,241
SiteOne Landscape Supply *		69,846		7,273,763
Trex *		200,761		8,821,438
WESCO International *		164,947		19,691,373
				118,529,418
Information Technology — 15.5%
DoubleVerify Holdings *		811,063		22,182,573
ForgeRock, Cl A *		920,643		13,376,943
Sprout Social, Cl A *		281,837		17,101,869
				52,661,385
Materials — 6.1%
Ingevity *		340,428		20,640,150
				300,821,335
Total Common Stock
(Cost $352,576,705)				314,844,268

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

U.S. TREASURY OBLIGATION — 2.9%
	Face Amount		Value
U.S. Treasury Bill 2.59%, 11/10/2022 (A)	$	10,000,000	$	9,971,347
Total U.S. Treasury Obligation
(Cost $9,971,417)				9,971,347
Total Investments - 95.4%
(Cost $362,548,122)			$	324,815,615
Other Assets & Liabilities, Net - 4.6%				15,497,420
Net Assets - 100.0%			$	340,313,035

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

Counterparty	Settlement Date	Currency to Deliver			Currency to Receive			Unrealized             Appreciation
Morgan Stanley	12/21/22		CAD	21,100,000		USD	15,751,758	$	470,982

The open OTC swap agreements held by the Fund at September 30, 2022, 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

Unrealized Appreciation (Depreciation)

Morgan Stanley

Boot Barn Holdings Inc

BOOT BARN HOLDINGS INC

FEDREF-1-DAY

Annually

05/25/2024

USD

3,793,240

$

280,729

$

–

$

280,729

Morgan Stanley

RH

1-Month LIBOR

74967X103

Annually

07/18/2024

USD

16,116,038

(1,302,870)

–

(1,302,870)

Morgan Stanley

Sprouts Farmers Market

1-Month LIBOR

Sprouts Farmers Market Inc

Annually

11/26/2023

USD

8,455,619

(273,754)

–

(273,754)

$

(1,295,895)

$

–

$

(1,295,895)

* Non-income producing security.

(A) Interest rate represents the security’s effective yield at the time of purchase.

CAD — Canadian Dollar

Cl — Class

LIBOR— London Interbank Offered Rate

Ser — Series

USD — U.S. Dollar

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE DISCOVER
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

The following table summarizes the 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
Common Stock	$	314,844,268	$	–	$	–	$	314,844,268
U.S. Treasury Obligation		–		9,971,347		–		9,971,347
Total Investments in Securities	$	314,844,268	$	9,971,347	$	–	$	324,815,615

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Forwards Contracts*
Unrealized Appreciation		–		470,982		–		470,982
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–		280,729		–		280,729
Unrealized Depreciation		–		(1,576,624)		–		(1,576,624)
Total Other Financial Instruments	$	–	$	(824,913)	$	–	$	(824,913)

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

Amounts designated as “— “ are $0.

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

API-QH-003-0600

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE INTERNATIONAL
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

SCHEDULE OF INVESTMENTS COMMON STOCK — 51.5%
	Shares		Value
Belgium — 1.9%
Anheuser-Busch InBev		97,505	$	4,416,632
China — 5.6%
Alibaba Group Holding ADR *		25,066		2,005,029
Budweiser Brewing APAC		1,088,900		2,835,559
Industrial & Commercial Bank of China, Cl H		12,595,000		5,908,392
Tencent Holdings		28,200		952,492
Tencent Holdings ADR		34,158		1,155,224
				12,856,696
Denmark — 1.7%
Novo Nordisk ADR		39,391		3,924,525
France — 1.4%
Air Liquide		3,961		452,737
L’Oreal		3,569		1,141,155
L’Oreal ADR		24,539		1,563,871
				3,157,763
Germany — 13.2%
Brenntag		109,065		6,593,172
Deutsche Boerse		18,319		3,002,963
Fresenius & KGaA		78,812		1,679,887
Infineon Technologies		66,046		1,445,347
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		27,017		6,503,526
Puma		65,817		3,044,691
SAP		49,279		4,015,985
SAP ADR		6,589		535,356
Siemens		38,151		3,728,974
				30,549,901
India — 4.3%
HDFC Bank ADR		52,112		3,044,383
ICICI Bank ADR		330,062		6,921,400
				9,965,783
Italy — 2.6%
Intesa Sanpaolo		1,667,481		2,756,362
Moncler		56,344		2,300,208
UniCredit		86,077		871,448
				5,928,018
Japan — 4.4%
Asahi Group Holdings		33,200		1,035,046
FANUC		18,300		2,569,582

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE INTERNATIONAL
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
Japan (continued)
Nintendo		49,000	$	1,976,381
Sony Group		2,100		135,270
Sony Group ADR		69,234		4,434,438
				10,150,717
Netherlands — 1.1%
ASM International		6,709		1,502,187
Euronext		15,032		951,315
				2,453,502
Sweden — 0.5%
Hexagon, Cl B		138,784		1,296,123
Switzerland — 3.5%
Alcon		20,278		1,179,774
Cie Financiere Richemont, Cl A		23,271		2,196,676
Holcim		71,211		2,918,266
SGS		560		1,198,257
Straumann Holding		6,126		560,285
				8,053,258
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing ADR		37,577		2,576,279
United Kingdom — 5.0%
Coca-Cola Europacific Partners		149,679		6,379,319
Linde		16,787		4,544,771
Pets at Home Group		233,017		679,334
				11,603,424
United States — 5.2%
Medtronic		76,769		6,199,097
Nestle		22,825		2,468,691
Stellantis NV		274,078		3,237,519
				11,905,307
Total Common Stock (Cost $152,349,306)				118,837,928

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE INTERNATIONAL
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

U.S. TREASURY OBLIGATIONS — 45.4%
	Face Amount		Value
U.S. Treasury Bills
2.21%, 11/10/2022 (A)	$	55,000,000	$	54,842,408
2.93%, 12/15/2022 (A)		50,000,000		49,716,187
Total U.S. Treasury Obligations (Cost $104,562,873)				104,558,595
Total Investments - 96.9% (Cost $256,912,179)			$	223,396,523
Other Assets & Liabilities, Net - 3.1%				7,096,523
Net Assets - 100.0%			$	230,493,046

The open futures contracts held by the Fund at September 30, 2022, are as follows:

Type of Contract	Number of       Contracts		Expiration     Date		Notional Amount		Value		Unrealized   (Depreciation)
Long Contracts
MSCI Emerging Markets		77		Dec-2022	$	3,784,431	$	3,355,276	$	(429,156)
Nikkei 225 Index		18		Dec-2022		3,461,741		3,226,145		(190,680)
S&P 500 Index E-MINI		6		Dec-2022		1,161,742		1,080,450		(81,292)
S&P TSX 60 Index		18		Dec-2022		3,312,856		2,908,459		(210,925)
SPI 200 Index		20		Dec-2022		2,360,813		2,067,995		(180,957)
TOPIX Index		103		Dec-2022		13,825,535		13,066,261		(585,320)
					$	27,907,118	$	25,704,586	$	(1,678,330)

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized (Depreciation)
JPMorgan Chase Bank		12/21/22		USD	58,401,064		EUR	58,000,000	$	(1,197,860)
Morgan Stanley		12/21/22		USD	7,415,591		JPY	1,050,000,000		(93,876)
Morgan Stanley		12/21/22		USD	14,861,343		GBP	13,000,000		(328,472)
									$	(1,620,208)

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE INTERNATIONAL
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

The open OTC swap agreements held by the Fund at September 30, 2022, 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

Unrealized Appreciation (Depreciation)

JPMorgan Chase

Accor SA

AC FP EQUITY

1-Month LIBOR

Annually

02/08/2023

EUR

2,332,617

$

(489,114)

$

–

$

(489,114)

Bank of America

AIR LIQUIDE SA

EURIB-1- MONTH

AI FP EQUITY

Annually

05/04/2024

EUR

4,770,838

(968,509)

–

(968,509)

Goldman Sachs

Ashtead Group PLC

AHT LN EQUITY

1-Month LIBOR

Annually

10/10/2024

GBP

1,294,418

39,903

–

39,903

Morgan Stanley

Astrazeneca PLC

AZN LN EQUITY

1-Month LIBOR

Annually

10/05/2024

GBP

4,316,738

853,872

–

853,872

Goldman Sachs

BNP Paribas

BNP FP EQUITY

1-Month LIBOR

Annually

11/11/2024

EUR

3,678,691

(245,938)

–

(245,938)

JPMorgan Chase

Bureau Veritas SA

BVI FP EQUITY

1-Month LIBOR

Annually

01/04/2023

EUR

3,144,594

52,893

–

52,893

Morgan Stanley

CLH PLC

CRH ID EQUITY

1-Month LIBOR

Annually

10/05/2024

EUR

5,049,953

(190,084)

–

(190,084)

Bank of America

Compagnie de Saint-Gobain

SGO FP EQUITY

1-Month LIBOR

Annually

01/28/2023

EUR

4,934,881

(1,579,376)

–

(1,579,376)

Goldman Sachs

CSIN095

1-Month LIBOR

CSIN0905

Annually

07/04/2024

EUR

2,499,188

(395,408)

–

(395,408)

Goldman Sachs

Euronext NV

ENX FP EQUITY

1-Month LIBOR

Annually

10/22/2023

EUR

6,292,631

(1,704,253)

–

(1,704,253)

Goldman Sachs

GSAIRNEW Index^

GSAIRNEW INDEX

1MLIBOR

Annually

03/07/2024

EUR

589,761

(61,947)

–

(61,947)

Goldman Sachs

Informa PLC

INF LN EQUITY

1-Month LIBOR

Annually

07/30/2023

GBP

1,170,848

54,134

–

54,134

JPMorgan Chase

Intercontinental HO

IHG LN EQUITY

1-Month LIBOR

Annually

08/19/2023

USD

2,622,538

(188,837)

–

(188,837)

Bank of America

Lloyd’s Banking Group

LLOY LN EQUITY

1-Month LIBOR

Annually

04/01/2023

GBP

3,326,355

(339,670)

–

(339,670)

Morgan Stanley

LVMH Moet Hennessy

MC FP EQUITY

1-Month LIBOR

Annually

09/08/2023

EUR

3,884,422

(201,440)

–

(201,440)

Goldman Sachs

Pernod Ricard SA

RI FP EQUITY

1-Month LIBOR

Annually

10/05/2024

EUR

3,859,079

650,246

–

650,246

JPMorgan Chase

Schneider Electric

SU FP EQUITY

1-Month LIBOR

Annually

10/07/2023

EUR

4,542,013

(854,569)

–

(854,569)

Morgan Stanley

Taiwan

2330 TT EQUITY

1-Month LIBOR

Annually

12/19/2024

USD

746,482

(201,520)

–

(201,520)

Morgan Stanley

Veolia Environment

VIE FP EQUITY

1-Month LIBOR

Annually

10/05/2024

EUR

7,978,934

(2,052,198)

–

(2,052,198)

Bank of America

Vinci SA

FR0000125486

1-Month LIBOR

Annually

02/08/2023

EUR

7,395,074

(486,142)

–

(486,142)

$

(8,307,957)

$

–

$

(8,307,957)

^ The following table represents the individual common stock exposure comprising the Goldman Sachs Equity Basket Swaps at September 30, 2022:

Equity Basket Swaps

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage   of Basket
GSAIRNEW
3,754,237	RWE AG		$            71,892	$	(7,551)	$	(7,551)	12.19%
11,665,863	Iberdrola SA		56,617		(5,947)		(5,947)	9.60%
918,276	Orsted AS		37,981		(3,989)		(3,989)	6.44%
3,677,155	Vestas Wind Systems A/S		35,504		(3,729)		(3,729)	6.02%

THE ADVISORS’ INNER CIRCLE FUND III APERTURE INTERNATIONAL EQUITY FUND SEPTEMBER 30, 2022 (Unaudited)

Shares	Description	Notional Amount		Unrealized Appreciation		Fair Value		Percentage of Basket
15,261,742	Enel SpA	$	32,673	$	(3,432)	$	(3,432)	5.54%
8,085,418	E.ON SE		32,319		(3,395)		(3,395)	5.48%
220,925	Linde PLC		31,257		(3,283)		(3,283)	5.30%
2,710,520	SSE PLC		23,826		(2,503)		(2,503)	4.04%
7,526,473	Terna - Rete Elettrica Nazionale		23,826		(2,503)		(2,503)	4.04%
1,984,602	EDP Renovaveis SA		21,172		(2,224)		(2,224)	3.59%
431,184	Alfen Beheer BV		20,701		(2,174)		(2,174)	3.51%
1,854,494	Encavis AG		17,339		(1,821)		(1,821)	2.94%
2,861,304	Siemens Energy AG		16,513		(1,735)		(1,735)	2.80%
348,821	Verbund AG		15,452		(1,623)		(1,623)	2.62%
257,433	Air Liquide SA		15,334		(1,611)		(1,611)	2.60%
1,851,399	Solaria Energia y Medio Ambiente SA		15,157		(1,592)		(1,592)	2.57%
1,497,585	Siemens Gamesa Renewable Energy SA		13,623		(1,431)		(1,431)	2.31%
146,287	Acciona SA		13,388		(1,406)		(1,406)	2.27%
23,082,313	NEL ASA		13,270		(1,394)		(1,394)	2.25%
4,906,973	EDP - Energias de Portugal SA		11,029		(1,158)		(1,158)	1.87%
1,619,514	Engie SA		9,731		(1,022)		(1,022)	1.65%
160,265	Wacker Chemie AG		8,611		(904)		(904)	1.46%
7,392,575	Enlight Renewable Energy Ltd		8,080		(849)		(849)	1.37%
427,012	Neoen SA		7,431		(781)		(781)	1.26%
430,460	ERG SpA		6,134		(644)		(644)	1.04%
956,396	PowerCell Sweden AB		6,134		(644)		(644)	1.04%
1,472,016	Nordex SE		6,134		(644)		(644)	1.04%
1,261,618	Scatec ASA		4,482		(471)		(471)	0.76%
269,916	Prysmian SpA		4,069		(427)		(427)	0.69%
6,508,616	ITM Power PLC		3,892		(409)		(409)	0.66%
4,627,853	Aker Carbon Capture ASA		3,126		(328)		(328)	0.53%
1,425,266	Ceres Power Holdings PLC		3,064		(323)		(323)	0.52%
		$	589,761	$	(61,947)	$	(61,947)	100.00%

* Non-Income producing security.

(A) Interest rate represents the security’s effective yield at the time of purchase.

ADR — American Depositary Receipt

Cl — Class

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

LIBOR— London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

S&P — Standard & Poor’s

SPI — S&P/ASX 200 Index

THE ADVISORS’ INNER CIRCLE FUND III	APERTURE INTERNATIONAL
	EQUITY FUND
	SEPTEMBER 30, 2022
	(Unaudited)

TOPIX— Tokyo Stock Price Index

TSX — Toronto Stock Exchange

USD — U.S. Dollar

The following table summarizes the 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
Common Stock	$	39,918,695	$	78,919,233	$	–	$	118,837,928
U.S. Treasury Obligations		–		104,558,595		–		104,558,595
Total Investments in Securities	$	39,918,695	$	183,477,828	$	–	$	223,396,523

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation		(1,678,330)		–		–		(1,678,330)
Forwards Contracts*
Unrealized Depreciation		–		(1,620,208)		–		(1,620,208)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–		1,651,048		–		1,651,048
Unrealized Depreciation		–		(9,959,005)		–		(9,959,005)
Total Other Financial Instruments	$	(1,678,330)	$	(9,928,165)	$	–	$	(11,606,495)

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

Amounts designated as “—” are $0.

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

API-QH-004-0400