# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048622
**Filing Date:** 2023-3
**Character Count:** 53437
**Document Hash:** efb9236695805c49febfb5c1cb77a7f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048622.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048622

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**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:** 23690135

**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

### Aperture Endeavour Equity Fund (Series ID: S000066195)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000213923 | Class X Shares       | APEEX           |
| C000213924 | Institutional Shares | ATOMX           |

## 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:** Aperture Endeavour Equity Fund

- **b. EDGAR series identifier (if any):** S000066195

- **c. LEI of Series:** 5493003JXNKQT5OUXG71

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $186353497.89

**Total Liabilities:** $51569633.82

**Net Assets:** $134783864.07

**Cash Not Reported:** $11660216.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000213924 | -5.59%               | 6.29%                | 4.47%                |
| Class ID C000213923 | -5.64%               | 6.32%                | 4.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1377961.13             | $-3603052.13                               |
| Month 2  | $-436897.69              | $7655754.39                                |
| Month 3  | $-3836451.42             | $9162110.82                                |

**Designated Index Information**

- **Index Name:** MSCI ACWI hedged to USD Net Total Return Index

- **Index Identifier:** ACWI.R

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  24888668 | NC      | $-22337.94    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Aon plc                                        | AON PLC-CLASS A COMMON STOCK                       | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               |  | US        |     10959 | NS      | $3289234.26   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      2096 | NC      | $13927.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |      5142 | NC      | $-140970.31   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                   | FX Forward Contract: USD/HKD SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $1700.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE07<br>LEI: N/A                  | N/A              | DE               |  | US        |     18149 | NC      | $-10470.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |    715344 | NC      | $15666.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE05<br>LEI: N/A                  | N/A              | DE               |  | US        |      4747 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMMSA01<br>LEI: N/A                  | N/A              | DE               |  | US        |     14418 | NC      | $-101207.44   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSGTMU06<br>LEI: N/A                  | N/A              | DE               |  | US        |   1861833 | NC      | $13412.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |    195890 | NC      | $14905.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  46248498 | NC      | $-77738.51    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |   9337980 | NC      | $60.81        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | J.P. MORGAN COLLATERAL                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1381778 | PA      | $1381777.54   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE03<br>LEI: N/A                  | N/A              | DE               |  | US        |     30668 | NC      | $11626.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | NIKKEI 225  (OSE) MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |        12 | NC      | $2384638.82   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |    146481 | NC      | $5557.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |      3689 | NC      | $-13630.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ALCOA CORPORATION                              | ALCOA CORP COMMON STOCK                            | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               |  | US        |      6164 | NS      | $280277.08    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      2237 | NC      | $-4660.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | HANG SENG IDX FUT JAN23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |        12 | NC      | $1530853.44   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB (publ)                         | HEMNET GROUP AB COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493008VIU67J3HUAR07       | Long             | EC               |  | SE        |     32252 | NS      | $388204.07    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                           | FX Forward Contract: EUR/USD SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $9422.51      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     69034 | NC      | $112643.43    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON.COM INC COMMON STOCK                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               |  | US        |     30200 | NS      | $2536800.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |       480 | NC      | $-21658.39    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    176981 | NC      | $27479.09     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS, INC.                     | CONSTELLATION BRANDS INC-A COMMON STOCK            | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               |  | US        |     10130 | NS      | $2347627.50   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |       845 | NC      | $32136.83     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    674424 | NC      | $27973.38     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                       | TREASURY BILL 0.000000% 02/16/2023                 | CUSIP: 912796YA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  37000000 | PA      | $36816001.96  | 27.31%            | 2023-02-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE06<br>LEI: N/A                  | N/A              | DE               |  | US        |     26861 | NC      | $-13744.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | GOLDMAN SACHS COLLATERAL                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |        92 | PA      | $92.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | NIKKEI 225  (CME) MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        16 | NC      | $2061600.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      5841 | NC      | $-8900.15     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |     15289 | NC      | $96316.32     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |    158294 | NC      | $46009.12     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |   9338472 | NC      | $-6556.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                           | FX Forward Contract: EUR/USD SETTLE 2023-01-03     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $2746.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Finch Therapeutics Group Inc                   | FINCH THERAPEUTICS GROUP INC COMMON STOCK          | CUSIP: 31773D101<br>LEI: N/A                  | Long             | EC               |  | US        |     34342 | NS      | $16484.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    352503 | NC      | $29277.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE08<br>LEI: N/A                  | N/A              | DE               |  | US        |     10044 | NC      | $-6804.81     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GXO LOGISTICS, INC.                            | GXO LOGISTICS INC COMMON STOCK                     | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               |  | US        |     22703 | NS      | $969191.07    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                                 | CME GROUP INC COMMON STOCK                         | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               |  | US        |      7990 | NS      | $1343598.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO, INC.                                      | XPO INC COMMON STOCK                               | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               |  | US        |     17570 | NS      | $584905.30    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  55651176 | NC      | $-100764.43   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | NDXP US 01/06/23 P10400 SHORT                      | CUSIP: 23499AC21<br>LEI: N/A                  | N/A              | DE               |  | US        |        -5 | NC      | $-8250.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      8446 | NC      | $62339.42     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | EURO STOXX 50     MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |        39 | NC      | $1580138.94   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                   | FX Forward Contract: USD/JPY SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-127508.12   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |       994 | NC      | $8104.19      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | HANG SENG IDX FUT DEC22 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |        12 | NC      | $1512020.45   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SILICON MOTION TECHNOLOGY CORPORATION          | SILICON MOTION TECHNOL-ADR DEPOSITARY RECEIPT      | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               |  | US        |      6630 | NS      | $430883.70    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  81993107 | NC      | $98092.86     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SERVICENOW, INC.                               | SERVICENOW INC COMMON STOCK                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |      6995 | NS      | $2715948.65   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corporation                         | SONY GROUP CORP - SP ADR DEPOSITARY RECEIPT        | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               |  | US        |     43719 | NS      | $3334885.32   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BRK: JP MORGAN CHASE BANK NA PAY: 0.0000%          | CUSIP: 872590104<br>LEI: N/A                  | N/A              | DE               |  | US        |   1185996 | NC      | $-43903.92    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  19537492 | NC      | $16004.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      5280 | NC      | $-4445.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |    552508 | NC      | $193298.49    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                     | FULL TRUCK ALLIANCE -SPN ADR DEPOSITARY RECEIPT    | CUSIP: 35969L108<br>LEI: N/A                  | Long             | EC               |  | US        |     57773 | NS      | $462184.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSGTMU04<br>LEI: N/A                  | N/A              | DE               |  | US        |   1232669 | NC      | $-55470.99    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                | MARTIN MARIETTA MATERIALS COMMON STOCK             | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               |  | US        |      5352 | NS      | $1808815.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | NASDAQ 100 E-MINI MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $881780.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                            | DEUTSCHE TELEKOM AG-REG COMMON STOCK               | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |    257015 | NS      | $5127699.47   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  14228523 | NC      | $-26657.10    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSBACE06<br>LEI: N/A                  | N/A              | DE               |  | US        |    371841 | NC      | $-11266.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  19179629 | NC      | $-17367.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  18953480 | NC      | $-21034.14    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  16583223 | NC      | $-8715.16     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  13841181 | NC      | $-27398.81    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     11678 | NC      | $15122.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |      9792 | NC      | $44035.10     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| RXO, INC.                                      | RXO INC COMMON STOCK                               | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               |  | US        |     88176 | NS      | $1516627.20   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    134554 | NC      | $-9606.53     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN DOLLAR                                  | FX Forward Contract: TWD/USD SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        |         1 | NC      | $-11069.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS, INC.                   | CHARTER COMMUNICATIONS INC-A COMMON STOCK          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               |  | US        |      1062 | NS      | $360124.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | S&P500 EMINI FUT  MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        42 | NC      | $8108100.00   | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                              | T-MOBILE US INC COMMON STOCK                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |     38580 | NS      | $5401200.00   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  24737339 | NC      | $10502.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPANESE YEN                                   | FX Forward Contract: JPY/USD SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $2231.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                   | FX Forward Contract: USD/EUR SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-85312.75    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      1077 | NC      | $-6572.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE02<br>LEI: N/A                  | N/A              | DE               |  | US        |     19099 | NC      | $14901.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      5819 | NC      | $-34308.25    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                           | FX Forward Contract: EUR/USD SETTLE 2023-03-15     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $3796.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Purecycle Technologies Inc                     | PURECYCLE TECHNOLOGIES INC WT EXPIRATION: 03/17/26 | CUSIP: 74623V118<br>LEI: N/A                  | N/A              | DE               |  | US        |     93268 | NC      | $268611.84    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE04<br>LEI: N/A                  | N/A              | DE               |  | US        |     33216 | NC      | $31714.64     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                       | TREASURY BILL 0.000000% 03/21/2023                 | CUSIP: 912796Z77<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11000000 | PA      | $10900551.97  | 8.09%             | 2023-03-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                   | LINDE PLC COMMON STOCK                             | CUSIP: N/A<br>LEI: 8945002PAZHZLBGKGF02       | Long             | EC               |  | DE        |      4853 | NS      | $1586774.48   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | E-MINI RUSS 2000  MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        36 | NC      | $3187620.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Low Volatility ETF             | INVESCO S&P 500 LOW VOLATILI MUTUAL FUND           | CUSIP: 46138E354<br>LEI: N/A                  | Long             | EC               | RF                | US        |     52607 | NS      | $3361587.30   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT MOBILE MINI HOLDINGS CORP.            | WILLSCOT MOBILE MINI HOLDING COMMON STOCK          | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               |  | US        |    111290 | NS      | $5026969.30   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  47907006 | NC      | $30905.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  19016498 | NC      | $-30459.48    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVAR SOLUTIONS INC.                          | UNIVAR SOLUTIONS INC COMMON STOCK                  | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               |  | US        |     43058 | NS      | $1369244.40   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Delivery Hero SE                               | DELIVERY HERO SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               |  | DE        |      8089 | NS      | $387742.77    | 0.29%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  19485079 | NC      | $-2006.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR EURO STOXX 50 ETF                         | SPDR EURO STOXX 50 ETF MUTUAL FUND                 | CUSIP: 78463X202<br>LEI: N/A                  | Long             | EC               | RF                | US        |     51506 | NS      | $1993282.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     18221 | NC      | $-209352.85   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.   | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |      9195 | NS      | $684935.55    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC.                                | S&P GLOBAL INC COMMON STOCK                        | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               |  | US        |      6402 | NS      | $2144285.88   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    347877 | NC      | $29759.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |       505 | NC      | $8136.28      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: 78709Y105<br>LEI: N/A                  | N/A              | DE               |  | US        |    347676 | NC      | $65027.79     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MARATHON OIL CORPORATION                       | MARATHON OIL CORP COMMON STOCK                     | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               |  | US        |     53185 | NS      | $1439717.95   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | NDXP US 01/06/23 P10740 LONG                       | CUSIP: 25599FH86<br>LEI: N/A                  | N/A              | DE               |  | US        |         5 | NC      | $33700.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                   | Vistra Corp. COMMON STOCK                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               |  | US        |    155051 | NS      | $3597183.20   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    206963 | NC      | $-15804.33    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ACTIVISION BLIZZARD, INC.                      | ACTIVISION BLIZZARD INC COMMON STOCK               | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               |  | US        |     52131 | NS      | $3990628.05   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     15164 | NC      | $-239385.77   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     32579 | NC      | $170747.16    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA CORP.                                   | VST US 01/20/23 C25 LONG                           | CUSIP: 12K999HT5<br>LEI: 549300KP43CPCUJOOG15 | N/A              | DE               |  | US        |      1093 | NC      | $12023.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC COMMON STOCK                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               |  | US        |     14412 | NS      | $1734340.08   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions SA                         | PERIMETER SOLUTIONS SA PIPE OF L7579L106           | CUSIP: L7579L106<br>LEI: 2221003U8GJZ9U4MR505 | Long             | EC               |  | US        |    300000 | NS      | $2742000.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                          | MICROSOFT CORP COMMON STOCK                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     14511 | NS      | $3480028.02   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | FTSE 100 IDX FUT  MAR23 PHYSICAL INDEX FUTURE.     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        19 | NC      | $1714952.37   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions SA                         | PERIMETER SOLUTIONS SA COMMON STOCK                | CUSIP: L7579L106<br>LEI: 2221003U8GJZ9U4MR505 | Long             | EC               |  | US        |     18964 | NS      | $173330.96    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                          | FREEPORT-MCMORAN INC COMMON STOCK                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               |  | US        |     20914 | NS      | $794732.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    329690 | NC      | $-11129.55    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |    199970 | NC      | $-7671.17     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: 29273V100<br>LEI: N/A                  | N/A              | DE               |  | US        |      3704 | NC      | $-221.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |    147931 | NC      | $-614.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |   9552546 | NC      | $-2418.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |    203643 | NC      | $134923.95    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  46418268 | NC      | $-19831.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |    743774 | NC      | $6436.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRM HOLDINGS WARRANTS                          | PRM HOLDINGS WARRANTS                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     76161 | NC      | $46130.38     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | NEW ORIENTAL EDUCATIO-SP ADR DEPOSITARY RECEIPT    | CUSIP: 647581206<br>LEI: 529900NHZVBZQZ8EKN29 | Long             | EC               |  | US        |     18539 | NS      | $645527.98    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |  16381820 | NC      | $-3026.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMMAH01<br>LEI: N/A                  | N/A              | DE               |  | US        |      5982 | NC      | $-1393491.80  | -1.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSMENE01<br>LEI: N/A                  | N/A              | DE               |  | US        |    116985 | NC      | $54684.05     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    178075 | NC      | $-11179.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LITHIA MOTORS, INC.                            | LITHIA MOTORS INC COMMON STOCK                     | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               |  | US        |      2250 | NS      | $460665.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | SE        |   2333503 | NC      | $82718.72     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SBA Communications Corporation                 | SBA COMMUNICATIONS CORP REIT                       | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      4804 | NS      | $1346609.24   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSGUPS01<br>LEI: N/A                  | N/A              | DE               |  | US        |    348357 | NC      | $1894.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Trust                         | SPDR S&P 500 ETF TRUST MUTUAL FUND                 | CUSIP: 78462F103<br>LEI: N/A                  | Long             | EC               | RF                | US        |      3284 | NS      | $1255900.12   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PINDUODUO INC.                                 | PINDUODUO INC-ADR DEPOSITARY RECEIPT               | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               |  | US        |      5625 | NS      | $458718.75    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: TRSBACE04<br>LEI: N/A                  | N/A              | DE               |  | US        |     61252 | NC      | $9915.84      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.COM, INC.                                   | JD.COM INC-ADR DEPOSITARY RECEIPT                  | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               |  | US        |     18313 | NS      | $1027908.69   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI China A ETF                       | ISHARES MSCI CHINA A ETF MUTUAL FUND               | CUSIP: 46434V514<br>LEI: N/A                  | Long             | EC               | RF                | US        |     69613 | NS      | $2173317.86   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR TREE, INC.                              | DOLLAR TREE INC COMMON STOCK                       | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               |  | US        |      2419 | NS      | $342143.36    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     20922 | NC      | $-4508.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    139408 | NC      | $-9008.47     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |       239 | NC      | $-6283.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | N/A                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |    269978 | NC      | $-319.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | J.P. MORGAN COLLATERAL                             | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | US        |   -260000 | PA      | $-260000.00   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORPORATION            | SIX FLAGS ENTERTAINMENT CORP COMMON STOCK          | CUSIP: 83001A102<br>LEI: 549300JYTDUAA4JQ3717 | Long             | EC               |  | US        |     13033 | NS      | $303017.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO