# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-075604
**Filing Date:** 2023-3
**Character Count:** 140988
**Document Hash:** d4d49eb9f79da41a4df5179b518a0efb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075604.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075604

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23784821

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### FS CHIRON CAPITAL ALLOCATION FUND (Series ID: S000051695)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000162682 | CLASS I SHARES | CCAPX           |

## Nport-Ex

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL** |
|  | **ALLOCATION FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

| |
|:---|
|  CONSOLIDATED SCHEDULE OF INVESTMENTS |
|  (Percentages are based on Net Assets of $835,809 (000)) |
|  COMMON STOCK — 49.7% |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  AUSTRALIA — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment\* | 112231 | $17364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore | 2303112 | 15367 |
|  |  | 32731 |
|  BELGIUM — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas | 5654 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Groep | 3799 | 280 |
|  |  | 555 |
|  BRAZIL — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre\* | 4504 | 5322 |
|  CHINA — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China, Cl H | 879000 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of China, Cl H | 834000 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications, Cl H | 506000 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; China CITIC Bank, Cl H | 655000 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Coal Energy, Cl H | 342000 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Communications Services, Cl H | 849000 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank,' Cl H | 477000 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Datang Renewable Power, Cl H | 1027000 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Everbright Bank, Cl H | 968000 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group | 313000 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Medical System Holdings | 164000 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking, Cl H | 849000 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; China National Building Material, Cl H | 342000 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical, Cl H | 625000 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Pharmaceutical Group | 342000 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy, Cl H | 104000 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Water Affairs Group | 372000 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank, Cl H | 864000 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITIC | 298000 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRRC | 700000 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongyue Group | 268000 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far East Horizon | 372000 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fufeng Group | 447000 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitong Securities, Cl H | 462000 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hengan International Group | 60000 | 295 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  CHINA — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China, Cl H | 596000 | $318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingboard Holdings | 89000 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group | 372000 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallurgical Corp of China, Cl H | 1236000 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetroChina, Cl H | 655000 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding, Cl H | 164000 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shougang Fushan Resources Group | 908000 | 328 |
|  |  | 10110 |
|  FINLAND — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia | 1293179 | 6118 |
|  FRANCE — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole | 23572 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo | 3943 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre\* | 10985 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange | 26699 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubis SCA | 9917 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale | 10015 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales | 2068 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 4341 | 269 |
|  |  | 2234 |
|  GERMANY — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz | 1149 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank\* | 25823 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank | 21091 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group | 3737 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens | 16440 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp; TeamViewer\* | 19398 | 271 |
|  |  | 3950 |
|  GREECE — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece\* | 2698803 | 12751 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP | 673500 | 10090 |
|  |  | 22841 |
|  HONG KONG — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT | 45000 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings | 60000 | 333 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  HONG KONG — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT | 238000 | $311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huabao International Holdings | 521000 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings | 46300 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 45000 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCCW | 640000 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical | 506000 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties | 30000 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific, Cl A | 30000 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group | 506000 | 311 |
|  |  | 5714 |
|  IRELAND — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group | 65094 | 272 |
|  ITALY — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali | 14293 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni | 18022 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari | 36107 | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo | 26346 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario | 26024 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit | 127654 | 2482 |
|  |  | 12661 |
|  JAPAN — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings | 180600 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings | 474300 | 4154 |
|  |  | 8373 |
|  MALAYSIA — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting | 1136400 | 1319 |
|  NETHERLANDS — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding, Cl G | 6193 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland | 5926 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize | 9518 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips | 16462 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell ADR | 325530 | 19144 |
|  |  | 24083 |
|  NORWAY — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro | 33713 | 271 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  NORWAY — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Var Energi | 91371 | $277 |
|  |  | 548 |
|  PHILIPPINES — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberry Resorts\* | 45076700 | 7608 |
|  SINGAPORE — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking | 129000 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines | 289200 | 1303 |
|  |  | 2573 |
|  SOUTH AFRICA — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American | 6207 | 265 |
|  SPAIN — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander | 80031 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank | 63856 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa | 14078 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica | 73828 | 280 |
|  |  | 1120 |
|  SWEDEN — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution | 122140 | 13667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken, Cl A | 26379 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum\* | 376320 | 8363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Cl B | 47596 | 275 |
|  |  | 22580 |
|  UNITED KINGDOM — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca | 137347 | 17932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group | 37548 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays | 121580 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco | 7378 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group, Cl A | 173865 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings | 45000 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings | 37404 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury | 93330 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group | 86464 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group | 428283 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group\* | 154483 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rightmove | 38567 | 279 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  UNITED KINGDOM — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered | 31376 | $263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group | 242137 | 278 |
|  |  | 21558 |
|  UNITED STATES — 26.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment | 1027825 | 11923 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group | 150475 | 9513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management | 471828 | 11074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific\* | 241235 | 11157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 16062 | 9397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar | 8245 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings | 77970 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins | 44667 | 11146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher | 38744 | 10243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere | 15944 | 6742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 8269 | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer | 492024 | 6534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac\* | 15721 | 10469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan | 45803 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 10996 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK | 15953 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil | 62198 | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 31645 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 39847 | 8298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 16848 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 45991 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont | 197972 | 10479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Cl A | 15928 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA | 20295 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin | 37789 | 12319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 96704 | 10080 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 94067 | 12531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust | 589114 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US\* | 57545 | 8592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 37626 | 8662 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL\* | 55153 | 4196 |
|  |  | 222642 |
|  TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $365,233) (000) |  | 415177 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  SOVEREIGN BONDS — 9.4% | SOVEREIGN BONDS — 9.4% |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Face Amount (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  GERMANY — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe<br>1.700%, 08/15/32 | 27500 | $28503 |
|  UNITED KINGDOM — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom Gilt<br>4.250%, 06/07/32 | 18900 | 25013 |
|  BRAZIL — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Government International Bond<br>4.250%, 01/07/25 | $4200 | 4144 |
|  HUNGARY — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bond<br>2.125%, 09/22/31(A) | 5500 | 4250 |
|  POLAND — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond<br>3.250%, 04/06/26 | 4400 | 4241 |
|  SAUDI ARABIA — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond MTN<br>5.000%, 04/17/49(A) | 4700 | 4489 |
|  ITALY — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro<br>2.500%, 12/01/32 | 8600 | 8146 |
|  TOTAL SOVEREIGN BONDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $79,309) (000) |  | 78786 |
|  EXCHANGE TRADED FUNDS — 4.9% |  |  |
|  | Shares |  |
|  UNITED STATES — 4.9%<br>iShares MBS ETF | 386888 | 37095 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI India ETF \* | 96839 | 3969 |
|  TOTAL EXCHANGE TRADED FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,231) (000) |  | 41064 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  PREFERRED STOCK — 2.9% |  |  |
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  UNITED STATES — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment, 6.125% | 486150 | $10501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, 9.723% | 374317 | 9302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital, 5.750% | 181925 | 4184 |
|  TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,806) (000) |  | 23987 |
|  ASSET-BACKED SECURITY — 2.0% |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Face Amount (000) |  |
|  UNITED STATES — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jonah Energy, Ser 2022-1, Cl A1<br>7.200%, 12/10/37(A) | $16620 | 16718 |
|  TOTAL ASSET-BACKED SECURITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $16,394) (000) |  | 16718 |
|  CORPORATE OBLIGATIONS — 1.8% |  |  |
|  FINLAND — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank<br>4.750%, 09/22/25 (A) | 1985 | 1983 |
|  GERMANY — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen International Finance MTN<br>4.250%, 02/15/28 | 1900 | 2080 |
|  NORWAY — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor MTN<br>6.875%, 03/11/31 | 1371 | 1974 |
|  UNITED KINGDOM — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings<br>3.973%, ICE LIBOR USD 3 Month + 1.610%, 05/22/30 (B) | $4800 | 4426 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  CORPORATE OBLIGATIONS — continued | CORPORATE OBLIGATIONS — continued |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Face Amount (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  UNITED STATES — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International<br>3.125%, 06/03/33 | 4500 | $4268 |
|  TOTAL CORPORATE OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $14,505) (000) |  | 14731 |
|  CONVERTIBLE BONDS — 1.7% |  |  |
|  IRELAND — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Investments I<br>1.50%, 08/15/24 | $6430 | 6313 |
|  UNITED STATES — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty Formula One<br>2.25%, 08/15/27 (A) | 3930 | 4103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks<br>0.38%, 06/01/25 | 2402 | 3937 |
|  |  | 8040 |
|  TOTAL CONVERTIBLE BONDS<br>(Cost $14,153) (000) |  | 14353 |
|  PURCHASED OPTIONS — 0.2% |  |  |
|  | Contracts |  |
|  PURCHASED OPTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $999) (000) | 57000000 | $1768 |
|  U.S. TREASURY OBLIGATIONS — 16.7% |  |  |
|  | Face Amount (000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.826%, 05/15/51(C) | $28400 | $10348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.819%, 08/15/51(C) | 28400 | 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.538%, 04/13/23 (C) | 120000 | 118929 |
|  TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $137,877) (000) |  | 139545 |
|  TOTAL INVESTMENTS — 89.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $689,507) (000) |  | $746129 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  WRITTEN OPTIONS — 0.1% |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts | &nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  WRITTEN OPTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Written Options |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Premiums Received $277) (000) | (38000000) | $(578) |

---

\* Non-income producing security.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the
Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." On January 31, 2023, the value of these securities amounted $31,543 (000) and represented 3.8% of net assets.

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

(C) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  PURCHASED OPTIONS — 0.2% | PURCHASED OPTIONS — 0.2% |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts | Notional<br>Amount (000) | &nbsp;&nbsp;&nbsp;&nbsp;Strike <br>Price | &nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | Fair Value (000) |
|  CALL OPTIONS |  |  |  |  |  |
|  UNITED STATES — 0.2% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Call USD Put | 19000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | 04/26/23 | $894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Call USD Put | 19000000 | 469 | 1.20 | 04/26/23 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Call CNH Put | 19000000 | 215 | 7.50 | 04/26/23 | 5 |
|  Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  WRITTEN OPTIONS — (0.1)% | WRITTEN OPTIONS — (0.1)% |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts | Notional<br>Amount (000) | &nbsp;&nbsp;&nbsp;&nbsp;Strike <br>Price | &nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | Fair Value (000) |
|  CALL OPTIONS |  |  |  |  |  |
|  UNITED STATES — (0.1)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Call USD Put | (19000000) | $(92) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | 04/26/23 | $(264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Call USD Put | (19000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | 1.25 | 04/26/23 | (314) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578) |

---

Open futures contracts held by the Fund at January 31, 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br>Contracts | Expiration<br>Date | Notional Amount<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold | 127 | Apr-2023 | $24645 | $24705 | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets | 79 | Mar-2023 | 3891 | 4126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium | 15 | Mar-2023 | 2813 | 2473 | (340) |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br>Contracts | Expiration<br>Date | Notional Amount<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platinum | 59 | Apr-2023 | $2969 | $3012 | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver | 102 | Mar-2023 | 10926 | 12156 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2-Year Treasury Note | 159 | Mar-2023 | 32590 | 32698 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5-Year Treasury Note | 422 | Mar-2023 | 45587 | 46100 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 10-Year Treasury Note | 208 | Mar-2023 | 23400 | 23819 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Treasury Bond | 157 | Mar-2023 | 19765 | 20391 | 626 |
|  |  |  | 166586 | 169480 | 2895 |
|  |  |  | $166586 | $169480 | $2895 |

---

Open centrally cleared swap agreements held by the Fund at January 31, 2023 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap | Credit Default Swap |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference<br> Entity/Obligation | Buy/<br>Sell | (Pays)/<br>Receives<br>Rate | Payment<br>Frequency | Termination<br>Date | Notional Amount<br> (000) | Fair Value (000) | Upfront<br>Payments/<br> Receipts (000) | Net Unrealized<br>Appreciation<br> (Depreciation)<br> (000) |
|  CDX HY CDSI S39 5Y PR | Buy | 5.00% | Quarterly | 12/20/27 | $40600 | $(1317) | $(900) | $(417) |
|  |  |  |  |  |  | $(1317) | $(900) | $(417) |

---

Open OTC swap agreements held by the Fund at January 31, 2023 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Reference<br>Entity/<br>Obligation | Fund<br> Pays | Fund Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br> Amount (000) | Fair Value (000) | Upfront<br>Payments/<br>Receipts<br>(000) | Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  Goldman Sachs | \*\* GSCHCE31 INDEX | SOFR + 0.65% | Total Return | N/A | 10/24/25 | USD | $9637 | $3293 | $– | $3293 |
|  Goldman Sachs | \*\* GSCHEMBA INDEX | SOFR + 0.98% | Total Return | N/A | 10/24/25 | USD | 10651 | 1994 |  | 1994 |
|  Goldman Sachs | \*\* GSCHJMFA INDEX | SOFR + 0.45% | Total Return | N/A | 11/01/25 | USD | 16466 | 3469 |  | 3469 |
|  Goldman Sachs | \*\* GSCHLAT2 INDEX | SOFR + 0.85% | Total Return | N/A | 10/21/25 | USD | 13871 | 947 |  | 947 |
|  Goldman Sachs | \*\* GSCHMENA INDEX | SOFR + 0.95% | Total Return | N/A | 10/24/25 | USD | 4011 | (236) |  | (236) |
|  Goldman Sachs | \*\* GSCHSKOR INDEX | SOFR + 1.02% | Total Return | N/A | 10/18/25 | USD | 21514 | 4300 |  | 4300 |
|  Goldman Sachs | ^^ GSISTBA1 INDEX | Total Return \* | Total Return \* | N/A | 10/27/23 | USD | 84200 | 3296 |  | 3296 |
|  |  |  |  |  |  |  | $160350 | $17063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $17063 |

---

\* The Fund pays or receives the excess return based on the return calculated by changes in the index level relative to the reference entity.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

\*\* The following tables represent the individual underlying components comprising the Total Return Swaps at January 31, 2023. All underlying notionals are in U.S. Dollar.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHCE31 Index** |  |  |  |  |  |
|  | 51889 | CEZ AS | $1557757 | $548213 | 16.16&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 43833 | Erste Group Bank AG | 1224219 | 430833 | 12.70 |
|  | 122201 | Powszechna Kasa Oszczednosci Bank Polski SA | 670936 | 236119 | 6.96 |
|  | 9728 | Dino Polska SA | 649563 | 228597 | 6.74 |
|  | 28181 | OTP Bank Nyrt | 627338 | 220776 | 6.51 |
|  | 86940 | Powszechny Zaklad Ubezpieczen SA | 545018 | 191805 | 5.66 |
|  | 105341 | Allegro.eu SA | 538805 | 189619 | 5.59 |
|  | 10011 | Santander Bank Polska SA | 490494 | 172617 | 5.09 |
|  | 19529 | KGHM Polska Miedz SA | 468943 | 165032 | 4.87 |
|  | 18704 | Komercni Banka AS | 465069 | 163669 | 4.83 |
|  | 57500 | Pepco Group NV | 411115 | 144682 | 4.27 |
|  | 25739 | Bank Polska Kasa Opieki SA | 405147 | 142581 | 4.20 |
|  | 18006 | Richter Gedeon Nyrt | 300293 | 105681 | 3.12 |
|  | 10206 | CD Projekt SA | 242761 | 85433 | 2.52 |
|  | 62668 | Cyfrowy Polsat SA | 196324 | 69091 | 2.04 |
|  | 13519 | Bank Handlowy w Warszawie SA | 186950 | 65792 | 1.94 |
|  | 128327 | Orange Polska SA | 152921 | 53816 | 1.59 |
|  | 51852 | Moneta Money Bank AS | 141466 | 49785 | 1.47 |
|  | 2631 | Budimex SA | 124860 | 43941 | 1.30 |
|  | 194 | Philip Morris CR AS | 109906 | 38678 | 1.14 |
|  | 8323 | Asseco Poland SA | 108206 | 38080 | 1.12 |
|  | 72023 | Opus Global Nyrt | 18929 | 6661 | 0.20 |
| **Shares** |  | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHEMBA Index** |  |  |  |  |  |
|  | 350545 | Tianneng Power International Ltd | $432511 | $86186 | 4.06&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 681443 | United Laboratories International Holdings Ltd/The | 376177 | 74960 | 3.53 |
|  | 8345 | Korea Investment Holdings Co Ltd | 352689 | 70280 | 3.31 |
|  | 924037 | CRRC Corp Ltd | 348909 | 69527 | 3.28 |
|  | 1706 | POSCO Holdings Inc | 346707 | 69088 | 3.26 |
|  | 274489 | PTT Global Chemical PCL | 343280 | 68405 | 3.22 |
|  | 5950 | CJ Corp | 331507 | 66059 | 3.11 |
|  | 138380 | Metalurgica Gerdau SA | 328490 | 65458 | 3.08 |
|  | 80964 | Bangkok Bank PCL | 325867 | 64935 | 3.06 |
|  | 1711179 | Metallurgical Corp of China Ltd | 322154 | 64195 | 3.02 |
|  | 66313 | BNK Financial Group Inc | 317476 | 63263 | 2.98 |
|  | 1004388 | China Minsheng Banking Corp Ltd | 313014 | 62374 | 2.94 |
|  | 278660 | Shanghai Industrial Holdings Ltd | 312993 | 62370 | 2.94 |
|  | 49063 | Coca-Cola Femsa SAB de CV | 311549 | 62082 | 2.93 |
|  | 242382 | Cia Paranaense de Energia | 308532 | 61481 | 2.90 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHEMBA Index** |  |  |  |  |  |
|  | 316018 | CITIC Ltd | $307895 | $61354 | 2.89&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 132099 | Powertech Technology Inc | 306074 | 60991 | 2.87 |
|  | 13453 | Samsung Securities Co Ltd | 303833 | 60544 | 2.85 |
|  | 4811 | KT&G Corp | 300922 | 59964 | 2.83 |
|  | 995729 | Agricultural Bank of China Ltd | 298666 | 59515 | 2.80 |
|  | 742795 | China CITIC Bank Corp Ltd | 298645 | 59511 | 2.80 |
|  | 1845 | Shinsegae Inc | 288784 | 57546 | 2.71 |
|  | 1079482 | China Everbright Bank Co Ltd | 287046 | 57199 | 2.70 |
|  | 41413 | Industrial Bank of Korea | 287039 | 57198 | 2.69 |
|  | 214753 | Alpek SAB de CV | 283666 | 56526 | 2.66 |
|  | 1008774 | People's Insurance Co Group of China Ltd/The | 283265 | 56446 | 2.66 |
|  | 888497 | Bank of China Ltd | 282568 | 56307 | 2.65 |
|  | 13737 | Samsung Card Co Ltd | 281927 | 56179 | 2.65 |
|  | 352279 | AMMB Holdings Bhd | 281165 | 56027 | 2.64 |
|  | 629453 | Industrial & Commercial Bank of China Ltd | 280526 | 55900 | 2.63 |
|  | 14874 | Seegene Inc | 274074 | 54614 | 2.57 |
|  | 898868 | Chongqing Rural Commercial Bank Co Ltd | 270569 | 53916 | 2.54 |
|  | 69345 | EDP - Energias do Brasil SA | 231411 | 46113 | 2.17 |
|  | 107366 | Indo Tambangraya Megah Tbk PT | 215612 | 42965 | 2.02 |
|  | 274684 | PICC Property & Casualty Co Ltd | 215326 | 42908 | 2.02 |
| **Shares** |  | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHJMFA Index** |  |  |  |  |  |
|  | 16727 | Sumitomo Mitsui Financial Group Inc | $594987 | $131634 | 3.61&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 29594 | Dai-ichi Life Holdings Inc | 566397 | 125309 | 3.44 |
|  | 124501 | Resona Holdings Inc | 562756 | 124503 | 3.42 |
|  | 43411 | Mizuho Financial Group Inc | 553932 | 122551 | 3.36 |
|  | 16130 | Sumitomo Metal Mining Co Ltd | 532759 | 117867 | 3.24 |
|  | 52731 | Marubeni Corp | 526512 | 116485 | 3.20 |
|  | 16217 | Sankyu Inc | 519513 | 114936 | 3.16 |
|  | 242120 | Mebuki Financial Group Inc | 515047 | 113948 | 3.13 |
|  | 61449 | Seino Holdings Co Ltd | 500439 | 110716 | 3.04 |
|  | 16314 | Morinaga Milk Industry Co Ltd | 493347 | 109147 | 3.00 |
|  | 22734 | Mitsui Mining & Smelting Co Ltd | 492910 | 109051 | 2.99 |
|  | 16419 | Sumitomo Mitsui Trust Holdings Inc | 489285 | 108249 | 2.97 |
|  | 145251 | Nomura Holdings Inc | 473258 | 104703 | 2.87 |
|  | 103045 | Mitsubishi Chemical Group Corp | 470896 | 104180 | 2.86 |
|  | 32027 | Japan Post Insurance Co Ltd | 466424 | 103191 | 2.83 |
|  | 18062 | Takeda Pharmaceutical Co Ltd | 464934 | 102861 | 2.82 |
|  | 17020 | Mitsubishi Corp | 464468 | 102758 | 2.82 |
|  | 120529 | Daiwa Securities Group Inc | 464242 | 102708 | 2.82 |
|  | 14311 | Zenkoku Hosho Co Ltd | 454829 | 100626 | 2.76 |
|  | 67414 | Kuraray Co Ltd | 454401 | 100531 | 2.76 |
|  | 65752 | Fuji Media Holdings Inc | 453129 | 100249 | 2.75 |
|  | 132234 | Oji Holdings Corp | 446077 | 98689 | 2.71 |
|  | 47259 | SoftBank Corp | 442133 | 97817 | 2.69 |
|  | 5707 | Shimamura Co Ltd | 438548 | 97024 | 2.66 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHJMFA Index** |  |  |  |  |  |
|  | 40906 | Toyo Seikan Group Holdings Ltd | $432763 | $95744 | 2.63&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 31839 | GungHo Online Entertainment Inc | 432422 | 95668 | 2.63 |
|  | 45970 | Kinden Corp | 429925 | 95116 | 2.61 |
|  | 45478 | Haseko Corp | 429902 | 95111 | 2.61 |
|  | 50935 | Teijin Ltd | 426668 | 94395 | 2.59 |
|  | 22998 | Izumi Co Ltd | 425240 | 94079 | 2.58 |
|  | 16978 | Nippon Telegraph & Telephone Corp | 415871 | 92007 | 2.53 |
|  | 31513 | TOPPAN INC | 413922 | 91575 | 2.51 |
|  | 37761 | Medipal Holdings Corp | 411372 | 91011 | 2.50 |
|  | 17837 | Cosmo Energy Holdings Co Ltd | 406383 | 89907 | 2.47 |
|  | 60690 | Nippon Television Holdings Inc | 400293 | 88560 | 2.43 |
| **Shares** |  | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHLAT2 Index** |  |  |  |  |  |
|  | 95193 | Vale SA | $1637599 | $131469 | 11.81&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 347780 | Wal-Mart de Mexico SAB de CV | 1263349 | 101424 | 9.11 |
|  | 1265714 | America Movil SAB de CV | 1226757 | 98486 | 8.84 |
|  | 178824 | Itau Unibanco Holding SA | 824494 | 66192 | 5.94 |
|  | 313489 | Ambev SA | 779470 | 62577 | 5.62 |
|  | 83514 | WEG SA | 581305 | 46668 | 4.19 |
|  | 5148 | Sociedad Quimica y Minera de Chile SA | 462744 | 37150 | 3.34 |
|  | 57394 | Grupo Financiero Banorte SAB de CV | 441487 | 35443 | 3.18 |
|  | 57084 | Banco do Brasil SA | 422896 | 33951 | 3.05 |
|  | 42989 | Fomento Economico Mexicano SAB de CV | 349202 | 28035 | 2.52 |
|  | 43727 | Centrais Eletricas Brasileiras SA | 338033 | 27138 | 2.44 |
|  | 193983 | Itausa SA | 301188 | 24180 | 2.17 |
|  | 34789 | Arca Continental SAB de CV | 284994 | 22880 | 2.05 |
|  | 2139978 | Enel Americas SA | 261789 | 21017 | 1.89 |
|  | 122451 | Grupo Financiero Inbursa SAB de CV | 244239 | 19608 | 1.76 |
|  | 19634 | Localiza Rent a Car SA | 211611 | 16989 | 1.53 |
|  | 44669 | Grupo Carso SAB de CV | 209694 | 16835 | 1.51 |
|  | 2009050 | Banco de Chile | 202867 | 16287 | 1.46 |
|  | 32397 | Gerdau SA | 193068 | 15500 | 1.39 |
|  | 25898 | Empresas Copec SA | 180502 | 14491 | 1.30 |
|  | 87170 | GMexico Transportes SAB de CV | 175156 | 14062 | 1.26 |
|  | 44168 | JBS SA | 161435 | 12960 | 1.16 |
|  | 27563 | El Puerto de Liverpool SAB de CV | 161195 | 12941 | 1.16 |
|  | 18068 | Bancolombia SA | 150467 | 12080 | 1.08 |
|  | 32964 | Raia Drogasil SA | 148986 | 11961 | 1.07 |
|  | 22901 | CPFL Energia SA | 138725 | 11137 | 1.00 |
|  | 13566 | Cia de Saneamento Basico do Estado de Sao Paulo | 137447 | 11034 | 0.99 |
|  | 41746 | Atacadao SA | 124998 | 10035 | 0.90 |
|  | 69880 | Kimberly-Clark de Mexico SAB de CV | 123689 | 9930 | 0.89 |
|  | 36880 | Rumo SA | 123384 | 9905 | 0.89 |
|  | 12680 | Hypera SA | 107094 | 8598 | 0.77 |
|  | 76428 | Fibra Uno Administracion SA de CV | 95982 | 7706 | 0.69 |
|  | 56603 | Cencosud SA | 93947 | 7542 | 0.68 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHLAT2 Index** |  |  |  |  |  |
|  | 3367 | Banco de Credito e Inversiones SA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | 0.68&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 23838 | Banco del Bajio SA | 89023 | 7147 | 0.64 |
|  | 19071 | Grupo Comercial Chedraui SA de CV | 87000 | 6985 | 0.63 |
|  | 10024 | Grupo de Inversiones Suramericana SA | 81312 | 6528 | 0.59 |
|  | 49967 | Empresas CMPC SA | 79394 | 6374 | 0.57 |
|  | 19818 | Lojas Renner SA | 78028 | 6264 | 0.56 |
|  | 53574 | Cia Paranaense de Energia | 75771 | 6083 | 0.55 |
|  | 40394 | Orbia Advance Corp SAB de CV | 75038 | 6024 | 0.54 |
|  | 8283 | Promotora y Operadora de Infraestructura SAB de CV | 74436 | 5976 | 0.54 |
|  | 10466 | Coca-Cola Femsa SAB de CV | 73844 | 5928 | 0.53 |
|  | 820 | Copa Holdings SA | 69932 | 5614 | 0.50 |
|  | 12203 | TOTVS SA | 66792 | 5362 | 0.48 |
|  | 7756 | Grupo Aeroportuario del Centro Norte SAB de CV | 65593 | 5266 | 0.47 |
|  | 95986 | Alfa SAB de CV | 64479 | 5176 | 0.46 |
|  | 41732 | Alpek SAB de CV | 61247 | 4917 | 0.44 |
|  | 182338 | Grupo Energia Bogota SA ESP | 56775 | 4558 | 0.41 |
|  | 21385 | Metalurgica Gerdau SA | 56403 | 4528 | 0.41 |
|  | 22066 | Ultrapar Participacoes SA | 52978 | 4253 | 0.38 |
|  | 7256 | Cia Cervecerias Unidas SA | 51497 | 4134 | 0.37 |
|  | 6889 | Transmissora Alianca de Energia Eletrica SA | 46473 | 3731 | 0.34 |
|  | 14718 | Embraer SA | 43801 | 3516 | 0.32 |
|  | 11480 | EDP - Energias do Brasil SA | 42566 | 3417 | 0.31 |
|  | 19308715 | Itau CorpBanca Chile SA | 40586 | 3258 | 0.29 |
|  | 17146 | Embotelladora Andina SA | 39303 | 3155 | 0.28 |
|  | 349663 | Colbun SA | 37601 | 3019 | 0.27 |
|  | 16235 | Alsea SAB de CV | 35875 | 2880 | 0.26 |
|  | 119590 | Aguas Andinas SA | 26481 | 2126 | 0.19 |
|  | 11728 | Odontoprev SA | 24294 | 1950 | 0.18 |
|  | 5934 | Empresa Nacional de Telecomunicaciones SA | 21041 | 1689 | 0.15 |
| **Shares** |  | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHMENA Index** |  |  |  |  |  |
|  | 7869 | International Holding Co PJSC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900256 | $(42090) | 22.44&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 16979 | Al Rajhi Bank | 389517 | (18211) | 9.71 |
|  | 12992 | Saudi Basic Industries Corp | 336943 | (15753) | 8.40 |
|  | 36648 | Emirates Telecommunications Group Co PJSC | 269248 | (12588) | 6.71 |
|  | 21443 | Saudi Telecom Co | 221367 | (10350) | 5.52 |
|  | 10447 | Saudi Arabian Mining Co | 215407 | (10071) | 5.37 |
|  | 40459 | Qatar National Bank QPSC | 208757 | (9760) | 5.20 |
|  | 47858 | First Abu Dhabi Bank PJSC | 186064 | (8699) | 4.64 |
|  | 12467 | Riyad Bank | 107427 | (5023) | 2.68 |
|  | 26435 | Industries Qatar QSC | 106466 | (4978) | 2.65 |
|  | 27147 | Emirates NBD Bank PJSC | 100499 | (4699) | 2.51 |
|  | 8472 | Alinma Bank | 77861 | (3640) | 1.94 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHMENA Index** |  |  |  |  |  |
|  | 30283 | Abu Dhabi Commercial Bank PJSC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3404) | 1.81&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 4477 | Almarai Co JSC | 69390 | (3244) | 1.73 |
|  | 52339 | Abu Dhabi National Oil Co for Distribution PJSC | 65834 | (3078) | 1.64 |
|  | 5149 | Banque Saudi Fransi | 58846 | (2751) | 1.47 |
|  | 10133 | Qatar Islamic Bank SAQ | 57134 | (2671) | 1.42 |
|  | 35545 | Emaar Properties PJSC | 56497 | (2641) | 1.41 |
|  | 31369 | Dubai Islamic Bank PJSC | 49769 | (2327) | 1.24 |
|  | 15728 | Abu Dhabi Islamic Bank PJSC | 42354 | (1980) | 1.06 |
|  | 33732 | Aldar Properties PJSC | 42043 | (1966) | 1.05 |
|  | 13816 | Ooredoo QPSC | 35406 | (1655) | 0.88 |
|  | 18081 | Commercial Bank PSQC/The | 31098 | (1454) | 0.78 |
|  | 19797 | Emirates Integrated Telecommunications Co PJSC | 29202 | (1365) | 0.73 |
|  | 23874 | Qatar Gas Transport Co Ltd | 26005 | (1216) | 0.65 |
|  | 4721 | Qatar Electricity & Water Co QSC | 24061 | (1125) | 0.60 |
|  | 17289 | Emaar Development PJSC | 21994 | (1028) | 0.55 |
|  | 12746 | Commercial International Bank Egypt SAE | 21954 | (1026) | 0.55 |
|  | 4276 | Qatar Fuel QSC | 21891 | (1023) | 0.55 |
|  | 6507 | Qatar International Islamic Bank QSC | 19231 | (899) | 0.48 |
|  | 5094 | Qatar Navigation QSC | 13872 | (649) | 0.35 |
|  | 16991 | Barwa Real Estate Co | 13832 | (647) | 0.34 |
|  | 20072 | Air Arabia PJSC | 12624 | (590) | 0.31 |
|  | 24186 | Qatar Aluminum Manufacturing Co | 12583 | (588) | 0.31 |
|  | 18369 | Dubai Investments PJSC | 11395 | (533) | 0.28 |
|  | 7347 | National Bank of Ras Al-Khaimah PSC/The | 10081 | (471) | 0.25 |
|  | 12102 | National Central Cooling Co PJSC | 9341 | (437) | 0.23 |
|  | 5497 | Abou Kir Fertilizers & Chemical Industries | 8219 | (384) | 0.20 |
|  | 1995 | National Mobile Telecommunications Co KSC | 7597 | (355) | 0.19 |
|  | 13298 | Doha Bank QPSC | 7376 | (345) | 0.18 |
|  | 14080 | Qatar Insurance Co SAQ | 7366 | (344) | 0.18 |
|  | 5047 | Egypt Kuwait Holding Co SAE | 6497 | (304) | 0.16 |
|  | 530 | Humansoft Holding Co KSC | 6182 | (289) | 0.15 |
|  | 9272 | Eastern Co SAE | 5774 | (270) | 0.14 |
|  | 984 | Misr Fertilizers Production Co SAE | 5239 | (245) | 0.13 |
|  | 2840 | Qatar National Cement Co QSC | 4152 | (194) | 0.10 |
|  | 8458 | Al Waha Capital PJSC | 2926 | (137) | 0.07 |
|  | 5909 | Cleopatra Hospital | 1170 | (55) | 0.03 |
| **Shares** |  | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHSKOR Index** |  |  |  |  |  |
|  | 129848 | Samsung Electronics Co Ltd | $5295802 | $1124937 | 24.62&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 5378 | NCSoft Corp | 1632512 | 346779 | 7.59 |
|  | 21588 | LG Electronics Inc | 1444846 | 306915 | 6.72 |
|  | 38427 | KB Financial Group Inc | 1436216 | 305082 | 6.68 |
|  | 7127 | POSCO Holdings Inc | 1431955 | 304177 | 6.66 |
|  | 48725 | Shinhan Financial Group Co Ltd | 1353597 | 287532 | 6.29 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional<br>Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHSKOR Index** |  |  |  |  |  |
|  | 21615 | SK Hynix Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271683 | 5.94&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 26684 | Samsung Life Insurance Co Ltd | 1264920 | 268695 | 5.88 |
|  | 77875 | GS Engineering & Construction Corp | 1213164 | 257701 | 5.64 |
|  | 75378 | Cheil Worldwide Inc | 1106234 | 234987 | 5.14 |
|  | 35419 | DB HiTek Co Ltd | 1070384 | 227371 | 4.98 |
|  | 34749 | HL Mando Co Ltd | 1033882 | 219618 | 4.81 |
|  | 7557 | Samsung Fire & Marine Insurance Co Ltd | 1025718 | 217884 | 4.77 |
|  | 101722 | LG Display Co Ltd | 925637 | 196624 | 4.30 |

---

^^ The following tables represent the individual underlying components comprising the Excess Return Swaps at January 31, 2023. All underlying notionals are in U.S. Dollar.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GCSHTBA1 Index** |  |  |  |  |  |
|  | 483000 | TBA UMBS 30y 3% Feb 23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42340778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657276 | 50.29&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 216000 | TBA UMBS 30y 5% Feb 23 | 20960731 | 820432 | 24.89 |
|  | 213000 | TBA UMBS 30y 5.5% Feb 23 | 20904317 | 818224 | 24.83 |

---

ADR — American Depositary Receipt

Cl — Class

CNH — Chinese Yuan Offshore

EUR — Euro

GBP — British Pound Sterling

LIBOR — London Interbank Offered Rate

MBS — Mortgage Backed Security

MTN — Medium Term Note

Ser — Series

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON CAPITAL**<br> **ALLOCATION FUND**<br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

*At January 31, 2023, sector weightings of the Fund are as follows.* 

*Percentages based on total investments.* 

---

| | |
|:---|:---|
|  SECTOR WEIGHTINGS |  |
|  U.S. Treasury Obligation | 18.8% |
|  Financials | 16.4% |
|  Consumer Discretionary | 10.6% |
|  Sovereign Bonds | 10.6% |
|  Information Technology | 8.3% |
|  Health Care | 7.8% |
|  Energy | 6.3% |
|  Exchange Traded Fund | 5.5% |
|  Industrials | 5.5% |
|  Materials | 5.0% |
|  Communication Services | 2.6% |
|  Consumer Staples | 2.1% |
|  Utilities | 0.3% |
|  Real Estate | 0.2% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

*CHI-QH-001-1500* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)** |

---

------

---

| | | |
|:---|:---|:---|
|  CONSOLIDATED SCHEDULE OF INVESTMENTS |  |  |
|  (Percentages are based on Net Assets of $38,366 (000)) |  |  |
|  COMMON STOCK — 77.8% |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  AUSTRALIA — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment\* | 3918 | $606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos | 50815 | 255 |
|  |  | 861 |
|  AUSTRIA — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group | 12147 | 748 |
|  BRAZIL — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre\* | 177 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sendas Distribuidora | 40100 | 155 |
|  |  | 364 |
|  CANADA — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finning International | 6481 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linamar | 6723 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien | 5625 | 466 |
|  |  | 992 |
|  CHINA — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings | 6121 | 377 |
|  FINLAND — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia | 92801 | 439 |
|  FRANCE — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini | 1316 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe | 5859 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales | 4542 | 599 |
|  |  | 1261 |
|  IRELAND — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group | 31388 | 334 |
|  ISRAEL — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice ADR\* | 1786 | 370 |
|  JAPAN — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI | 10500 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu | 19700 | 478 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  JAPAN — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan | 5000 | $93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics\* | 59700 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 16000 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulvac | 13200 | 610 |
|  |  | 2442 |
|  MEXICO — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FIBRA Macquarie Mexico | 105500 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico | 80200 | 261 |
|  |  | 440 |
|  NORWAY — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro | 71758 | 578 |
|  SINGAPORE — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics | 7138 | 335 |
|  SOUTH AFRICA — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group | 29747 | 251 |
|  SOUTH KOREA — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HL Mando | 8609 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group | 5614 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix | 998 | 72 |
|  |  | 572 |
|  SPAIN — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol | 15911 | 261 |
|  UNITED KINGDOM — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems | 34595 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica | 70930 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial | 34573 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners | 7522 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands | 6687 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group | 113427 | 431 |
|  |  | 2087 |
|  UNITED STATES — 44.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming | 8052 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource\* | 5593 | 446 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene\* | 6112 | $466 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings | 5867 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent\* | 4267 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins | 1321 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom\* | 4867 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 3986 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow | 4752 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer | 46759 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson | 1903 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy | 7869 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC | 1260 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; GlobalFoundries\* | 8642 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings\* | 1705 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group | 5339 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings | 5764 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON\* | 1593 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte\* | 3270 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmode\* | 15772 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil | 6949 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals\* | 1637 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS | 38100 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks | 11473 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR | 10591 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies\* | 1451 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Cl A | 11080 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar, Cl A | 1771 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 7464 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Cl A | 928 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson | 1024 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor | 2358 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR\* | 140 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin | 1186 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners | 4231 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial | 18681 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma, Cl A | 3628 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals\* | 3712 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial | 14937 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry | 4305 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata\* | 5425 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron | 4452 | 324 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

COMMON STOCK — continued

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value (000) |
|  UNITED STATES — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Cl W | 45866 | $558 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Cl A | 14306 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands | 2136 | 279 |
|  |  | 17155 |
|  TOTAL COMMON STOCK<br>(Cost $26,319) (000) |  | 29867 |
|  EXCHANGE TRADED FUND — 1.5% |  |  |
|  UNITED STATES — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Junior Gold Miners ETF | 14293 | 557 |
|  TOTAL EXCHANGE TRADED FUND<br>(Cost $481) (000) |  | 557 |
|  TOTAL INVESTMENTS — 79.3%<br>(Cost $26,800) (000) |  | $30424 |

---

\* Non-income producing security.

Open futures contracts held by the Fund at January 31, 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Number of<br>Contracts | Expiration<br>Date | Notional Amount<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-MINI | 19 | Mar-2023 | $1759 | $1842 | $83 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

Open centrally cleared swap agreements held by the Fund at January 31, 2023 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps | Total Return Swaps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Reference<br>Entity/<br>Obligation | Fund Pays | Fund<br>Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br> Amount (000) | Fair Value (000) | Upfront<br>Payments/<br>Receipts<br>(000) | Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  Goldman Sachs | \*\* GSCHCNSM INDEX | SOFR + 0.55% | Total Return | N/A | 01/23/26 | USD | $748 | $(8) | $– | $(8) |
|  Goldman Sachs | \*\* GSCHESML INDEX | SOFR + 0.78% | Total Return | N/A | 11/29/25 | USD | 339 | 18 |  | 18 |
|  Goldman Sachs | \*\* GSCHJSMD INDEX | SOFR + 0.45% | Total Return | N/A | 11/11/25 | USD | 1396 | 147 |  | 147 |
|  Goldman Sachs | \*\* GSCHKSMD INDEX | SOFR + 1.02% | Total Return | N/A | 11/03/25 | USD | 806 | 153 |  | 153 |
|  Goldman Sachs | \*\* GSCHLTM1 INDEX | SOFR + 0.98% | Total Return | N/A | 11/05/25 | USD | 825 | (5) |  | (5) |
|  Goldman Sachs | \*\* GSCHSME3 INDEX | SOFR + 0.00% | Total Return | N/A | 11/04/25 | USD | 316 | 95 |  | 95 |
|  |  |  |  |  |  |  | $4430 | $400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $400 |

---

\*\* The following tables represent the individual underlying components comprising the Total Return Swaps at January 31, 2023. All underlying notionals are in U.S. Dollar.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHCNSM Index** |  |  |  |  |  |
|  | 10885 | Tianneng Power International Ltd | $16265 | $(160) | 2.17&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 9712 | Yue Yuen Industrial Holdings Ltd | 16064 | (158) | 2.15 |
|  | 3808 | Kingboard Holdings Ltd | 15697 | (155) | 2.10 |
|  | 7105 | SITC International Holdings Co Ltd | 15632 | (154) | 2.09 |
|  | 7903 | Kerry Logistics Network Ltd | 15596 | (154) | 2.08 |
|  | 21978 | Fufeng Group Ltd | 15571 | (153) | 2.08 |
|  | 6073 | Kerry Properties Ltd | 15536 | (153) | 2.08 |
|  | 16251 | NWS Holdings Ltd | 15449 | (152) | 2.07 |
|  | 29662 | Harbin Electric Co Ltd | 15360 | (151) | 2.05 |
|  | 25698 | Yuexiu Transport Infrastructure Ltd | 15327 | (151) | 2.05 |
|  | 43215 | Pacific Basin Shipping Ltd | 15309 | (151) | 2.05 |
|  | 11224 | Shanghai Industrial Holdings Ltd | 15268 | (150) | 2.04 |
|  | 4535 | LexinFintech Holdings Ltd | 15202 | (150) | 2.03 |
|  | 9879 | Beijing Tong Ren Tang Chinese Medicine Co Ltd | 15194 | (150) | 2.03 |
|  | 29815 | Sinopec Engineering Group Co Ltd | 15170 | (150) | 2.03 |
|  | 41505 | Shougang Fushan Resources Group Ltd | 15131 | (149) | 2.02 |
|  | 27472 | China Nonferrous Mining Corp Ltd | 15111 | (149) | 2.02 |
|  | 21288 | HKBN Ltd | 15110 | (149) | 2.02 |
|  | 30444 | PCCW Ltd | 15099 | (149) | 2.02 |
|  | 6439 | NetDragon Websoft Holdings Ltd | 15079 | (149) | 2.02 |
|  | 2719 | FinVolution Group | 15073 | (149) | 2.01 |
|  | 1630 | Swire Pacific Ltd | 15073 | (149) | 2.01 |
|  | 12474 | Dongyue Group Ltd | 15024 | (148) | 2.01 |
|  | 17094 | China Water Affairs Group Ltd | 14995 | (148) | 2.00 |
|  | 17196 | Zhejiang Expressway Co Ltd | 14974 | (148) | 2.00 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHCNSM Index** |  |  |  |  |  |
|  | 1796 | ASMPT Ltd | $14932 | $(147) | 2.00&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 22275 | United Laboratories International Holdings Ltd/The | 14892 | (147) | 1.99 |
|  | 19009 | China Everbright Ltd | 14888 | (147) | 1.99 |
|  | 149848 | United Energy Group Ltd | 14863 | (146) | 1.99 |
|  | 142448 | CK Life Sciences Int'l Holdings Inc | 14863 | (146) | 1.99 |
|  | 19523 | China Resources Pharmaceutical Group Ltd | 14838 | (146) | 1.98 |
|  | 2221 | VTech Holdings Ltd | 14820 | (146) | 1.98 |
|  | 38590 | China Communications Services Corp Ltd | 14814 | (146) | 1.98 |
|  | 2640 | CK Infrastructure Holdings Ltd | 14812 | (146) | 1.98 |
|  | 25303 | China Resources Cement Holdings Ltd | 14765 | (146) | 1.97 |
|  | 10586 | China Taiping Insurance Holdings Co Ltd | 14754 | (145) | 1.97 |
|  | 4305 | Beijing Enterprises Holdings Ltd | 14752 | (145) | 1.97 |
|  | 114241 | Sihuan Pharmaceutical Holdings Group Ltd | 14716 | (145) | 1.97 |
|  | 60728 | Shoucheng Holdings Ltd | 14707 | (145) | 1.97 |
|  | 10395 | China Merchants Port Holdings Co Ltd | 14703 | (145) | 1.97 |
|  | 32686 | China Everbright Environment Group Ltd | 14653 | (144) | 1.96 |
|  | 15893 | Far East Horizon Ltd | 14495 | (143) | 1.94 |
|  | 43541 | China Datang Corp Renewable Power Co Ltd | 14471 | (143) | 1.93 |
|  | 32686 | Lee & Man Paper Manufacturing Ltd | 14442 | (142) | 1.93 |
|  | 2899 | Hengan International Group Co Ltd | 14378 | (142) | 1.92 |
|  | 31185 | TCL Electronics Holdings Ltd | 14341 | (141) | 1.92 |
|  | 55473 | Beijing Enterprises Water Group Ltd | 14292 | (141) | 1.91 |
|  | 22104 | Skyworth Group Ltd | 14265 | (141) | 1.91 |
|  | 104894 | Theme International Holdings Ltd | 13782 | (136) | 1.84 |
|  | 17779 | COSCO SHIPPING Ports Ltd | 13558 | (134) | 1.81 |
| **Shares** |  | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHESML Index** |  |  |  |  |  |
|  | 2390 | AIB Group PLC | $9385 | $584 | 2.77&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 560 | ABN AMRO Bank NV | 8715 | 543 | 2.57 |
|  | 894 | Leonardo SpA | 8643 | 538 | 2.55 |
|  | 1269 | SSAB AB | 8490 | 529 | 2.51 |
|  | 129 | HeidelbergCement AG | 8313 | 518 | 2.46 |
|  | 181 | Ageas SA/NV | 8295 | 517 | 2.45 |
|  | 508 | Millicom International Cellular SA | 8173 | 509 | 2.41 |
|  | 2616 | J Sainsbury PLC | 7971 | 496 | 2.36 |
|  | 685 | Indra Sistemas SA | 7847 | 489 | 2.32 |
|  | 1911 | DS Smith PLC | 7837 | 488 | 2.32 |
|  | 345 | Indivior PLC | 7781 | 485 | 2.30 |
|  | 1446 | Barratt Developments PLC | 7713 | 480 | 2.28 |
|  | 2353 | Koninklijke KPN NV | 7558 | 471 | 2.23 |
|  | 109 | Societe BIC SA | 7441 | 463 | 2.20 |
|  | 1165 | AG Barr PLC | 7433 | 463 | 2.20 |
|  | 448 | Quadient SA | 7415 | 462 | 2.19 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHESML Index** |  |  |  |  |  |
|  | 414 | Carrefour SA | $7400 | $461 | 2.19&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 282 | Johnson Matthey PLC | 7380 | 460 | 2.18 |
|  | 281 | Rubis SCA | 7378 | 459 | 2.18 |
|  | 484 | Suedzucker AG | 7368 | 459 | 2.18 |
|  | 112 | Eurazeo SE | 7350 | 458 | 2.17 |
|  | 535 | Gamma Communications PLC | 7315 | 456 | 2.16 |
|  | 4463 | Stillfront Group AB | 7297 | 454 | 2.16 |
|  | 1144 | Telekom Austria AG | 7216 | 449 | 2.13 |
|  | 313 | Freenet AG | 7147 | 445 | 2.11 |
|  | 230 | Bouygues SA | 7119 | 443 | 2.10 |
|  | 139 | Topdanmark AS | 7031 | 438 | 2.08 |
|  | 286 | Stolt-Nielsen Ltd | 7030 | 438 | 2.08 |
|  | 140 | Orion Oyj | 7023 | 437 | 2.08 |
|  | 3579 | Ibstock PLC | 7000 | 436 | 2.07 |
|  | 116 | Viscofan SA | 6991 | 435 | 2.07 |
|  | 208 | Tessenderlo Group SA | 6903 | 430 | 2.04 |
|  | 393 | Orange Belgium SA | 6670 | 415 | 1.97 |
|  | 140 | Vilmorin & Cie SA | 6603 | 411 | 1.95 |
|  | 234 | JDE Peet's NV | 6588 | 410 | 1.95 |
|  | 387 | Red Electrica Corp SA | 6433 | 401 | 1.90 |
|  | 150 | Boiron SA | 6425 | 400 | 1.90 |
|  | 488 | 1&1 AG | 6400 | 399 | 1.89 |
|  | 777 | Tele2 AB | 6310 | 393 | 1.86 |
|  | 643 | Proximus SADP | 6194 | 386 | 1.83 |
|  | 62 | Ipsen SA | 6107 | 380 | 1.80 |
|  | 392 | Euroapi SA | 5919 | 369 | 1.75 |
|  | 1780 | Navigator Co SA/The | 5850 | 364 | 1.73 |
|  | 467 | CropEnergies AG | 5701 | 355 | 1.68 |
|  | 1923 | Serica Energy PLC | 5644 | 352 | 1.67 |
|  | 172 | OCI NV | 5494 | 342 | 1.62 |
|  | 2084 | Spirent Communications PLC | 5304 | 330 | 1.57 |
|  | 506 | Frontier Developments PLC | 2840 | 177 | 0.84 |
| **Shares** |  | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHJSMD Index** |  |  |  |  |  |
|  | 20980 | San-In Godo Bank Ltd/The | $116741 | $13229 | 8.37&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 4883 | Mitsui Mining & Smelting Co Ltd | 116124 | 13159 | 8.32 |
|  | 7517 | Arcs Co Ltd | 113852 | 12901 | 8.16 |
|  | 14396 | Itochu Enex Co Ltd | 110516 | 12523 | 7.92 |
|  | 5277 | Okumura Corp | 110030 | 12468 | 7.89 |
|  | 2993 | Sankyo Co Ltd | 108277 | 12270 | 7.76 |
|  | 4963 | Nishio Rent All Co Ltd | 107082 | 12134 | 7.67 |
|  | 14121 | Fuji Media Holdings Inc | 106752 | 12097 | 7.65 |
|  | 1226 | Shimamura Co Ltd | 103330 | 11709 | 7.40 |
|  | 8562 | Exedy Corp | 103264 | 11702 | 7.40 |
|  | 6838 | GungHo Online Entertainment Inc | 101873 | 11544 | 7.30 |
|  | 9872 | Kinden Corp | 101280 | 11477 | 7.26 |
|  | 3341 | San-A Co Ltd | 96296 | 10912 | 6.90 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHKSMD Index** |  |  |  |  |  |
|  | 16727 | JB Financial Group Co Ltd | $69403 | $13945 | 8.61&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 29594 | Korea Investment Holdings Co Ltd | 61990 | 12456 | 7.69 |
|  | 124501 | Hyundai Steel Co | 59812 | 12018 | 7.42 |
|  | 43411 | CJ Corp | 56399 | 11332 | 6.99 |
|  | 16130 | Hyundai Department Store Co Ltd | 55959 | 11244 | 6.94 |
|  | 52731 | BNK Financial Group Inc | 54280 | 10907 | 6.73 |
|  | 16217 | Shinsegae Inc | 53548 | 10759 | 6.64 |
|  | 242120 | Lotte Shopping Co Ltd | 52855 | 10620 | 6.55 |
|  | 61449 | Mirae Asset Securities Co Ltd | 52704 | 10590 | 6.54 |
|  | 16314 | Samsung Securities Co Ltd | 51698 | 10388 | 6.41 |
|  | 22734 | Dongwon Industries Co Ltd | 49315 | 9909 | 6.12 |
|  | 16419 | Industrial Bank of Korea | 48203 | 9685 | 5.98 |
|  | 145251 | LG Uplus Corp | 47684 | 9581 | 5.91 |
|  | 103045 | Seegene Inc | 46660 | 9375 | 5.79 |
|  | 32027 | Tongyang Life Insurance Co Ltd | 45880 | 9219 | 5.69 |
| **Shares** |  | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHLTM1 Index** |  |  |  |  |  |
|  | 37634 | Embotelladora Andina SA | $92715 | $473 | 11.24&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 49549 | FIBRA Macquarie Mexico | 83478 | 426 | 10.12 |
|  | 35478 | La Comer SAB de CV | 78700 | 402 | 9.54 |
|  | 39039 | Orbia Advance Corp SAB de CV | 77942 | 398 | 9.45 |
|  | 99285 | Alfa SAB de CV | 71680 | 366 | 8.69 |
|  | 9382 | Cia Paranaense de Energia | 69028 | 352 | 8.37 |
|  | 16707 | Banco ABC Brasil SA | 62720 | 320 | 7.60 |
|  | 8588 | Transmissora Alianca de Energia Eletrica SA | 62263 | 318 | 7.55 |
|  | 14962 | EDP - Energias do Brasil SA | 59621 | 304 | 7.23 |
|  | 29574 | Banco do Estado do Rio Grande do Sul SA | 57970 | 296 | 7.03 |
|  | 34723 | Randon SA Implementos e Participacoes | 55020 | 281 | 6.67 |
|  | 3234 | Unipar Carbocloro SA | 53992 | 276 | 6.54 |
| **Shares** |  | **Description** | **Notional**<br> **Amount** | **Fair Value** | **Percentage of<br>Basket** |
|  **GSCHSME3 Index** |  |  |  |  |  |
|  | 5634 | Powszechny Zaklad Ubezpieczen SA | $36456 | $11296 | 11.53&nbsp;&nbsp;&nbsp;&nbsp;% |
|  | 2444 | Bank Handlowy w Warszawie SA | 34883 | 10808 | 11.03 |
|  | 28952 | Enea SA | 34438 | 10670 | 10.89 |
|  | 5536 | XTB SA | 32329 | 10017 | 10.23 |
|  | 1925 | Bank Polska Kasa Opieki SA | 31283 | 9693 | 9.89 |
|  | 25031 | Orange Polska SA | 30789 | 9540 | 9.74 |
|  | 10842 | Moneta Money Bank AS | 30533 | 9460 | 9.66 |
|  | 2196 | Asseco Poland SA | 29473 | 9132 | 9.32 |
|  | 1104 | Komercni Banka AS | 28324 | 8776 | 8.96 |
|  | 1606 | Richter Gedeon Nyrt | 27644 | 8565 | 8.74 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **FS CHIRON SMID**<br> **OPPORTUNITIES FUND**<br> **January 31, 2023 (Unaudited)**<br>|

---

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

ADR — American Depositary Receipt

Cl — Class

SOFR — Secured Overnight Financing Rate

REIT — Real Estate Investment Trust

At January 31, 2023, sector weightings of the Fund are as follows.

Percentages based on total investments.

---

| | |
|:---|:---|
|  SECTOR WEIGHTINGS |  |
|  Industrials | 21.9% |
|  Information Technology | 16.7% |
|  Financials | 14.2% |
|  Consumer Discretionary | 12.2% |
|  Health Care | 11.1% |
|  Materials | 7.9% |
|  Energy | 3.7% |
|  Real Estate | 3.4% |
|  Consumer Staples | 3.0% |
|  Communication Services | 2.7% |
|  Exchange Traded Fund | 1.8% |
|  Utilities | 1.4% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

CHI-QH-001-1500

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** FS Chiron Capital Allocation Fund

- **b. EDGAR series identifier (if any):** S000051695

- **c. LEI of Series:** 54930035V1XC4LJHKY32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1036447853.70

**Total Liabilities:** $200607260.38

**Net Assets:** $835840593.32

**Cash Not Reported:** $1995.39

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -20.24905585 | **1-Year:** -1361.99668455 | **5-Year:** -5783.90869904 | **10-Year:** -16681.35187222 | **30-Year:** -3521.47834298

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -77.07173923 | **1-Year:** -3650.72828547 | **5-Year:** -4538.99506479 | **10-Year:** -34.91289430 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162682 | 6.07%                | -2.69%               | 6.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $976410.44               | $34755233.27                               |
| Month 2  | $3023220.92              | $-25965638.63                              |
| Month 3  | $2133221.15              | $34659593.61                               |

**Designated Index Information**

- **Index Name:** FS Chiron Capital Allocation Fund - Carve Out

- **Index Identifier:** GPPEIXB4CX

### Schedule of Portfolio Investments

| Name                                                       | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ORANGE SA                                                  | ORANGE COMMON STOCK                                              | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               |  | FR        |     17840 | NS      | $188555.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC.                                               | CUMMINS INC COMMON STOCK                                         | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               |  | US        |     44667 | NS      | $11146203.18  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY MEDIA CORPORATION                                  | LIBERTY MEDIA CORP-LIBERTY FORMULA ONE 144A 2.250000% 08/15/2027 | CUSIP: 531229AL6<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $4102920.00   | 0.49%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                        | SILVER FUTURE     MAR23 PHYSICAL COMMODITY FUTURE.               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       102 | NC      | $12156360.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Company Limited                       | CHINA SHENHUA ENERGY CO-H COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               |  | HK        |    104000 | NS      | $322962.83    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Link Real Estate Investment Trust                          | LINK REIT REIT                                                   | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               |  | HK        |     45000 | NS      | $359832.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                      | BANK OF CHINA LTD-H COMMON STOCK                                 | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | HK        |    834000 | NS      | $318022.23    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| J SAINSBURY PLC                                            | SAINSBURY (J) PLC COMMON STOCK                                   | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               |  | GB        |     62362 | NS      | $201894.41    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MBS ETF                                            | ISHARES MBS ETF MUTUAL FUND                                      | CUSIP: 464288588<br>LEI: N/A                  | Long             | EC               | RF                | US        |    386888 | NS      | $37094821.44  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                                       | JPMORGAN CHASE & CO COMMON STOCK                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               |  | US        |     31645 | NS      | $4429034.20   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                                     | FAIR ISAAC CORP COMMON STOCK                                     | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               |  | US        |     15721 | NS      | $10469399.95  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                           | PHILIP MORRIS INTERNATIONAL INC 3.125000% 06/03/2033             | CUSIP: 718172BC2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | NUSS              | US        |   4500000 | PA      | $4267720.47   | 0.51%             | 2033-06-03      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                          | HSBC HOLDINGS PLC COMMON STOCK                                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               |  | GB        |     24993 | NS      | $183766.17    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP.                                      | AGNC Investment Corp PREFERRED STOCK                             | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               |  | US        |    486150 | NS      | $10500840.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                   | US 10YR NOTE (CBT)MAR23 FINANCIAL COMMODITY FUTURE.              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       208 | NC      | $23819250.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyarorszag                                               | HUNGARY GOVERNMENT INTERNATIONAL BOND 144A 2.125000% 09/22/2031  | CUSIP: 445545AM8<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   5500000 | PA      | $4250400.00   | 0.51%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| GSCHMENA-INDEX - CIM TRS                                   | GSCHMENA-INDEX - CIM TRS GOLDMAN                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     40000 | NC      | $-187552.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                               | CF INDUSTRIES HOLDINGS INC COMMON STOCK                          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               |  | US        |     77970 | NS      | $6604059.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA MINSHENG BANKING CORP., LTD.                         | CHINA MINSHENG BANKING COR-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300HBUGSQD1VCXG94       | Long             | EC               |  | HK        |    849000 | NS      | $317245.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                                 | JABIL INC COMMON STOCK                                           | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               |  | US        |     62198 | NS      | $4890628.74   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSICURAZIONI GENERALI SOCIETA PER AZIONI                  | ASSICURAZIONI GENERALI COMMON STOCK                              | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | EC               |  | IT        |      9551 | NS      | $185861.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                                  | NOKIA OYJ COMMON STOCK                                           | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               |  | FI        |   1293179 | NS      | $6117660.05   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE SA                                        | SOCIETE GENERALE SA COMMON STOCK                                 | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               |  | FR        |      6692 | NS      | $198466.86    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                      | VODAFONE GROUP PLC COMMON STOCK                                  | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               |  | GB        |    161792 | NS      | $185741.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Haitong Securities Co., Ltd.                               | HAITONG SECURITIES CO LTD-H COMMON STOCK                         | CUSIP: N/A<br>LEI: 300300E1003931000068       | Long             | EC               |  | HK        |    462000 | NS      | $318167.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LIMITED                              | CK HUTCHISON HOLDINGS LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               |  | HK        |     45000 | NS      | $285799.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RIGHTMOVE PLC                                              | RIGHTMOVE PLC COMMON STOCK                                       | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               |  | GB        |     25770 | NS      | $186429.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                   | LLOYDS BANKING GROUP PLC COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               |  | GB        |    286172 | NS      | $185505.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTING BERHAD                                             | GENTING BHD COMMON STOCK                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MY        |   1136400 | NS      | $1318684.87   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORPORATION                                  | Ready Capital Corp PREFERRED STOCK                               | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               |  | US        |    181925 | NS      | $4184275.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICULTURAL BANK OF CHINA LIMITED                         | AGRICULTURAL BANK OF CHINA-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300E7TSGLCOVSY746       | Long             | EC               |  | HK        |    879000 | NS      | $316124.55    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Far East Horizon Limited                                   | FAR EAST HORIZON LTD COMMON STOCK                                | CUSIP: N/A<br>LEI: 549300S9XRGO1ZPUHE62       | Long             | EC               |  | HK        |    372000 | NS      | $335889.51    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.                         | AMERICAN INTERNATIONAL GROUP COMMON STOCK                        | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               |  | US        |    150475 | NS      | $9513029.50   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CK INFRASTRUCTURE HOLDINGS LIMITED                         | CK INFRASTRUCTURE HOLDINGS L COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299005U11RQ1C27MR12       | Long             | EC               |  | HK        |     60000 | NS      | $333241.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                     | LOWE'S COS INC COMMON STOCK                                      | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |     39847 | NS      | $8298137.75   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GSCHCE31-INDEX - CIM TRS                                   | GSCHCE31-INDEX - CIM TRS GOLDMAN                                 | CUSIP: TRSCHCE31<br>LEI: N/A                  | N/A              | DE               |  | US        |     92146 | NC      | $3391502.92   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT Limited                                              | ASMPT LTD COMMON STOCK                                           | CUSIP: N/A<br>LEI: 529900PYFA1HFYKPT360       | Long             | EC               |  | HK        |     45000 | NS      | $370449.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerzbank Aktiengesellschaft                             | COMMERZBANK AG COMMON STOCK                                      | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               |  | DE        |     17255 | NS      | $196309.77    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                                  | Nexstar Media Group Inc COMMON STOCK                             | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |     15928 | NS      | $3261576.56   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                              | GOLDMAN SACHS GROUP INC COMMON STOCK                             | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               |  | US        |     10996 | NS      | $4022446.76   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                                   | SVENSKA HANDELSBANKEN-A SHS COMMON STOCK                         | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               |  | SE        |     17626 | NS      | $183463.71    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SWIRE PACIFIC LIMITED                                      | SWIRE PACIFIC LTD - CL A COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300KZOZHII0DGF611       | Long             | EC               |  | HK        |     30000 | NS      | $274704.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD CHARTERED PLC                                     | STANDARD CHARTERED PLC COMMON STOCK                              | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               |  | GB        |     20965 | NS      | $175550.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                              | BROADCOM INC COMMON STOCK                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |     16062 | NS      | $9396430.62   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PUBLIC LIMITED COMPANY               | FLUTTER ENTERTAINMENT PLC-DI COMMON STOCK                        | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               |  | GB        |    112231 | NS      | $17364652.40  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N.V.                                               | FERRARI NV COMMON STOCK                                          | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               |  | US        |     36107 | NS      | $9074050.17   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                   | US 2YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE.              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       159 | NC      | $32698101.56  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | PALLADIUM FUTURE  MAR23 PHYSICAL COMMODITY FUTURE.               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        15 | NC      | $2472450.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GSISTBA1-INDEX - CIM TRS                                   | GSISTBA1-INDEX - CIM TRS GOLDMAN                                 | CUSIP: TRSCHTBA1<br>LEI: N/A                  | N/A              | DE               |  | US        |   1004773 | NC      | $3295701.20   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUINOR ASA                                                | EQUINOR ASA MTN 6.875000% 03/11/2031                             | CUSIP: R8412TAC6<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | NUSS              | NO        |   1371000 | PA      | $1973940.49   | 0.24%             | 2031-03-11      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.            | OPAP SA COMMON STOCK                                             | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               |  | GR        |    673500 | NS      | $10089613.41  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THALES SA                                                  | THALES SA COMMON STOCK                                           | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               |  | FR        |      1382 | NS      | $182395.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOUGANG FUSHAN RESOURCES GROUP LIMITED                    | SHOUGANG FUSHAN RESOURCES GR COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900OPUNJYLOX4OL37       | Long             | EC               |  | HK        |    908000 | NS      | $327712.13    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                                    | GSK PLC COMMON STOCK                                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               |  | GB        |     10660 | NS      | $187065.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| China National Building Material Company Limited           | CHINA NATIONAL BUILDING MA-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 52990085PGF8YEPLBZ26       | Long             | EC               |  | HK        |    342000 | NS      | $313163.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                                 | ALLIANZ SE-REG COMMON STOCK                                      | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               |  | DE        |       768 | NS      | $183016.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB (publ)                                        | EVOLUTION AB COMMON STOCK                                        | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               |  | SE        |    122140 | NS      | $13667402.46  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EUR C/ USD P                                               | EUR C/ USD P EXPIRATION: 04/28/2023                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |  19000000 | NC      | $893174.91    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| GSCHLAT2-INDEX - CIM TRS                                   | GSCHLAT2-INDEX - CIM TRS GOLDMAN                                 | CUSIP: TRSCHLAT2<br>LEI: N/A                  | N/A              | DE               |  | US        |    133115 | NC      | $1113601.36   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Pharmaceuticals Holding Co., Ltd.                 | SHANGHAI PHARMACEUTICALS-H COMMON STOCK                          | CUSIP: N/A<br>LEI: 30030029J1KKCBY19820       | Long             | EC               |  | HK        |    164000 | NS      | $288631.13    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN POST HOLDINGS Co.,Ltd.                               | JAPAN POST HOLDINGS CO LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 5299003D9N4JBS256X18       | Long             | EC               |  | JP        |    474300 | NS      | $4153973.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                            | ASTRAZENECA PLC COMMON STOCK                                     | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |    137347 | NS      | $17931832.51  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | GOLDMAN SACHS FUTURES COLLATERAL                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | US        | -20400000 | PA      | $-20400000.00 | -2.44%            |  |  |  | No            |                  2 | On Loan: No      |
| AGEAS SA                                                   | AGEAS COMMON STOCK                                               | CUSIP: N/A<br>LEI: 5493005DJBML6LY3RV36       | Long             | EC               |  | BE        |      3778 | NS      | $183839.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                            | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK                        | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |      6360 | NS      | $189346.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA HONGQIAO GROUP LIMITED                               | CHINA HONGQIAO GROUP LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               |  | HK        |    313000 | NS      | $361653.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                        | NEWMONT CORP COMMON STOCK                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               |  | US        |    197972 | NS      | $10478657.96  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE AIRLINES LIMITED                                 | SINGAPORE AIRLINES LTD COMMON STOCK                              | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               |  | SG        |    289200 | NS      | $1303138.99   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdom of Saudi Arabia                                    | SAUDI GOVERNMENT INTERNATIONAL BOND MTN 5.000000% 04/17/2049     | CUSIP: 80413TAJ8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   4700000 | PA      | $4488500.00   | 0.54%             | 2049-04-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB (publ)                         | SWEDISH ORPHAN BIOVITRUM AB COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300124Y3MQI87PT35       | Long             | EC               |  | SE        |    376320 | NS      | $8362986.54   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.                            | BRITISH AMERICAN TOBACCO PLC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |      4930 | NS      | $188173.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | PLATINUM FUTURE   APR23 PHYSICAL COMMODITY FUTURE.               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        59 | NC      | $3012245.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC GROEP NV                                               | KBC GROUP NV COMMON STOCK                                        | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               |  | BE        |      2539 | NS      | $187311.42    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBIS SCA                                                  | RUBIS COMMON STOCK                                               | CUSIP: N/A<br>LEI: 969500MGFIKUGLTC9742       | Long             | EC               |  | FR        |      6627 | NS      | $184939.87    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| China Communications Services Corporation Limited          | CHINA COMMUNICATIONS SERVI-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900JCDRVQE6YZKT86       | Long             | EC               |  | HK        |    849000 | NS      | $322659.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HUABAO INTERNATIONAL HOLDINGS LIMITED                      | HUABAO INTERNATIONAL HOLDING COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900VPAGLCNHCGGI94       | Long             | EC               |  | HK        |    521000 | NS      | $265777.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chongqing Rural Commercial Bank Co., Ltd.                  | CHONGQING RURAL COMMERCIAL-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 300300C1126750000027       | Long             | EC               |  | HK        |    864000 | NS      | $311831.81    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                                  | SHELL PLC-ADR DEPOSITARY RECEIPT                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               |  | US        |    325530 | NS      | $19144419.30  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EURAZEO SE                                                 | EURAZEO SE COMMON STOCK                                          | CUSIP: N/A<br>LEI: 969500C656AA39O94N60       | Long             | EC               |  | FR        |      2635 | NS      | $184052.39    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Limited                                       | LENOVO GROUP LTD COMMON STOCK                                    | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               |  | HK        |    372000 | NS      | $297461.47    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN PLC                                         | ANGLO AMERICAN PLC COMMON STOCK                                  | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               |  | GB        |      4148 | NS      | $177271.73    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                             | MORGAN STANLEY COMMON STOCK                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               |  | US        |     45991 | NS      | $4476304.03   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixabank, S.A.                                            | CAIXABANK SA COMMON STOCK                                        | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |     42668 | NS      | $188653.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland N.V.                                         | ASR NEDERLAND NV COMMON STOCK                                    | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               |  | NL        |      3960 | NS      | $186755.09    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Communications Co., Ltd.                           | BANK OF COMMUNICATIONS CO-H COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300AX1UM10U30HK09       | Long             | EC               |  | HK        |    506000 | NS      | $312331.74    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | MSCI EMGMKT       MAR23 PHYSICAL INDEX FUTURE.                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        79 | NC      | $4126170.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GBP C/ USD P                                               | GBP C/ USD P EXPIRATION: 04/28/2023                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        | -19000000 | NC      | $-313818.10   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                         | CREDIT AGRICOLE SA COMMON STOCK                                  | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               |  | FR        |     15751 | NS      | $188976.39    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa, Sociedad Anonima                                   | ENDESA SA COMMON STOCK                                           | CUSIP: N/A<br>LEI: 549300LHK07F2CHV4X31       | Long             | EC               |  | ES        |      9407 | NS      | $186843.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA RESOURCES PHARMACEUTICAL GROUP LIMITED               | CHINA RESOURCES PHARMACEUTIC COMMON STOCK                        | CUSIP: N/A<br>LEI: 3003004H1KDKMJ8JD874       | Long             | EC               |  | HK        |    342000 | NS      | $257334.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                                      | ELEVANCE HEALTH INC COMMON STOCK                                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |     12731 | NS      | $6365372.69   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA WATER AFFAIRS GROUP LIMITED                          | CHINA WATER AFFAIRS GROUP COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900XTSVH0DH4CEX74       | Long             | EC               |  | HK        |    372000 | NS      | $323080.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIOBANCA BANCA DI CREDITO FINANZIARIO SOCIETA PER AZIONI | MEDIOBANCA SPA COMMON STOCK                                      | CUSIP: N/A<br>LEI: PSNL19R2RXX5U3QWHI44       | Long             | EC               |  | IT        |     17389 | NS      | $186321.51    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| China Coal Energy Company Limited                          | CHINA COAL ENERGY CO-H COMMON STOCK                              | CUSIP: N/A<br>LEI: 529900KRC89344UI3Z10       | Long             | EC               |  | HK        |    342000 | NS      | $273472.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | GOLD 100 OZ FUTR  APR23 PHYSICAL COMMODITY FUTURE.               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       127 | NC      | $24705310.00  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VAR ENERGI ASA                                             | VAR ENERGI ASA COMMON STOCK                                      | CUSIP: N/A<br>LEI: 549300LIVN3FFOJN2K47       | Long             | EC               |  | NO        |     61053 | NS      | $184964.61    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                            | ERICSSON LM-B SHS COMMON STOCK                                   | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               |  | SE        |     31803 | NS      | $183623.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Xpel Inc                                                   | XPEL INC COMMON STOCK                                            | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               |  | US        |     55153 | NS      | $4195488.71   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bundesrepublik Deutschland                                 | BUNDESREPUB. DEUTSCHLAND 1.700000% 08/15/2032                    | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |  27500000 | PA      | $28502728.74  | 3.41%             | 2032-08-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| China Petroleum & Chemical Corporation                     | CHINA PETROLEUM & CHEMICAL-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               |  | HK        |    625000 | NS      | $336366.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen International Finance N.V.                      | VOLKSWAGEN INTERNATIONAL FINANCE NV MTN 4.250000% 02/15/2028     | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | NUSS              | DE        |   1900000 | PA      | $2079746.48   | 0.25%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FUFENG GROUP LIMITED                                       | FUFENG GROUP LTD COMMON STOCK                                    | CUSIP: N/A<br>LEI: 549300OQ91X6COVM4483       | Long             | EC               |  | HK        |    447000 | NS      | $313538.19    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKS AND SPENCER GROUP P.L.C.                             | MARKS & SPENCER GROUP PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 213800EJP14A79ZG1X44       | Long             | EC               |  | GB        |    103223 | NS      | $185542.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                                     | MERCEDES-BENZ GROUP AG COMMON STOCK                              | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |      2497 | NS      | $185000.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DONGYUE GROUP LIMITED                                      | DONGYUE GROUP COMMON STOCK                                       | CUSIP: N/A<br>LEI: 529900EJNEZTJBHCHW95       | Long             | EC               |  | HK        |    268000 | NS      | $319570.47    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips N.V.                                   | KONINKLIJKE PHILIPS NV COMMON STOCK                              | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               |  | NL        |     11000 | NS      | $189137.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                   | TREASURY BILL 0.000000% 04/13/2023                               | CUSIP: 912796YU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 120000000 | PA      | $118929379.20 | 14.23%            | 2023-04-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WH GROUP LIMITED                                           | WH GROUP LTD COMMON STOCK                                        | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |    506000 | NS      | $311041.11    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB GROUP PUBLIC LIMITED COMPANY                           | AIB GROUP PLC COMMON STOCK                                       | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               |  | IE        |     43495 | NS      | $181575.93    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PCCW LIMITED                                               | PCCW LTD COMMON STOCK                                            | CUSIP: N/A<br>LEI: 254900SI7GPUPA1TJX39       | Long             | EC               |  | HK        |    640000 | NS      | $314239.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland       | UK TSY GILT 4.250000% 06/07/2032                                 | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |  18900000 | PA      | $25012506.01  | 2.99%             | 2032-06-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                               | NORTHROP GRUMMAN CORP COMMON STOCK                               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |      3634 | NS      | $1628177.36   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT, INC.                            | ANNALY CAPITAL MANAGEMENT IN REIT                                | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |    471828 | NS      | $11073803.16  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT, INC.                            | Annaly Capital Management Inc PREFERRED STOCK                    | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               |  | US        |    374317 | NS      | $9301777.45   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GBP C/ USD P                                               | GBP C/ USD P EXPIRATION: 04/28/2023                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |  19000000 | NC      | $868955.17    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP.                                      | AGNC INVESTMENT CORP REIT                                        | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               |  | US        |   1027825 | NS      | $11922770.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                           | TOTALENERGIES SE COMMON STOCK                                    | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |      2901 | NS      | $179704.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EUR C/ USD P                                               | EUR C/ USD P EXPIRATION: 04/28/2023                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        | -19000000 | NC      | $-264118.31   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                          | HSBC HOLDINGS PLC 3.973000% 05/22/2030                           | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4800000 | PA      | $4426570.66   | 0.53%             | 2030-05-22      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| JARDINE MATHESON HOLDINGS LIMITED                          | JARDINE MATHESON HLDGS LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               |  | SG        |     46300 | NS      | $2454826.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORPORATION                        | CHINA CONSTRUCTION BANK-H COMMON STOCK                           | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               |  | HK        |    477000 | NS      | $309031.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                           | PHILIP MORRIS INTERNATIONAL COMMON STOCK                         | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     96704 | NS      | $10080424.96  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                   | US LONG BOND(CBT) MAR23 FINANCIAL COMMODITY FUTURE.              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       157 | NC      | $20390375.00  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| China Datang Corporation Renewable Power Co., Limited      | CHINA DATANG CORP RENEWABL-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 52990099S0ALQQ25XM62       | Long             | EC               |  | HK        |   1027000 | NS      | $337917.27    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                                            | NORSK HYDRO ASA COMMON STOCK                                     | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               |  | NO        |     22527 | NS      | $181315.54    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER, S.A.                                      | BANCO SANTANDER SA COMMON STOCK                                  | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               |  | ES        |     53476 | NS      | $186210.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                                            | DEERE & CO COMMON STOCK                                          | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               |  | US        |     15944 | NS      | $6741760.96   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | BROWN BROTHERS HARRIMAN SWEEP INTEREST                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  79414273 | PA      | $79414272.70  | 9.50%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                   | US 5YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE.              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       422 | NC      | $46100203.13  | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF                                     | ISHARES MSCI INDIA ETF MUTUAL FUND                               | CUSIP: 46429B598<br>LEI: N/A                  | Long             | EC               | RF                | US        |     96839 | NS      | $3969430.61   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Republica Federativa do Brasil                             | FED REPUBLIC OF BRAZIL 4.250000% 01/07/2025                      | CUSIP: 105756BV1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   4200000 | PA      | $4144238.78   | 0.50%             | 2025-01-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHINA CITIC BANK CORPORATION LIMITED                       | CHINA CITIC BANK CORP LTD-H COMMON STOCK                         | CUSIP: N/A<br>LEI: 300300C1030211000384       | Long             | EC               |  | HK        |    655000 | NS      | $315757.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOMBERRY RESORTS CORPORATION                             | BLOOMBERRY RESORTS CORP COMMON STOCK                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | PH        |  45076700 | NS      | $7608021.12   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                   | STRIP PRINC 0.000000% 08/15/2051                                 | CUSIP: 912803GA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28400000 | PA      | $10268401.98  | 1.23%             | 2051-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE US, INC.                                          | T-MOBILE US INC COMMON STOCK                                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     57545 | NS      | $8592043.95   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust and HKT Limited                                  | HKT TRUST AND HKT LTD-SS UNIT                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    238000 | NS      | $311418.61    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                                               | GLENCORE PLC COMMON STOCK                                        | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |   2303112 | NS      | $15366762.59  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTO TRADER GROUP PLC                                      | AUTO TRADER GROUP PLC COMMON STOCK                               | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               |  | GB        |     25089 | NS      | $193936.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED            | IND & COMM BK OF CHINA-H COMMON STOCK                            | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               |  | HK        |    596000 | NS      | $318478.79    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                            | NORDEA BANK ABP 144A 4.750000% 09/22/2025                        | CUSIP: 65558RAC3<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | NUSS              | FI        |   1985000 | PA      | $1983476.37   | 0.24%             | 2025-09-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings, Inc.                               | DAI-ICHI LIFE HOLDINGS INC COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300ZUFXI7JXZVTZ25       | Long             | EC               |  | JP        |    180600 | NS      | $4219295.51   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER-HANNIFIN CORPORATION                                | PARKER HANNIFIN CORP COMMON STOCK                                | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               |  | US        |     37789 | NS      | $12319214.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GSCHJMFA-INDEX - CIM TRS                                   | GSCHJMFA-INDEX - CIM TRS GOLDMAN                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    164827 | NC      | $3642907.62   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SINO BIOPHARMACEUTICAL LIMITED                             | SINO BIOPHARMACEUTICAL COMMON STOCK                              | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               |  | HK        |    506000 | NS      | $293617.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | GOLDMAN SACHS SWAP COLLATERAL                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2431637 | PA      | $2431637.25   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| GSCHSKOR-INDEX - CIM TRS                                   | GSCHSKOR-INDEX - CIM TRS GOLDMAN                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    204804 | NC      | $4569982.69   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| CATERPILLAR INC.                                           | CATERPILLAR INC COMMON STOCK                                     | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               |  | US        |      8245 | NS      | $2080131.05   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| REDWOOD TRUST, INC.                                        | REDWOOD TRUST INC REIT                                           | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               |  | US        |    589114 | NS      | $4924993.04   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica S.A.                                            | TELEFONICA SA COMMON STOCK                                       | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               |  | ES        |     49331 | NS      | $187007.74    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGBOARD HOLDINGS LIMITED                                 | KINGBOARD HOLDINGS LTD COMMON STOCK                              | CUSIP: N/A<br>LEI: 529900G89MY26MMSDR76       | Long             | EC               |  | HK        |     89000 | NS      | $363212.03    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                                  | VISA INC-CLASS A SHARES COMMON STOCK                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |     37626 | NS      | $8661881.46   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: JPM                                                   | Credit Default Swap                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | XX        |  40600000 | NC      | $-1316988.31  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CHINA EVERBRIGHT BANK COMPANY LIMITED                      | CHINA EVERBRIGHT BANK CO L-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300U6PKQ4H1P34E17       | Long             | EC               |  | HK        |    968000 | NS      | $308628.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                   | STRIP PRINC 0.000000% 05/15/2051                                 | CUSIP: 912803FY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28400000 | PA      | $10347570.67  | 1.24%             | 2051-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CRRC Corporation Limited                                   | CRRC CORP LTD - H COMMON STOCK                                   | CUSIP: N/A<br>LEI: 30030099HATQH2XC0B72       | Long             | EC               |  | HK        |    700000 | NS      | $316917.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                          | ASML HOLDING NV-NY REG SHS DEPOSITARY RECEIPT                    | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               |  | US        |      6193 | NS      | $4092582.12   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BT GROUP PLC                                               | BT GROUP PLC COMMON STOCK                                        | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               |  | GB        |    116174 | NS      | $178529.82    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WTAX FEE 10%                                               | WTAX FEE 10%                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | US        |         1 | PA      | $0.00         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Siemens Aktiengesellschaft                                 | SIEMENS AG-REG COMMON STOCK                                      | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               |  | DE        |     16440 | NS      | $2554005.04   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE, INC.                                         | MERCADOLIBRE INC COMMON STOCK                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |      4504 | NS      | $5322331.76   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                               | NATIONAL BANK OF GREECE COMMON STOCK                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               |  | GR        |   2698803 | NS      | $12751128.28  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGAL & GENERAL GROUP PLC                                  | LEGAL & GENERAL GROUP PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821       | Long             | EC               |  | GB        |     57774 | NS      | $180915.46    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LEONARDO - SOCIETA PER AZIONI                              | LEONARDO SPA COMMON STOCK                                        | CUSIP: N/A<br>LEI: 529900X4EEX1U9LN3U39       | Long             | EC               |  | IT        |     17604 | NS      | $180931.71    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                                   | PALO ALTO NETWORKS INC 0.375000% 06/01/2025                      | CUSIP: 697435AF2<br>LEI: 549300QXR2YVZV231H43 | Long             | DBT              | CORP              | US        |   2402000 | PA      | $3936878.00   | 0.47%             | 2025-06-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| USD C/CNH P                                                | USD C/CNH P EXPIRATION: 04/28/2023                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |  19000000 | NC      | $5358.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                              | UNICREDIT SPA COMMON STOCK                                       | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |    127654 | NS      | $2481914.40   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Company Limited                                 | PETROCHINA CO LTD-H COMMON STOCK                                 | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               |  | HK        |    655000 | NS      | $348335.38    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN HUNG KAI PROPERTIES LIMITED                            | SUN HUNG KAI PROPERTIES COMMON STOCK                             | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               |  | HK        |     30000 | NS      | $425065.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                                      | MICROSOFT CORP COMMON STOCK                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     16848 | NS      | $4175102.88   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HENGAN INTERNATIONAL GROUP COMPANY LIMITED                 | HENGAN INTL GROUP CO LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |     60000 | NS      | $294599.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JONAH ENERGY ABS I LLC                                     | JONAH ENERGY ABS I LLC JONAH 2022-1 A1                           | CUSIP: 47987EAC1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  16619785 | PA      | $16717587.54  | 2.00%             | 2037-12-10      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Metallurgical Corporation of China Ltd.                    | METALLURGICAL CORP OF CHIN-H COMMON STOCK                        | CUSIP: N/A<br>LEI: 3003002HS6H57JTIFW38       | Long             | EC               |  | HK        |   1236000 | NS      | $279004.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                                 | ENI SPA COMMON STOCK                                             | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |     12042 | NS      | $185060.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank Aktiengesellschaft                           | DEUTSCHE BANK AG-REGISTERED COMMON STOCK                         | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               |  | DE        |     14093 | NS      | $187040.51    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                               | BARCLAYS PLC COMMON STOCK                                        | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               |  | GB        |     81238 | NS      | $186126.39    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                         | NVIDIA CORP COMMON STOCK                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     20295 | NS      | $3965034.15   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                                        | DANAHER CORP COMMON STOCK                                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |     38744 | NS      | $10243138.72  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                                      | QUALCOMM INC COMMON STOCK                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               |  | US        |     94067 | NS      | $12530665.07  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rzeczpospolita Polska                                      | REPUBLIC OF POLAND 3.250000% 04/06/2026                          | CUSIP: 731011AU6<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   4400000 | PA      | $4241133.60   | 0.51%             | 2026-04-06      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC.                                      | FREEPORT-MCMORAN INC COMMON STOCK                                | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               |  | US        |     45803 | NS      | $2043729.86   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA MEDICAL SYSTEM HOLDINGS LIMITED                      | CHINA MEDICAL SYSTEM HOLDING COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900Z57DVJXUBLHX66       | Long             | EC               |  | HK        |    164000 | NS      | $282774.85    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KLEPIERRE SA                                               | KLEPIERRE REIT                                                   | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               |  | FR        |      7340 | NS      | $185606.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Repubblica Italiana                                        | BUONI POLIENNALI DEL TES 2.500000% 12/01/2032                    | CUSIP: N/A<br>LEI: 815600DE60799F5A9309       | Long             | DBT              | NUSS              | IT        |   8600000 | PA      | $8146177.60   | 0.97%             | 2032-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITIC Limited                                              | CITIC LTD COMMON STOCK                                           | CUSIP: N/A<br>LEI: 2549006I3Q3M98KHOT11       | Long             | EC               |  | HK        |    298000 | NS      | $348122.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                         | ENERGY TRANSFER LP PARTNERSHIP SHARES                            | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |    492024 | NS      | $6534078.72   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Investments I Limited                                 | JAZZ INVESTMENTS I LTD 1.500000% 08/15/2024                      | CUSIP: 472145AD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6430000 | PA      | $6313456.25   | 0.76%             | 2024-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TeamViewer AG                                              | TEAMVIEWER AG COMMON STOCK                                       | CUSIP: N/A<br>LEI: 3912000FZ0R0KEK9JS42       | Long             | EC               |  | DE        |     12962 | NS      | $181499.57    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OVERSEA-CHINESE BANKING CORPORATION LIMITED                | OVERSEA-CHINESE BANKING CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               |  | SG        |    129000 | NS      | $1269576.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GSCHEMBA-INDEX - CIM TRS                                   | GSCHEMBA-INDEX - CIM TRS GOLDMAN                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    104613 | NC      | $2122381.39   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                              | BOSTON SCIENTIFIC CORP COMMON STOCK                              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               |  | US        |    241235 | NS      | $11157118.75  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO