# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001193125-23-067518
**Filing Date:** 2023-3
**Character Count:** 376559
**Document Hash:** 20277dd623c9a86a901904cad6cfd0a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067518.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001193125-23-067518

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23723353

**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 New World Opportunities Fund (Series ID: S000063768)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206646 | Institutional Shares | ANWOX           |
| C000213647 | Class X Shares       | ANWRX           |

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

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

### Aperture Discover Equity Fund (Series ID: S000067439)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000216812 | Class X Shares       | ADSRX           |
| C000216813 | Institutional Shares | ADISX           |

### Aperture International Equity Fund (Series ID: S000069244)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000221184 | Class X Shares       | AFOEX           |
| C000221185 | Institutional Shares | AFORX           |

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

**Investment Company Act File Number 811-22920** 

**The Advisors' Inner Circle Fund III** 

(Exact name of registrant as specified in charter)

------

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: (877) 446-3863** 

**Date of fiscal year end: December 31, 2022** 

**Date of reporting period: December 31, 2022** 

------

**Item 1. Reports to Stockholders.** 

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

------

**The Advisors' Inner Circle Fund III**![LOGO](g453373g98i15.jpg)

**Aperture New World Opportunities Fund** 

**Aperture Endeavour Equity Fund** 

**Aperture Discover Equity Fund** 

**Aperture International Equity Fund** 

ANNUAL REPORT

DECEMBER 31, 2022

Investment Adviser:

**Aperture Investors, LLC** 

------

**TABLE OF CONTENTS** 

------

---

| | |
|:---|:---|
|  [Management's Discussion and Analysis of Fund Performance](#tx453373_1) | 1 |
|  Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Aperture New World Opportunities Fund](#tx453373_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Aperture Endeavour Equity Fund](#tx453373_3) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Aperture Discover Equity Fund](#tx453373_4) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Aperture International Equity Fund](#tx453373_5) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#tx453373_6) | 57 |
|  [Statements of Assets and Liabilities](#tx453373_7) | 58 |
|  [Statements of Operations](#tx453373_8) | 62 |
|  [Statements of Changes in Net Assets](#tx453373_9) | 64 |
|  [Financial Highlights](#tx453373_10) | 72 |
|  [Notes to Financial Statements](#tx453373_11) | 80 |
|  [Report of Independent Registered Public Accounting Firm](#tx453373_12) | 111 |
|  [Disclosure of Fund Expenses](#tx453373_13) | 114 |
|  [Trustees and Officers Table](#tx453373_14) | 116 |
|  [Approval of Investment Advisory Agreement](#tx453373_15) | 124 |
|  [Notice to Shareholders](#tx453373_16) | 128 |

---

The Funds file their complete schedule of investments of Fund holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after period end. The Funds' Form N-Q and Form N-PORT reports are available on the SEC's website at http://www.sec. gov, and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month period ended June 30, will be available after August 30 (i) without charge, upon request, by calling 1-888-514-7557; and (ii) on the SEC's website at http://www.sec.gov.

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 |

---

------

**SHAREHOLDER LETTERS (Unaudited)**

Dear Shareholder,

The Aperture New World Opportunities Fund ("the Fund") (Ticker: ANWOX) finished 2022 with a return of -9.75% net of fees, underperforming its benchmark return of -9.32%, net of fees. For 2022, the Fund ranked 6th out of 63 funds in its Emerging Markets Bond Morningstar category.

In 2022, the Fund navigated well amid what some believe was the worst bond market in modern times. The Fund's shorter than benchmark duration and underweight to Russian assets helped to outperform modestly in the first half of the year. Bright spots included our Fundamental core bond portfolio and Tactical trading. However, Relative Value positioning hurt the Fund as plays hoping for a China reopening from COVID suffered. Additionally, there were Special Situations markdowns related to distressed Chinese property exposure whose businesses and restructurings were impaired and delayed amid the country's blanket lockdown policy.

As of December 31st, the Fund's largest geographic exposure was to the United States. Relative to the benchmark, the Fund was underweight China, South Korea, UAE, and Saudi Arabia. From an asset class perspective, the Fund maintained its overweight to corporate bonds and underweight to government bonds.

Sincerely,

Peter Marber

Portfolio Manager

There are risks involved with investing, including possible loss of principal. There is no guarantee the Fund will achieve its investment objective.

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Past performance is no guarantee of future results. Mutual fund investing involves risk, including possible loss of principal.

*1* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

Dear Shareholder,

The Aperture Endeavour Equity Fund ("the Fund") (Ticker: ATOMX) finished 2022 with a return of -16.40%, net of fees, underperforming its benchmark return of -15.48%. For the year, the Fund finished 2nd out of 84 funds in its World Large Stock Growth Morningstar category.

Returns of companies in 2022 had less to do with earnings and much more to do with sensitivity to duration (i.e. the Fed's fight against inflation and quantitative tightening). We expect this trend to reverse in 2023 and anticipate performance will be driven by differentiated earnings paths.

As of December 2022, the Fund's largest absolute sector exposures were to Financials, Communication Services, and Consumer Discretionary. On a relative basis, the Fund was overweight Financials, Materials, and Communication Services as of year-end. The Fund was in line with Energy and Utilities. The Fund's largest absolute geographic exposure was to the United States. The Fund was underweight relative to the benchmark in its exposure to the United States, and this was the case for most of the year.

Sincerely,

Tom Tully

Portfolio Manager

There are risks involved with investing, including possible loss of principal. There is no guarantee the Fund will achieve its investment objective.

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Past performance is no guarantee of future results. Mutual fund investing involves risk, including possible loss of principal.

*2* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

Dear Shareholder,

The Aperture Discover Equity Fund ("the Fund") (Ticker: ADISX) finished 2022 with a return of -34.55%, net of fees, underperforming its benchmark return of -20.44%. For the year, the Fund ranked 114th out of 145 funds in its US Fund Small Growth Morningstar category.

We believe extreme market selloffs typically result in increased correlations, which reduce price efficiency. In our experience, this lack of differentiation challenges short term performance, but in doing so also creates exceptional buying opportunities to add to existing positions and establish new positions that meet our criteria at compelling prices. As a result, the team remains highly focused on the new idea front, systematically assessing well over 200 portfolio candidates in 2022. We have prioritized investments in companies that meet our criteria, have strong liquidity positions and idiosyncratic demand drivers. Over the course of the year, we have initiated 7 new positions and sold 10. Of the positions sold, 5 were non-earners.

Consistent with the Fund's strategy, geographic and sector exposures were mostly stable during 2022. As of December 31st, the Fund was overweight Consumer Discretionary, Technology, and Industrials. The Fund was underweight Health Care, Financials, and Energy. The Fund started the year underweight in Technology, but by year's end had increased exposure and was overweight the benchmark.

Sincerely,

Brad McGill

Portfolio Manager

There are risks involved with investing, including possible loss of principal. There is no guarantee the Fund will achieve its investment objective.

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Past performance is no guarantee of future results. Mutual fund investing involves risk, including possible loss of principal.

*3* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

Dear Shareholder,

The Aperture International Equity Fund ("the Fund") (Ticker: AFORX) finished 2022 with a return of -11.27%, net of fees, outperforming its benchmark return of -16.00%. For the year, the Fund ranked 22nd out of 137 funds in its Foreign Large Blend Morningstar category.

2022 witnessed a year of outperformance for the Fund against an otherwise difficult backdrop. Positive market breadth was relatively consistent across sectors. Our quality bias and valuation framework likely helped performance.

As of December 2022, the Fund's largest absolute sector exposures were to Financials, Industrials, and Consumer Discretionary. On a relative basis, the Fund was overweight Industrials and Consumer Staples. The Fund was in line with Consumer Discretionary.

Sincerely,

Bill Kornitzer

Portfolio Manager

There are risks involved with investing, including possible loss of principal. There is no guarantee the Fund will achieve its investment objective.

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Past performance is no guarantee of future results. Mutual fund investing involves risk, including possible loss of principal.

*4* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**<u>Definition of Comparative Index</u>**

**Bloomberg EM USD Aggregate 1-5 Year Total Return Index Value Unhedged USD** is a hard currency Emerging Markets debt benchmark that includes fixed and floating-rate US dollar-denominated debt issued from sovereign, quasi-sovereign, and corporate EM issuers with 1to 4.9999 years of remaining maturity. Country eligibility and classification as Emerging Markets is rules-based and reviewed annually using World Bank income group and International Monetary Fund (IMF) country classifications.

**MSCI ACWI hedged to USD Net Total Return Index** represents a close estimation of the performance that can be achieved by hedging the currency exposures of its parent index, the MSCI ACWI Index, to the USD, the "home" currency for the hedged index. The index is 100% hedged to the USD by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid-cap stocks across 23 Developed Markets (DM) countries and 26 Emerging Markets (EM) countries.

**Russell 2000 Net Total Return Index** is a U.S. equity index comprised of the smallest 2000 companies by market capitalization in the Russell 3000 Index. The benchmark was selected to represent the Fund's focus on the U.S. small cap equity market.

**MSCI ACWI ex-US Index (net)** captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries.

*5* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

Comparison of Change in the Value of a $10,000 Investment in the Aperture New World Opportunities Fund, Institutional Shares, versus Bloomberg EM USD Aggregate 1-5 Year Total Return Index Value Unhedged USD.

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 |
|  | One Year Return | Annualized<br> Three Year Return | Annualized<br> Inception to Date\* |
| Aperture New World<br> Opportunities Fund, Institutional<br> Shares | -9.75% | -2.06% | -0.87% |
| Bloomberg EM USD Aggregate<br> 1-5 Year Total Return Index<br> Value Unhedged<br> USD | -9.32% | -2.22% | -0.59% |

---

![LOGO](g453373g55h08.jpg)

\*The Aperture New World Opportunities Fund commenced operations on March 18, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on page 5.

*6* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

------

Comparison of Change in the Value of a $10,000 Investment in the Aperture Endeavour Equity Fund, Institutional Shares, versus the MSCI ACWI hedged to USD Net Total Return Index.

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 |
|  | One Year Return | Annualized<br> Three Year Return | Annualized<br> Inception to Date\* |
|  Aperture Endeavour Equity<br> Fund, Institutional Shares | -16.40% | 6.50% | 8.48% |
|  MSCI ACWI hedged to USD<br> Net Total Return Index | -15.48% | 5.52% | 7.72% |

---

![LOGO](g453373g55h09.jpg)

\* The Aperture Endeavour Equity Fund commenced operations on September 30, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on page 5.

*7* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

------

Comparison of Change in the Value of a $10,000 Investment in the Aperture Discover Equity Fund, Institutional Shares, versus the Russell 2000 Net Total Return Index.

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 |
|  | One Year Return | Annualized<br> Three Year Return | Annualized<br> Inception to Date\* |
|  Aperture Discover Equity Fund, Institutional<br> Shares | -34.55% | 10.30% | 10.32% |
|  Russell 2000 Net Total Return Index | -20.44% | 3.10% | 3.18% |

---

![LOGO](g453373g55h10.jpg)

\*The Aperture Discover Equity Fund commenced operations on December 30, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on page 5.

*8* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

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Comparison of Change in the Value of a $10,000 Investment in the Aperture International Equity Fund, Institutional Shares, versus the MSCI ACWI ex-US Index (net).

---

| | | |
|:---|:---|:---|
|  | Average Annual Total Return For The Year Ended<br> December 31, 2022 | Average Annual Total Return For The Year Ended<br> December 31, 2022 |
|  | One Year Return | Annualized<br> Inception to Date\* |
| Aperture International Equity Fund,<br> Institutional Shares | -11.27% | 4.02% |
| MSCI ACWI ex-US Index (net) | -16.00% | 2.48% |

---

![LOGO](g453373g55h11.jpg)

\* The Aperture International Equity Fund commenced operations on October 1, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.

The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a portfolio's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative index on page 5.

*9* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

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**SECTOR WEIGHTINGS (Unaudited)†:**

![LOGO](g453373g55h12.jpg)

*† Percentages based on total investments. Total investments exclude options, futures contracts, forward contracts, and swap contracts, if applicable.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **GLOBAL BONDS — 74.1%** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Argentina — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; YPF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 07/28/25 | $1278000 | $1071063 |
| **Azerbaijan — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/24/26 | 626000 | 640911 |
|  **Bahrain — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AUB Sukuk MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.615%, 09/09/26 | 310000 | 278225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf International Bank BSC MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 09/23/25 | 322000 | 293529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mumtalakat Sukuk Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/27/24 | 1000000 | 992500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil and Gas Holding BSCC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/07/24 | 930000 | 944805 |
|  |  | 2509059 |

---

*The accompanying notes are an integral part of the financial statements.* 

*10* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

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---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
| **Brazil — 5.1%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Atento Luxco 1<br>8.000%, 02/10/26 | $1038000 | $550140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azul Investments LLP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/26 (A) | 650000 | 396500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 01/11/26 | 622000 | 565243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/30/26 (A) | 1500000 | 1380840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Votorantim MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/29/25 | 637000 | 607539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 8.220%, 01/23/81 (B) | 660000 | 636961 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRF GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 09/29/26 | 363000 | 328061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemig Geracao e Transmissao |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 12/05/24 | 312000 | 319831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/04/25 | 311000 | 295531 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSN Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/17/26 | 229000 | 228212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibria Overseas Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/14/25 | 310000 | 300700 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 12/15/25 (A) | 675000 | 677990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gol Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/31/25 | 550000 | 240625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/30/26 (A) | 600000 | 352996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/24/25 | 1158000 | 1119080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light Servicos de Eletricidade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/18/26 (A) | 1000000 | 836986 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBM US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/14/26 | 1316000 | 1306801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petrorio Luxembourg Trading Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/09/26 (A) | 650000 | 618644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tupy Overseas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/16/31 (A) | 400000 | 333404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unigel Luxembourg |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 10/01/26 (A) | 1350000 | 1343250 |

---

*The accompanying notes are an integral part of the financial statements.* 

*11* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | **GLOBAL BONDS (continued)** | **GLOBAL BONDS (continued)** |
|  | **Face Amount** | **Value** |
|  **Brazil (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Usiminas International Sarl<br>5.875%, 07/18/26 | $1050000 | $1019471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas<br>6.250%, 08/10/26 | 647000 | 669414 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP<br>3.250%, 07/01/26 (A) | 1700000 | 1527875 |
|  |  | 15656094 |
| **Burkina Faso — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining<br>5.000%, 10/14/26 (A) | 1117000 | 956487 |
|  |  | 956487 |
|  **Canada — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy<br>6.875%, 05/01/30 (A) | 345000 | 315622 |
|  **Chile — 2.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Andes<br>7.125%, USD Swap Semi 30/360 5 Yr Curr + 4.644%, 03/26/79 (B) | 634000 | 599923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Chile<br>2.700%, 01/10/25 | 680000 | 641076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celulosa Arauco y Constitucion<br>4.500%, 08/01/24 | 826000 | 813248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencosud<br>5.150%, 02/12/25 | 1818000 | 1803065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional de Telecomunicaciones<br>4.750%, 08/01/26 | 560000 | 540400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo<br>3.750%, 08/05/26 | 940000 | 880815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenbourne Invest<br>4.700%, 01/22/28 (A) | 1100000 | 857987 |
|  |  | 6136514 |
| **China — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agile Group Holdings<br>8.375% (B)(C) | 1860000 | 456232 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCBL Cayman 1 MTN<br>1.990%, 07/21/25 | 1678000 | 1536460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plaza Development<br>4.650%, 01/19/26 | 345000 | 273671 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Railway Xunjie<br>3.250%, 07/28/26 | 307000 | 292574 |

---

*The accompanying notes are an integral part of the financial statements.* 

*12* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China SCE Group Holdings<br>7.375%, 04/09/24 | $500000 | $226250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinalco Capital Holdings<br>2.125%, 06/03/26 | 567000 | 512993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% (B)(C) | 1223000 | 1189181 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFI Holdings Group<br>5.950%, 10/20/25 | 311000 | 79886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/16/25 | 622000 | 160345 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNAC HK Finbridge<br>2.000%, 09/22/25 | 620000 | 560294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 06/19/24 | 1000000 | 970100 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNPC Global Capital<br>1.350%, 06/23/25 | 700000 | 640699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Ruiding Development<br>1.875%, 09/17/25 | 666000 | 599337 |
| &nbsp;&nbsp;&nbsp;&nbsp; COSL Singapore Capital<br>1.875%, 06/24/25 | 700000 | 645942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Country Garden Holdings<br>3.125%, 10/22/25 | 625000 | 380375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/17/25 | 634000 | 424666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/14/27 | 311000 | 177899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 12/15/26 | 309000 | 182588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/08/24 | 622000 | 467021 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Clean Energy International Investment<br>3.375%, 05/12/26 (A) | 1650000 | 1439388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far East Horizon MTN<br>2.625%, 03/03/24 | 200000 | 181498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Star BVI<br>5.000%, 05/18/26 | 400000 | 270280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings<br>4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.449% (B)(C) | 328000 | 297015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huarong Finance II MTN<br>5.500%, 01/16/25 | 3183000 | 3008143 |
| &nbsp;&nbsp;&nbsp;&nbsp; KWG Group Holdings<br>7.875%, 08/30/24 | 841000 | 395270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerlong Real Estate Holdings<br>5.950%, 04/30/25 | 336000 | 95874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus<br>3.257%, 01/19/27 | 1321000 | 1182540 |

---

*The accompanying notes are an integral part of the financial statements.* 

*13* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RKPF Overseas 2020 A<br>5.125%, 07/26/26 | $621000 | $440910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Electric Group Global Investment<br>2.650%, 11/21/24 | 632000 | 589163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimao Group Holdings<br>5.200%, 01/16/27 | 311000 | 55980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/15/26 | 309000 | 56387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/21/24 | 312000 | 57373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino-Ocean Land Treasure Finance I<br>6.000%, 07/30/24 | 248000 | 158720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino-Ocean Land Treasure IV<br>3.250%, 05/05/26 | 370000 | 193080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunac China Holdings<br>6.500%, 07/09/23 | 305000 | 65399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/01/24 | 1392000 | 298478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 10/11/23 (D) | 1068000 | 229004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Times China Holdings<br>5.750%, 01/14/27 | 667000 | 107633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 03/02/23 | 309000 | 71225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weibo<br>3.500%, 07/05/24 | 400000 | 387618 |
| &nbsp;&nbsp;&nbsp;&nbsp; West China Cement<br>4.950%, 07/08/26 | 316000 | 263939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yili Holding Investment<br>1.625%, 11/19/25 | 350000 | 313635 |
|  |  | 19935065 |
| **Colombia — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Bogota<br>6.250%, 05/12/26 | 417000 | 408660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancolombia<br>3.000%, 01/29/25 | 673000 | 636958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canacol Energy<br>5.750%, 11/24/28 (A) | 1250000 | 1103750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol<br>5.875%, 09/18/23 | 314000 | 311649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/30 | 1672000 | 1515807 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnfraGen Energia Sur<br>5.375%, 12/30/30 | 2350000 | 1645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo de Inversiones Suramericana<br>5.500%, 04/29/26 | 730000 | 704450 |

---

*The accompanying notes are an integral part of the financial statements.* 

*14* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Colombia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SURA Asset Management<br>4.875%, 04/17/24 | $358000 | $356769 |
|  |  | 6683043 |
|  **Congo — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HTA Group<br>7.000%, 12/18/25 (A) | 1500000 | 1380000 |
|  **Egypt — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energean<br>6.500%, 04/30/27 (A) | 600000 | 553889 |
|  **Ghana — 0.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy<br>7.500%, 03/01/28 (A) | 1300000 | 1042380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 05/01/27 (A) | 200000 | 166761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tullow Oil<br>10.250%, 05/15/26 (A) | 610000 | 489220 |
|  |  | 1698361 |
| **Guatemala — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central American Bottling<br>5.250%, 04/27/29 | 1029000 | 959254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Energy Resources<br>6.250%, 04/26/29 (A) | 300000 | 286650 |
|  |  | 1245904 |
| **Hong Kong — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Capital No. 4<br>3.000%, 07/14/26 | 200000 | 184161 |
| **India — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABJA Investment Pte<br>5.950%, 07/31/24 | 1074000 | 1070134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Green Energy<br>4.375%, 09/08/24 (A) | 800000 | 724000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Green Energy UP<br>6.250%, 12/10/24 | 462000 | 449064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone<br>3.375%, 07/24/24 | 364000 | 346055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 08/04/27 | 400000 | 351612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Transmission Step-One<br>4.000%, 08/03/26 | 309000 | 275964 |

---

*The accompanying notes are an integral part of the financial statements.* 

*15* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **India (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Bank MTN<br>4.100%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.315% (A)(B)(C) | $800000 | $687376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel<br>4.375%, 06/10/25 | 747000 | 726275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel International Netherlands BV<br>5.350%, 05/20/24 | 620000 | 616547 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPRL International Singapore Pte MTN<br>4.375%, 01/18/27 | 728000 | 684727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte<br>4.250%, 03/25/27 (A) | 334250 | 289293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delhi International Airport<br>6.125%, 10/31/26 | 319000 | 306219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Solar Mauritius<br>5.550%, 01/29/25 | 450000 | 422100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 07/29/26 | 338000 | 307073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius<br>5.500%, 04/06/25 (A) | 1000000 | 933902 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank MTN<br>4.000%, 03/18/26 | 765000 | 727512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Oil<br>4.750%, 01/16/24 | 666000 | 660339 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Steel<br>5.950%, 04/18/24 | 554000 | 548460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Holdings<br>5.375%, 10/31/26 (A) | 300000 | 273369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance MTN<br>4.400%, 09/02/23 (A) | 360000 | 352872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Network i2i<br>3.975%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.390% (A)(B)(C) | 1100000 | 957000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC MTN<br>4.250%, 02/26/26 | 764000 | 735539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Periama Holdings<br>5.950%, 04/19/26 | 1515000 | 1409798 |
| &nbsp;&nbsp;&nbsp;&nbsp; REC<br>3.500%, 12/12/24 | 715000 | 684791 |
| &nbsp;&nbsp;&nbsp;&nbsp; REC MTN<br>2.250%, 09/01/26 | 700000 | 616982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries<br>4.125%, 01/28/25 | 1680000 | 1631617 |

---

*The accompanying notes are an integral part of the financial statements.* 

*16* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 <br>|

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **India (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance MTN<br>4.400%, 03/13/24 | $1787000 | $1719309 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India<br>4.375%, 01/24/24 | 110000 | 108593 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India MTN<br>1.800%, 07/13/26 | 620000 | 547764 |
|  |  | 19164286 |
| **Indonesia — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero MTN<br>3.750%, 04/11/24 | 362000 | 353938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/13/25 | 300000 | 293217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero<br>4.300%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.466% (B)(C) | 1800000 | 1390846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero<br>3.950%, 03/28/24 | 644000 | 631564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cikarang Listrindo<br>4.950%, 09/14/26 | 950000 | 885674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medco Bell Pte<br>6.375%, 01/30/27 | 550000 | 495931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medco Oak Tree Pte<br>7.375%, 05/14/26 | 691000 | 656734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pelabuhan Indonesia Persero<br>4.250%, 05/05/25 | 1996000 | 1923645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pertamina Persero<br>1.400%, 02/09/26 | 1285000 | 1145091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pertamina Persero MTN<br>3.650%, 07/30/29 | 1230000 | 1125592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Gas Negara<br>5.125%, 05/16/24 | 710000 | 703617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III<br>4.150%, 03/29/27 | 647000 | 634060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.325%, 05/28/25 | 250000 | 250625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 06/06/27 (A) | 2000000 | 1977752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero Perusahaan Listrik Negara<br>3.875%, 07/17/29  | 1022000 | 905561 |
|  |  | 13373847 |

---

*The accompanying notes are an integral part of the financial statements.* 

*17* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Israel — 3.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energean Israel Finance<br>4.500%, 03/30/24 (A) | $1648000 | $1590320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/30/26 (A) | 350000 | 323015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric<br>5.000%, 11/12/24 (A) | 3973000 | 3928304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leviathan Bond<br>6.125%, 06/30/25 (A) | 636026 | 621715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/30/27 (A) | 620000 | 599912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV<br>3.150%, 10/01/26 | 2416000 | 2112792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 01/31/25 | 633000 | 629449 |
|  |  | 9805507 |
|  **Jordan — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Finance USA<br>3.250%, 07/09/25 | 1299000 | 1204641 |
|  **Kazakhstan — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KazMunayGas National JSC<br>4.750%, 04/24/25 | 631000 | 610494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/19/27 (A) | 316000 | 291036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nostrum Oil & Gas Finance BV<br>8.000%, 07/25/22 | 212000 | 55118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tengizchevroil Finance International<br>2.625%, 08/15/25 (A) | 900000 | 770409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/26 | 981000 | 837578 |
|  |  | 2564635 |
|  **Kuwait — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait Projects SPC MTN<br>4.500%, 02/23/27 | 868000 | 725943 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEGlobal Canada ULC MTN<br>5.000%, 05/18/25 (A) | 1800000 | 1767600 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBK SPC<br>1.625%, US SOFR + 1.050%, 09/15/27 (B) | 1750000 | 1536500 |
|  |  | 4030043 |
|  **Macao — 0.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China<br>3.750%, 08/08/31 | 1641000 | 1291296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/08/26 | 1053000 | 971699 |
|  |  | 2262995 |

---

*The accompanying notes are an integral part of the financial statements.* 

*18* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Malaysia — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axiata SPV2 MTN<br>4.357%, 03/24/26 | $819000 | $798378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Misc Capital Two Labuan MTN<br>3.625%, 04/06/25 (A) | 1000000 | 951220 |
| &nbsp;&nbsp;&nbsp;&nbsp; TNB Global Ventures Capital MTN<br>3.244%, 10/19/26 | 636000 | 588815 |
|  |  | 2338413 |
|  **Mexico — 5.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa<br>5.250%, 03/25/24 | 354000 | 351345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alsea<br>7.750%, 12/14/26 (A) | 1000000 | 991800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa<br>4.125%, 06/06/24<br>4.375%, 04/11/27 | 626000<br>1122000 | 611132<br>1057485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand<br>5.375%, 04/17/25 | 1112000 | 1100324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex<br>5.450%, 11/19/29<br>7.375%, 06/05/27 (A) | 1039000<br>700000 | 998583<br>718375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comision Federal de Electricidad<br>4.750%, 02/23/27 | 1506000 | 1404345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Bimbo<br>5.950%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.280% (B)(C) | 708000 | 703051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbia Advance<br>1.875%, 05/11/26 | 310000 | 267762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos<br>3.500%, 01/30/23 | 1184000 | 1178080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/13/27 | 673000 | 614058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 01/28/60 | 701000 | 442962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.690%, 01/23/50 | 4833000 | 3344508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Alimentos<br>4.125%, 05/02/26 | 767000 | 726736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper<br>3.875%, 04/23/25 | 816000 | 787392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Play Telecomunicaciones<br>7.500%, 11/12/25 | 660000 | 579810 |

---

*The accompanying notes are an integral part of the financial statements.* 

*19* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Mexico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust Fibra Uno<br>5.250%, 01/30/26 | $600000 | $579000 |
|  |  | 16456748 |
|  **Nigeria — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Access Bank MTN<br>6.125%, 09/21/26 (A) | 300000 | 230130 |
|  **Oman — 1.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OmGrid Funding<br>5.196%, 05/16/27 | 1546000 | 1480604 |
| &nbsp;&nbsp;&nbsp;&nbsp; OQ SAOC MTN<br>5.125%, 05/06/28 (A) | 400000 | 378461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oztel Holdings SPC<br>5.625%, 10/24/23 | 785000 | 779189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/24/28 | 288000 | 288015 |
|  |  | 2926269 |
|  **Panama — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco General<br>4.125%, 08/07/27 | 110000 | 104500 |
|  **Paraguay — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Celular del Paraguay<br>5.875%, 04/15/27 | 335000 | 324280 |
|  **Peru — 1.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito del Peru S.A.<br>2.700%, 01/11/25 | 636000 | 601021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito del Peru S.A. MTN<br>3.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.450%, 09/30/31 (B) | 690000 | 606651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura SAA<br>5.500%, 07/23/26 | 317000 | 275069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp<br>2.750%, 06/17/25 | 1631000 | 1526047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volcan Cia Minera SAA<br>4.375%, 02/11/26 | 530000 | 457103 |
|  |  | 3465891 |
|  **Philippines — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands MTN<br>4.250%, 09/04/23 | 379000 | 374604 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank MTN<br>2.125%, 01/13/26 | 310000 | 280728 |

---

*The accompanying notes are an integral part of the financial statements.* 

*20* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Philippines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petron<br>5.950% (B)(C) | $316000 | $268284 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Global Power Holdings<br>7.000% (B)(C) | 632000 | 477160 |
|  |  | 1400776 |
|  **Qatar — 2.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABQ Finance MTN<br>1.875%, 09/08/25 | 1353000 | 1230050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 09/24/24 | 212000 | 203139 |
| &nbsp;&nbsp;&nbsp;&nbsp; AKCB Finance<br>4.750%, 10/09/23 | 1061000 | 1050687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doha Finance MTN<br>2.375%, 03/31/26 | 1247000 | 1117998 |
| &nbsp;&nbsp;&nbsp;&nbsp; MAR Sukuk<br>2.210%, 09/02/25 | 310000 | 286378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.025%, 11/13/24 | 289000 | 277440 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIB Sukuk<br>1.950%, 10/27/25 | 1116000 | 1015560 |
| &nbsp;&nbsp;&nbsp;&nbsp; QNB Finance MTN<br>2.750%, 02/12/27 | 1833000 | 1682511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/28/24 | 1217000 | 1189831 |
|  |  | 8053594 |
|  **Saudi Arabia — 3.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Almarai Sukuk<br>4.311%, 03/05/24 | 213000 | 209883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank<br>3.326%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.974%, 10/28/30 (B) | 316000 | 296693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dar Al-Arkan Sukuk<br>6.750%, 02/15/25 | 672000 | 650133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Sukuk<br>0.946%, 06/17/24 (A) | 300000 | 281880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.602%, 06/17/26 (A) | 300000 | 267754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riyad Sukuk<br>3.174%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.791%, 02/25/30 (B) | 644000 | 607782 |
| &nbsp;&nbsp;&nbsp;&nbsp; SABIC Capital II BV<br>4.000%, 10/10/23 | 700000 | 692860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil<br>1.250%, 11/24/23 (A) | 350000 | 336442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/24/25 (A) | 1700000 | 1548384 |

---

*The accompanying notes are an integral part of the financial statements.* 

*21* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 <br>|

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
| **Saudi Arabia (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity Global Sukuk 3 4.000%, 04/08/24 | $1362000 | $1340197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity Global Sukuk 5 1.740%, 09/17/25 | 1915000 | 1761080 |
| &nbsp;&nbsp;&nbsp;&nbsp; SNB Funding<br>2.750%, 10/02/24 | 1774000 | 1694000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 01/29/27 | 310000 | 286575 |
|  |  | 9973663 |
|  **Singapore — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation MTN<br>5.849%, ICE LIBOR USD 3 Month + 1.125%, 09/26/23 (B) | 110000 | 109787 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation USA MTN<br>1.625%, 04/29/24 (A) | 200000 | 189596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma International Financing<br>5.125%, 10/06/24 | 1979000 | 1843953 |
|  |  | 2143336 |
|  **South Africa — 2.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital<br>3.625%, 09/11/24 (A) | 690000 | 667880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/10/27 (A) | 1363000 | 1318332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group UK<br>3.625%, 09/23/26 | 316000 | 283610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eskom Holdings SOC<br>4.314%, 07/23/27 | 690000 | 600300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/11/25 | 338000 | 306877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eskom Holdings SOC MTN<br>6.350%, 08/10/28 | 315000 | 290587 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstRand Bank<br>6.250%, USD Swap Semi 30/360 5 Yr Curr +3.561%, 04/23/28 (B) | 428000 | 423078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquid Telecommunications Financing<br>5.500%, 09/04/26 (A) | 400000 | 286000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauritius Investments<br>6.500%, 10/13/26 | 954000 | 951741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA<br>5.875%, 03/27/24 | 1273000 | 1244472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/27/28 | 628000 | 568964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Mining<br>4.000%, 11/16/26 (A) | 1317000 | 1155667 |
|  |  | 8097508 |

---

*The accompanying notes are an integral part of the financial statements.* 

*22* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
| **South Korea — 4.7%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/30/27 | $300000 | $279295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital Services MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 02/08/26 | 810000 | 704092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 05/04/25 (A) | 1500000 | 1386207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.639% (B)(C) | 726000 | 678642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea East-West Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 05/06/25 (A) | 1100000 | 1015193 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/29/26 | 310000 | 274052 |
| &nbsp;&nbsp;&nbsp;&nbsp; NongHyup Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 07/20/25 | 620000 | 560490 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/15/24 | 361000 | 347093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/04/25 | 1060000 | 1026755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/24/26 | 1543000 | 1441184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.064% (B)(C) | 1800000 | 1526400 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Battery America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 01/26/26 | 1295000 | 1112894 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 01/19/24 (A) | 700000 | 665027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/19/26 (A) | 2000000 | 1735080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/17/24 | 500000 | 471562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Bank MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.664% (B)(C) | 723000 | 678897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/30/24 | 474000 | 466326 |
|  |  | 14369189 |
|  **Supranational** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa Finance MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/17/26 | 687000 | 643444 |
| &nbsp;&nbsp;&nbsp;&nbsp; African Export-Import Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.634%, 05/17/26 (A) | 986000 | 887400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/22/31 (A) | 1400000 | 1189440 |

---

*The accompanying notes are an integral part of the financial statements.* 

*23* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Supranational (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central American Bank for Economic Integration<br>2.000%, 05/06/25 (A) | $1800000 | $1679075 |
|  |  | 4399359 |
|  **Taiwan — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Formosa Group Cayman<br>3.375%, 04/22/25 | 316000 | 300091 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSMC Arizona<br>3.875%, 04/22/27 | 1000000 | 962673 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSMC Global<br>1.250%, 04/23/26 | 648000 | 581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/22/27 (A) | 1000000 | 981563 |
|  |  | 2825586 |
|  **Thailand — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank MTN<br>4.050%, 03/19/24 | 110000 | 108396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.729% (A)(B)(C) | 1700000 | 1610745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank MTN<br>3.343%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.700%, 10/02/31 (B) | 942000 | 827240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siam Commercial Bank MTN<br>4.400%, 02/11/29 | 328000 | 313063 |
|  |  | 2859444 |
|  **Turkey — 1.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akbank<br>6.800%, 02/06/26 | 688000 | 663213 |
| &nbsp;&nbsp;&nbsp;&nbsp; KOC Holding<br>6.500%, 03/11/25 | 300000 | 296172 |
| &nbsp;&nbsp;&nbsp;&nbsp; QNB Finansbank<br>6.875%, 09/07/24 | 361000 | 367949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Telekomunikasyon<br>4.875%, 06/19/24 | 213000 | 199560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/28/25 | 730000 | 687353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri<br>5.750%, 10/15/25 | 655000 | 614613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Vakiflar Bankasi TAO<br>6.500%, 01/08/26 | 309000 | 291115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi MTN<br>5.850%, 06/21/24 | 681000 | 667938 |
|  |  | 3787913 |

---

*The accompanying notes are an integral part of the financial statements.* 

*24* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Ukraine — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ukraine Railways Via Rail Capital Markets<br>8.250%, 07/09/24 | $652000 | $119968 |
| **United Arab Emirates — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi National Energy PJSC MTN<br>3.875%, 05/06/24 | 722000 | 710267 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOS Funding MTN<br>4.000%, 09/18/24 | 310000 | 294977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Bank of Dubai PSC<br>6.000%, CMTUSD6Y + 5.597% (B)(C) | 460000 | 440119 |
| &nbsp;&nbsp;&nbsp;&nbsp; DAE Funding MTN<br>2.625%, 03/20/25 | 310000 | 289478 |
| &nbsp;&nbsp;&nbsp;&nbsp; DAE Sukuk Difc MTN<br>3.750%, 02/15/26 | 1765000 | 1673079 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIB Sukuk<br>2.950%, 02/20/25 | 936000 | 890982 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIB Sukuk MTN<br>2.950%, 01/16/26 | 310000 | 289370 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIFC Sukuk<br>4.325%, 11/12/24 | 545000 | 533119 |
| &nbsp;&nbsp;&nbsp;&nbsp; DP World Crescent MTN<br>3.875%, 07/18/29 | 342000 | 319295 |
| &nbsp;&nbsp;&nbsp;&nbsp; DP World Salaam<br>6.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.750% (B)(C)  | 1422000 | 1405718 |
| &nbsp;&nbsp;&nbsp;&nbsp; EI Sukuk<br>1.827%, 09/23/25 | 310000 | 283840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Sukuk MTN<br>3.635%, 09/15/26 | 637000 | 605946 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMG SUKUK<br>4.564%, 06/18/24 | 446000 | 438976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Development Bank PJSC MTN<br>1.639%, 06/15/26 | 310000 | 276172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fab Sukuk<br>2.500%, 01/21/25 | 400000 | 379360 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC<br>4.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.138% (B)(C)  | 682000 | 652726 |
| &nbsp;&nbsp;&nbsp;&nbsp; MAF Global Securities<br>4.750%, 05/07/24 | 1349000 | 1330451 |

---

*The accompanying notes are an integral part of the financial statements.* 

*25* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **United Arab Emirates (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mashreqbank PSC MTN<br>4.250%, 02/26/24 | $990000 | $969604 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDGH GMTN RSC MTN<br>2.500%, 05/21/26 | 3070000 | 2839474 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Central Cooling PJSC<br>2.500%, 10/21/27 | 626000 | 552445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakfunding Cayman MTN<br>4.125%, 04/09/24 | 400000 | 392520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharjah Sukuk Program MTN<br>3.854%, 04/03/26 | 1621000 | 1546288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shelf Drilling Holdings<br>8.875%, 11/15/24 (A) | 43000 | 42140 |
|  |  | 17156346 |
|  **United Kingdom — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays<br>4.375%, 01/12/26 | 690000 | 668399 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings<br>7.336%, US SOFR + 3.030%, 11/03/26 (B) | 1752000 | 1824807 |
|  |  | 2493206 |
|  **United States — 3.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America<br>3.841%, US SOFR + 1.110%, 04/25/25 (B) | 2608000 | 2548789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup<br>4.140%, US SOFR + 1.372%, 05/24/25 (B) | 2608000 | 2557232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex<br>4.750%, 06/15/25 | 110000 | 108113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America MTN<br>2.750%, 09/27/26 | 1772000 | 1585646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laredo Petroleum<br>10.125%, 01/15/28 | 2052000 | 2001017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN<br>4.540%, US SOFR + 1.560%, 08/15/26 (B) | 2588000 | 2537641 |
|  |  | 11338438 |
|  **Uzbekistan — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzauto Motors AJ<br>4.850%, 05/04/26 (A) | 600000 | 494232 |

---

*The accompanying notes are an integral part of the financial statements.* 

*26* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **GLOBAL BONDS (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Zambia — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals<br>6.875%, 03/01/26 | $363000 | $343769 |
|  **Total Global Bonds**<br> (Cost $250,241,430) |  | 227074685 |
| **U.S. TREASURY OBLIGATIONS — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>3.83%, 1/24/2023 (E) | $20000000 | 19955191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/16/2023 (E) | 6000000 | 5970163 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note<br>3.00%, 7/15/2025 | 14899300 | 14442427 |
|  **Total U.S. Treasury Obligations**<br> (Cost $40,799,745) |  | 40367781 |
| **SOVEREIGN DEBT — 10.4%** |  |  |
|  **Bahrain — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bahrain Government International Bond<br>7.000%, 01/26/26 | $356000 | 364481 |
|  **Colombia — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond<br>3.875%, 04/25/27 | 966000 | 854832 |
|  **Dominican Republic — 1.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic Government International Bond<br>5.500%, 01/27/25 | 1187000 | 1176520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/29/26 | 879000 | 886982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic International Bond<br>5.950%, 01/25/27 | 1380000 | 1350000 |
|  |  | 3413502 |
|  **Ecuador — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bond<br>2.500%, 07/31/23 | 1760105 | 809187 |
|  **Ghana — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ghana Government International Bond<br>8.125%, 03/26/32 | 1417000 | 503035 |

---

*The accompanying notes are an integral part of the financial statements.* 

*27* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **SOVEREIGN DEBT (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Guatemala — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala Government Bond<br>4.500%, 05/03/26 | $1380000 | $1324863 |
|  **Indonesia — 0.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond<br>4.350%, 01/08/27 | 2116000 | 2091065 |
|  **Jordan — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan Government International Bond<br>4.950%, 07/07/25 | 1500000 | 1435998 |
|  |  | 1435998 |
|  **Lebanon — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lebanon Government International Bond MTN<br>6.100%, 10/04/22 (D) | 1260000 | 72173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 06/19/20 (D) | 2770000 | 158444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 05/25/29 (D) | 1594000 | 91655 |
|  |  | 322272 |
|  **Mongolia — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia Government International Bond<br>3.500%, 07/07/27 (A) | 1000000 | 797607 |
|  **Nigeria — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria Government International Bond MTN<br>6.500%, 11/28/27 | 677000 | 544985 |
|  **Oman — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Sovereign Sukuk<br>4.397%, 06/01/24 | 356000 | 349393 |
|  **Pakistan — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan Government International Bond MTN<br>6.000%, 04/08/26 (A) | 350000 | 138250 |
|  **Papua New Guinea — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Papua New Guinea Government International Bond<br>8.375%, 10/04/28  | 727000 | 631036 |
|  **Romania — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bond<br>3.000%, 02/27/27 | 1318000 | 1166074 |

---

*The accompanying notes are an integral part of the financial statements.* 

*28* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| **SOVEREIGN DEBT (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Saudi Arabia — 1.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond MTN<br>2.900%, 10/22/25 (A) | $1000000 | $956732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/26/26 | 2246000 | 2143623 |
|  |  | 3100355 |
|  **South Africa — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond<br>5.875%, 09/16/25 | 750000 | 751080 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa Government International Bond<br>4.850%, 09/27/27 | 688000 | 651880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/14/26 | 1184000 | 1144383 |
|  |  | 2547343 |
|  **South Korea — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power<br>3.625%, 06/14/25 (A) | 1000000 | 957390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Gas<br>3.875%, 07/13/27 (A) | 1500000 | 1419615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Hydro & Nuclear Power MTN<br>1.250%, 04/27/26 | 997000 | 878588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Mine Rehabilitation & Mineral Resources MTN<br>1.750%, 04/15/26 | 1000000 | 884480 |
|  |  | 4140073 |
|  **Sri Lanka — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond<br>7.550%, 03/28/30 | 1081000 | 334115 |
|  **Trinidad & Tobago — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad & Tobago Government International Bond<br>4.500%, 08/04/26 | 308000 | 301761 |
|  **Turkey — 1.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey Government International Bond<br>9.875%, 01/15/28 | 4858000 | 5026835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi<br>5.750%, 07/06/26 | 619000 | 562306 |
|  |  | 5589141 |

---

*The accompanying notes are an integral part of the financial statements.* 

*29* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | |
|:---|:---|:---|
| **SOVEREIGN DEBT (continued)** | | |
|  |<br>**Face Amount** |<br>**Value** |
|  **Ukraine — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ukraine Government International Bond<br>7.750%, 09/01/26 | $1294000 | $265347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 09/01/28 | 619000 | 127539 |
|  |  | 392886 |
|  **Uzbekistan — 0.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond MTN<br>4.750%, 02/20/24 | 538000 | 527934 |
| **Zambia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia Government International Bond<br>8.500%, 04/14/24 | 811000 | 364950 |
|  **Total Sovereign Debt**<br> (Cost $34,881,092) |  | 32045138 |
| **COMMON STOCK — 0.1%** |  |  |
|  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Russia** — **0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yandex, Cl A \* | 28548 | 175856 |
|  Total Common Stock<br>(Cost $636,609) |  | 175856 |
| **PURCHASED OPTIONS — 0.0%\*** |  |  |
|  | **Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options<br>(Cost $286,338) | 561 | 143713 |
|  Total Investments - 97.8%<br>(Cost $326,845,214) |  | $**299807173** |
|  **Other Assets & Liabilities, Net - 10.8%** |  | **6733118** |
|  **Net Assets - 100.0%** |  | $**306540291** |

---

*The accompanying notes are an integral part of the financial statements.* 

*30* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

A list of the open exchange traded option contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value** |
|  **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** |  |  |
|  **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Inc | 500 | $116500 | $2.50 | 1/21/2023 | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq-100 | 2 | 2000000 | 10000.00 | 2/18/2023 | 32300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 6 | 2190000 | 3650.00 | 3/18/2023 | 47580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 14 | 4900000 | 3500.00 | 2/18/2023 | 33558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 8 | 2600000 | 3250.00 | 2/18/2023 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 14 | 160888 | 100.00 | 5/20/2023 | 9940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 17 | 195364 | 100.00 | 2/18/2023 | 4335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12162752 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143713 |

---

A list of the open futures contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation** |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XAE ENERGY | 14 | Mar-2023 | $1248140 | $1288560 | $40420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000<br>Index E-MINI | 11 | Mar-2023 | 968858 | 973995 | 5137 |
|  |  |  | 2216998 | 2262555 | 45557 |
|  Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 Index E-MINI | (2) | Mar-2023 | $(452325) | $(440890) | $11435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three-Month SOFR | (104) | Mar-2023 | (24846698) | (24822200) | 24498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra 10-Year U.S. Treasury Note | (8) | Mar-2023 | (954921) | (946250) | 8671 |
|  |  |  | (26253944) | (26209340) | 44604 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24036946) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23946785) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90161 |

---

*The accompanying notes are an integral part of the financial statements.* 

*31* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

A list of the open forward foreign currency contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Goldman Sachs | 01/04/23 | USD | 1035447 | BRL | 5547043 | $15179 |
|  Goldman Sachs | 01/04/23 | BRL | 3491281 | USD | 668932 | 7673 |
|  Goldman Sachs | 01/04/23 | BRL | 1939414 | USD | 366515 | (816) |
|  Goldman Sachs | 01/05/23 | USD | 3357108 | ZAR | 60386600 | 196537 |
|  Goldman Sachs | 01/05/23 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60386600 | USD | 3412790 | (140855) |
|  JPMorgan Chase Bank | 01/18/23 - 01/30/23 | USD | 2831477 | EGP | 69951512 | (122192) |
|  JPMorgan Chase Bank | 01/18/23 - 01/30/23 | EGP | 63495963 | USD | 2831477 | 371896 |
|  JPMorgan Chase Bank | 01/20/23 | EUR | 3147304 | USD | 3354206 | (18746) |
|  JPMorgan Chase Bank | 01/27/23 | USD | 3355990 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443193120 | 31817 |
|  Morgan Stanley | 01/20/23 | USD | 696885 | CNH | 4952600 | 19684 |
|  Morgan Stanley | 01/20/23 | USD | 3347086 | EUR | 3147304 | 25866 |
|  Morgan Stanley | 01/20/23 | CNH | 4952600 | USD | 689073 | (27496) |
|  |  |  |  |  |  | $358547 |

---

A list of the open centrally cleared swap agreements held by the Fund at December 31, 2022, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** | **Credit Default Swaps – Buy Protection** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference<br> Entity/Obligation | (Pays)/<br> Receives<br> Rate | Payment<br> Frequency | Termination<br> Date | Notional<br> Amount | Value | Upfront<br> Payments/<br> Receipts | Unrealized<br> Depreciation |
|  MARKIT CDX.EM.38 12/27 IC | 1.00% | Quarterly | 12/20/2027 | 1659000 | $96929 | $122775 | $(25846) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Fund Pays | Fund<br>Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br>Amount | Value | Upfront<br>Payments/<br>Receipts | Unrealized<br>Appreciation<br>(Depreciation) |
|  SOFR<br> COMPOUND | USD @<br>2.77745% | Annually | 07/25/2042 | USD | 4485000 | $(389552) | $– | $(389552) |
|  USD @ 2.57945% | SOFR | Annually | 07/25/2052 | USD | 3346500 | 363200 |  | 363200 |
|  SOFRRATE USD @ | 3.14665% | Annually | 09/20/2042 | USD | 4761000 | (165911) |  | (165911) |
|  USD @ 2.92801% | SOFRRATE | Annually | 09/20/2052 | USD | 3588000 | 153575 |  | 153575 |
|  BZDIOVRA Index | 13.13% | Monthly | 01/02/2029 | USD | 15799425 | 74973 |  | 74973 |
|  |  |  |  |  |  | $36285 | $– | $36285 |

---

\* Non-Income producing security.

*The accompanying notes are an integral part of the financial statements.* 

*32* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

(A) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in transaction
exempt from registration to qualified institutional buyers. On December 31, 2022, the value of these securities amounted to $61,772,930 or 20.2% of Net Assets of the Fund.

(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) Perpetual security with no stated maturity date.

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

(E) Interest rate represents the security's effective yield at the time of purchase.

The following table summarizes the inputs used as of December 31, 2022, in valuing the Fund's investments and other financial instruments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Global Bonds | $– | $227074685 | $– | $227074685 |
| &nbsp;&nbsp; U.S. Treasury Obligations |  | 40367781 |  | 40367781 |
| &nbsp;&nbsp; Sovereign Debt |  | 32045138 |  | 32045138 |
| &nbsp;&nbsp; Common Stock |  | 175856 |  | 175856 |
| &nbsp;&nbsp; Purchased Options | 133773 | 9940 |  | 143713 |
| &nbsp;&nbsp; Total Investments in Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133773 | $&nbsp;&nbsp;&nbsp;&nbsp;299673400 | $&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;– | $&nbsp;&nbsp;&nbsp;&nbsp;299807173 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation | $90161 | $– | $– | $90161 |
| &nbsp;&nbsp; Forwards Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation |  | 668652 |  | 668652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (310105) |  | (310105) |
| &nbsp;&nbsp; Centrally Cleared Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (25846) |  | (25846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation |  | 591748 |  | 591748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (555463) |  | (555463) |
| Total Other Financial Instruments | $90161 | $368986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $459147 |

---

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

Amounts designated as "— " are $0.

See "Glossary" for abbreviations.

*The accompanying notes are an integral part of the financial statements.* 

*33* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022  |

---

------

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.* 

*34* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**SECTOR WEIGHTING (Unaudited)†:**

![LOGO](g453373g55h37.jpg)

*† Percentages based on total investments. Total investments exclude options, futures contracts, forward contracts, and swap contracts, if applicable.* 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 51.4%** | | |
|  |<br>**Shares** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **China — 2.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance ADR \* | &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;57773 | $462184 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com ADR | 18313 | 1027908 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group ADR\* | 20518 | 714437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinduoduo ADR \* | 5625 | 458719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 3.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom | 257015 | 5127700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — 2.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group ADR | 43719 | 3334885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero \* | 8089 | 387743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hemnet Group | 32252 | 388204 |

---

*The accompanying notes are an integral part of the financial statements.* 

*35* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | | |
|  |<br>**Shares** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Motion Technology ADR | &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;6630 | $430884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 9195 | 684935 |
|  |  | 1115819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — 1.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde | 4853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States — 40.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard | 52131 | 3990628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com \* | 30200 | 2536800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon, Cl A | 12175 | 3654204 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 9604 | 1615009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Cl A | 11595 | 2687141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree \* | 4812 | 680610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan | 25861 | 982718 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics \* | 22703 | 969191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Cl A | 2250 | 460665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil | 67918 | 1838540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials | 5755 | 1945017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Cl A \* | 15550 | 1871287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 14511 | 3480028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions | 318964 | 2915331 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO \* | 88176 | 1516627 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 7322 | 2452431 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A , REIT | 4804 | 1346609 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow \* | 6995 | 2715949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment \* | 13033 | 303017 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US \* | 41016 | 5742240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions \* | 43058 | 1369244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra | 159133 | 3691886 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings, Cl A \* | 112791 | 5094770 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO \* | 17570 | 584905 |
|  |  | 54444847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock**<br> (Cost $67,021,951) |  | 69049221 |

---

*The accompanying notes are an integral part of the financial statements.* 

*36* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 35.5%** | | | |
|  | **Face Amount** | **Face Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 2/16/2023 (A) | $| 37000000 | $36816002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/21/2023 (A) |  | 11000000 | 10900552 |
| **Total U.S. Treasury Obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,709,257) |  |  | 47716554 |
| **REGISTERED INVESTMENT COMPANIES — 3.1%** | **REGISTERED INVESTMENT COMPANIES — 3.1%** | **REGISTERED INVESTMENT COMPANIES — 3.1%** |  |
|  | **Shares** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco S&P 500 Low Volatility ETF |  | 45195 | 2887961 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust |  | &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;3284 | 1255900 |
| **Total Registered Investment Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,196,685) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143861 |
| **WARRANTS — 0.2%** |  |  |  |
|  | **Number of** | **Number of** |  |
|  | **Warrants** | **Warrants** |  |
| **United States — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Holdings, Expires 11/08/2024\* |  | 76161 | 46130 |
| &nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies, Expires 03/20/2026\* |  | 93268 | 268612 |
|  |  |  | 314742 |
| **Total Warrants** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $941,135) |  |  | 314742 |
| **PURCHASED OPTIONS — 0.1%\*** |  |  |  |
|  | **Contracts** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $165,354) |  | 1122 | 128043 |
| **Total Investments - 90.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $120,034,382) |  |  | $**121352421** |
| **WRITTEN OPTIONS — 0.0%\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Written Options |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Proceeds $42,199) |  | (29) | $(28890) |
|  **Other Assets & Liabilities, Net - 9.7%** |  |  | **13137589** |
|  **Net Assets - 100.0%** |  |  | $**134461120** |

---

*The accompanying notes are an integral part of the financial statements.* 

*37* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

A list of the open exchange traded option contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Value** |
|  **PURCHASED OPTIONS — 0.1%** | **PURCHASED OPTIONS — 0.1%** |  |  |  |  |
| **Put Options** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq-100<sup>®</sup> Index Options | 5 | $5370000 | $10740.00 | &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;1/06/2023 | $33700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 24 | 8964000 | 3735.00 | 1/13/2023 | 82320 |
|  |  | 14334000 |  |  | 116020 |
| **Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp | 1093 | 2535760 | 25.00 | 1/20/2023 | 12023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options | $16869760 |  |  | $128043 |
|  **WRITTEN OPTIONS — 0.0%** | **WRITTEN OPTIONS — 0.0%** |  |  |  |  |
| **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq-100<sup>®</sup> Index Options | (5) | $(5200000) | 10400.00 | 01/06/23 | $(8250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | (24) | (8688000) | 3620.00 | 01/13/23 | (20640) |
|  |  | (13888000) |  |  | (28890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13888000) |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28890) |

---

A list of the open futures contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized** <br> **Depreciation**  |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 | 88 | Mar-2023 | $3650770 | $3565442 | $(88584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index | 19 | Mar-2023 | 1769620 | 1714952 | (6706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Index | 12 | Jan-2023 | 1542269 | 1530853 | (11416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 Index E-MINI | 4 | Mar-2023 | 895971 | 881780 | (14191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index | 12 | Mar-2023 | 2446233 | 2384639 | (152378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index | 16 | Mar-2023 | 2214467 | 2061600 | (152867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index E-MINI | 17 | Mar-2023 | 1570986 | 1505265 | (65721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index E-MINI | 42 | Mar-2023 | 8380850 | 8108100 | (272750) |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22471166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21752631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764613) |

---

A list of the open forward foreign currency contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** <br> **Appreciation/** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
|  JPMorgan Chase Bank | 03/15/23 | USD | 1459286 | JPY | 190000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 |

---

*The accompanying notes are an integral part of the financial statements.* 

*38* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** <br> **Appreciation/** <br> **(Depreciation)**  |
|  Morgan Stanley | 03/15/23 | USD | 633927 | TWD | 19000000 | $(11070) |
|  Morgan Stanley | 03/15/23 | USD | 2460753 | EUR | 2300000 | 13219 |
|  Morgan Stanley | 03/15/23 | EUR | 9800000 | USD | 10455959 | (85313) |
|  Morgan Stanley | 03/15/23 | HKD | 15000000 | USD | 1926002 | 1701 |
|  Morgan Stanley | 03/15/23 | JPY | 450000000 | USD | 3333980 | (127508) |
|  |  |  |  |  |  | $(206740) |

---

A list of the open OTC swap agreements held by the Fund at December 31, 2022, 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;Counterparty | Reference<br> Entity/<br> Obligation | Fund Pays | Fund Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br>Amount | Value | Upfront<br>Payments/<br> Receipts | Unrealized<br>Appreciation<br> (Depreciation) |
|  Bank of America | ACER INC | 6005850 | 1-DAY SOFR | Annually | 06/14/2024 | USD | 611168 | $(12824) | $– | $(12824) |
|  Goldman Sachs | Airbus | EUR-EURIBOR-<br>Telerate | 4012250 | Annually | 10/03/2024 | EUR | 2915180 | 27107 |  | 27107 |
|  Barclays | CAL-MAINE<br>FOODS INC | 128030202 | 1-DAY SOFR | Annually | 12/30/2024 | USD | 138318 | 2792 |  | 2792 |
|  Morgan Stanley | COMPASS<br>GROUP PLC | SONIA-1-DAY | BD6K457 | Annually | 01/22/2024 | GBP | 1635461 | 107513 |  | 107513 |
|  Morgan Stanley | Energy<br>Transfer LP | FEDEF-1D | 29273V100 | Annually | 02/07/2024 | USD | 3045740 | 79477 |  | 79477 |
|  Goldman Sachs | Flutter<br>Entertainment | 1-Month GBP-<br>LIBOR-BBA | BWXC0Z1 | Annually | 06/02/2025 | GBP | 870243 | (138443) |  | (138443) |
|  JPMorgan Chase | GLENCORE<br>PLC | B4T3BW6 | 1-Day SONIA | Annually | 05/16/2024 | GBP | 1065321 | 149606 |  | 149606 |
|  Bank of America | MITSUI OSK<br>LINES LT | 6597584 | 1-DAY TONAR | Annually | 06/14/2024 | JPY | 158760598 | (53903) |  | (53903) |
|  Morgan Stanley | MSAIBNK1<br>^^^ | MSAIBNK1 | 1-Month LIBOR | Annually | 08/16/2023 | USD | 1192898 | (240161) |  | (240161) |
|  Morgan Stanley | MSAIFINL ^^ | MSAIFINL | 1-Month LIBOR | Annually | 08/16/2023 | USD | 3024820 | (312526) |  | (312526) |
|  Morgan Stanley | MSCI ACWI † | M1CXADB | 1-Month LIBOR | Annually | 10/03/2023 | USD | 12286116 | (1394918) |  | (1394918) |
|  Bank of America | NIPPON<br>YUSEN KK | 6643960 | 1-DAY TONAR | Annually | 09/30/2024 | JPY | 126252859 | (52358) |  | (52358) |
|  Goldman Sachs | OLD<br>DOMINION<br>FREIGHT | 679580100 | 1-DAY SOFR | Annually | 08/14/2024 | USD | 2185419 | 45363 |  | 45363 |
|  Bank of America  | RIO TINTO<br>LTD | 1-Month BBR | 6220103 | Annually | 11/18/2024 | AUD | 2713538 | 139487 |  | 139487 |
|  Goldman Sachs | SAIA INC | 78709Y105 | 1-DAY SOFR | Annually | 11/19/2024 | USD | 524657 | 93451 |  | 93451 |
|  Morgan Stanley | Shell PLC | SONIA-1D | BP6MXD8 | Annually | 01/22/2024 | GBP | 634720 | 148462 |  | 148462 |
|  Morgan Stanley | SHELL PLC | SONIA-1-DAY | BP6MXD8 | Annually | 01/22/2024 | GBP | 78913 | 8294 |  | 8294 |
|  Bank of America | SNOW PEAK<br>INC | BSLVC23 | 1-DAY TONAR | Annually | 04/15/2024 | JPY | 101478186 | 90612 |  | 90612 |
|  Morgan Stanley | STXE 600<br>Banks | STXE 600<br>Banks | 1-Month<br>EURIBOR | Annually | 09/29/2023 | EUR | 808824 | 3582 |  | 3582 |
|  JPMorgan Chase | THULE<br>GROUP AB/<br>THE | SQXJ01 | SEK_STIBOR_<br>ON_ACT/360_<br>BBA | Annually | 11/22/2024 | SEK | 3792622 | 104867 | – | 104867 |

---

*The accompanying notes are an integral part of the financial statements.* 

*39* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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;Counterparty | Reference<br> Entity/<br> Obligation | Fund Pays | Fund Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br>Amount | Value | Upfront<br>Payments/<br> Receipts | Unrealized<br>Appreciation<br> (Depreciation) |
|  Goldman Sachs | T-MOBILE<br>US INC | 872590104 | BCOMEN3 | Annually | 09/05/2024 | USD | 4280498 | $(78338) | $– | $(78338) |
|  Morgan Stanley | Topix<br>Banks<br>Index ### | TPNBNK | 1-Day MUTSC | Annually | 12/25/2024 | JPY | 162584151 | 244200 |  | 244200 |
|  Morgan Stanley | Toridoll<br>Holdings<br>Company | B0WHPP8 | 1-Day MUTSC | Annually | 03/12/2024 | JPY | 126788342 | (200913) |  | (200913) |
|  Goldman Sachs | UNITED<br>PARCEL<br>SERVICE. | 911312106 | 1-DAY SOFR | Annually | 11/20/2024 | USD | 348357 | 2518 |  | 2518 |
|  Bank of America | WACKER<br>CHEMIE<br>AG | B11Y568 | EUR-EURIBOR-<br>Telerate | Annually | 07/08/2024 | EUR | 195890 | 14944 |  | 14944 |
|  Goldman Sachs | ZALANDO<br>SE | BQV0SV7 | EUR-EURIBOR-<br>Telerate | Annually | 11/19/2024 | EUR | 469948 | (7669) |  | (7669) |
|  |  |  |  |  |  |  |  | $(1229778) | $– | $(1229778) |

---

### The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at December 31, 2022:

**Equity Basket Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage**<br> **of Basket** |
|  **TPNBNK** |  |  |  |  |
| 8361 | Mitsubishi UFJ Financial Group Inc | $51295300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.55% |
| 962 | Sumitomo Mitsui Financial Group Inc | 35166952 | 52820 | 21.63% |
| 1904 | Mizuho Financial Group Inc | 24387623 | 36630 | 15.00% |
| 1681 | Resona Holdings Inc | 8389342 | 12601 | 5.16% |
| 239 | Sumitomo Mitsui Trust Holdings Inc | 7576421 | 11380 | 4.66% |
| 375 | Japan Post Bank Co Ltd | 2926515 | 4396 | 1.80% |
| 726 | Concordia Financial Group Ltd | 2747672 | 4127 | 1.69% |
| 367 | Chiba Bank Ltd/The | 2438762 | 3663 | 1.50% |
| 105 | Fukuoka Financial Group Inc | 2178628 | 3272 | 1.34% |
| 298 | Shizuoka Financial Group Inc | 2162369 | 3248 | 1.33% |
| 42 | Bank of Kyoto Ltd/The | 1690875 | 2540 | 1.04% |
| 653 | Mebuki Financial Group Inc | 1512033 | 2271 | 0.93% |
| 83 | Aozora Bank Ltd | 1479516 | 2222 | 0.91% |
| 270 | Hachijuni Bank Ltd/The | 1024280 | 1538 | 0.63% |
| 256 | Gunma Bank Ltd/The | 894213 | 1343 | 0.55% |
| 145 | Yamaguchi Financial Group Inc | 861696 | 1294 | 0.53% |
| 472 | Seven Bank Ltd | 845438 | 1270 | 0.52% |
| 172 | Hirogin Holdings Inc | 780404 | 1172 | 0.48% |
| 157 | Iyogin Holdings Inc | 780404 | 1172 | 0.48% |
| 111 | Chugin Financial Group Inc | 731629 | 1099 | 0.45% |
| 232 | Kyushu Financial Group Inc | 731629 | 1099 | 0.45% |
| 42 | 77 Bank Ltd/The | 650337 | 977 | 0.40% |
| 39 | SBI Shinsei Bank Ltd | 569045 | 855 | 0.35% |
| 84 | Hokuhoku Financial Group Inc | 569045 | 855 | 0.35% |

---

*The accompanying notes are an integral part of the financial statements.* 

*40* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage**<br> **of Basket** |
| 83 | Nishi-Nippon Financial Holdings Inc | $552786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% |
| 47 | Kiyo Bank Ltd/The | 504011 | 757 | 0.31% |
| 82 | San-In Godo Bank Ltd/The | 438977 | 659 | 0.27% |
| 21 | Daishi Hokuetsu Financial Group Inc | 406460 | 610 | 0.25% |
| 22 | Shiga Bank Ltd/The | 406460 | 610 | 0.25% |
| 200 | North Pacific Bank Ltd | 357685 | 537 | 0.22% |
| 20 | Nanto Bank Ltd/The | 357685 | 537 | 0.22% |
| 11 | Hokkoku Financial Holdings Inc | 341427 | 513 | 0.21% |
| 116 | Suruga Bank Ltd | 341427 | 513 | 0.21% |
| 17 | Juroku Financial Group Inc | 341427 | 513 | 0.21% |
| 25 | Ogaki Kyoritsu Bank Ltd/The | 325168 | 488 | 0.20% |
| 124 | Hyakugo Bank Ltd/The | 308910 | 464 | 0.19% |
| 17 | Tokyo Kiraboshi Financial Group Inc | 308910 | 464 | 0.19% |
| 169 | Senshu Ikeda Holdings Inc | 292651 | 440 | 0.18% |
| 18 | Aichi Financial Group Inc | 292651 | 440 | 0.18% |
| 19 | Awa Bank Ltd/The | 292651 | 440 | 0.18% |
| 106 | TOMONY Holdings Inc | 276393 | 415 | 0.17% |
| 61 | Keiyo Bank Ltd/The | 243876 | 366 | 0.15% |
| 16 | Procrea Holdings Inc | 243876 | 366 | 0.15% |
| 17 | Musashino Bank Ltd/The | 243876 | 366 | 0.15% |
| 13 | Okinawa Financial Group Inc | 195101 | 293 | 0.12% |
| 9 | Bank of Nagoya Ltd/The | 195101 | 293 | 0.12% |
| 30 | Bank of the Ryukyus Ltd | 178843 | 269 | 0.11% |
| 104 | Toho Bank Ltd/The | 162584 | 244 | 0.10% |
| 12 | Hyakujushi Bank Ltd/The | 162584 | 244 | 0.10% |
| 9 | Miyazaki Bank Ltd/The | 146326 | 220 | 0.09% |

---

^^^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Basket Swaps** | **Equity Basket Swaps** | **Equity Basket Swaps** | **Equity Basket Swaps** | |
| **Shares**  | **Description** | **Notional Amount** | **Value** | **Percentage<br>of Basket** |
|  **MSAIBNK1**  |  |  |  |  |
| 1688 | JPMorgan Chase & Co | $97102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% |
| 9753 | Regions Financial Corp | 90183 | (18156) | 7.56% |
| 6130 | Bank of America Corp | 87082 | (17532) | 7.30% |
| 1251 | PNC Financial Services Group Inc/The | 84696 | (17051) | 7.10% |
| 3599 | US Bancorp | 67279 | (13545) | 5.64% |
| 3896 | Citizens Financial Group Inc | 65729 | (13233) | 5.51% |

---

*The accompanying notes are an integral part of the financial statements.* 

*41* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage<br>of Basket** |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4562 | Fifth Third Bancorp | $64178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% |
| 3464 | Truist Financial Corp | 63939 | (12873) | 5.36% |
| 3518 | Wells Fargo & Co | 62269 | (12536) | 5.22% |
| 8139 | KeyCorp | 60838 | (12248) | 5.10% |
| 1004 | First Republic Bank/CA | 52488 | (10567) | 4.40% |
| 2674 | Citigroup Inc | 51891 | (10447) | 4.35% |
| 7102 | Huntington Bancshares Inc/OH | 42944 | (8646) | 3.60% |
| 665 | M&T Bank Corp | 41394 | (8334) | 3.47% |
| 1912 | Zions Bancorp NA | 40320 | (8117) | 3.38% |
| 1368 | Comerica Inc | 39246 | (7901) | 3.29% |
| 368 | SVB Financial Group | 36264 | (7301) | 3.04% |
| 781 | Popular Inc | 22188 | (4467) | 1.86% |
| 769 | East West Bancorp Inc | 21711 | (4371) | 1.82% |
| 367 | Cullen/Frost Bankers Inc | 20995 | (4227) | 1.76% |
| 635 | Commerce Bancshares Inc/MO | 18490 | (3722) | 1.55% |
| 4476 | New York Community Bancorp Inc | 16462 | (3314) | 1.38% |
| 1255 | Associated Banc-Corp | 12406 | (2498) | 1.04% |
| 758 | Synovus Financial Corp | 12168 | (2450) | 1.02% |
| 757 | BankUnited Inc | 10975 | (2209) | 0.92% |
| 2003 | Valley National Bancorp | 9662 | (1945) | 0.81% |

---

^^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at December 31, 2022:

**Equity Basket Swaps**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage<br>of Basket** |
|  **MSAIFNL**  |  |  |  |  |
| 12513 | Blackstone Inc | $115851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83% |
| 2707 | Ameriprise Financial Inc | 105264 | (10876) | 3.48% |
| 6348 | Progressive Corp/The | 102844 | (10626) | 3.40% |
| 2677 | Aon PLC | 100424 | (10376) | 3.32% |
| 13068 | Nasdaq Inc | 100122 | (10345) | 3.31% |
| 4681 | Marsh & McLennan Cos Inc | 96794 | (10001) | 3.20% |
| 2198 | Mastercard Inc | 95282 | (9845) | 3.15% |
| 2358 | Moody's Corp | 81973 | (8469) | 2.71% |
| 3065 | Visa Inc | 79553 | (8219) | 2.63% |
| 2807 | Chubb Ltd | 77435 | (8001) | 2.56% |
| 8418 | Aflac Inc | 75621 | (7813) | 2.50% |
| 7992 | MetLife Inc | 72293 | (7469) | 2.39% |
| 6891 | Charles Schwab Corp/The | 71688 | (7407) | 2.37% |
| 3877 | American Express Co | 71386 | (7376) | 2.36% |
| 1607 | Goldman Sachs Group Inc/The | 68966 | (7126) | 2.28% |
| 5304 | Intercontinental Exchange Inc | 68058 | (7032) | 2.25% |

---

*The accompanying notes are an integral part of the financial statements.* 

*42* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage<br>of Basket** |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2894 | Travelers Cos Inc/The | $67756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| 7066 | Hartford Financial Services Group Inc/The | 66849 | (6907) | 2.21% |
| 6381 | Principal Financial Group Inc | 66849 | (6907) | 2.21% |
| 3928 | Allstate Corp/The | 66546 | (6876) | 2.20% |
| 5416 | Discover Financial Services | 66244 | (6844) | 2.19% |
| 736 | BlackRock Inc | 65034 | (6719) | 2.15% |
| 3522 | JPMorgan Chase & Co | 58984 | (6094) | 1.95% |
| 20347 | Regions Financial Corp | 54749 | (5657) | 1.81% |
| 6859 | American International Group Inc | 54144 | (5594) | 1.79% |
| 12789 | Bank of America Corp | 52934 | (5469) | 1.75% |
| 2609 | PNC Financial Services Group Inc/The | 51422 | (5313) | 1.70% |
| 2450 | CME Group Inc | 51422 | (5313) | 1.70% |
| 4213 | Capital One Financial Corp | 49002 | (5063) | 1.62% |
| 7453 | Brighthouse Financial Inc | 47792 | (4938) | 1.58% |
| 11592 | Synchrony Financial | 47490 | (4907) | 1.57% |
| 11350 | Fifth Third Bancorp | 46582 | (4813) | 1.54% |
| 3391 | T Rowe Price Group Inc | 46280 | (4782) | 1.53% |
| 25489 | Huntington Bancshares Inc/OH | 44767 | (4625) | 1.48% |
| 9115 | Citizens Financial Group Inc | 44767 | (4625) | 1.48% |
| 3588 | Prudential Financial Inc | 44465 | (4594) | 1.47% |
| 14470 | Ally Financial Inc | 44162 | (4563) | 1.46% |
| 6953 | Zions Bancorp NA | 42650 | (4407) | 1.41% |
| 18837 | KeyCorp | 40835 | (4219) | 1.35% |
| 7510 | US Bancorp | 40835 | (4219) | 1.35% |
| 6987 | Bank of New York Mellon Corp/The | 39625 | (4094) | 1.31% |
| 3590 | Northern Trust Corp | 39625 | (4094) | 1.31% |
| 7228 | Truist Financial Corp | 38718 | (4000) | 1.28% |
| 7340 | Wells Fargo & Co | 37810 | (3907) | 1.25% |
| 3847 | State Street Corp | 37205 | (3844) | 1.23% |
| 11244 | Franklin Resources Inc | 36903 | (3813) | 1.22% |
| 19952 | Western Union Co/The | 34180 | (3532) | 1.13% |
| 4013 | Comerica Inc | 33576 | (3469) | 1.11% |
| 5579 | Citigroup Inc | 31458 | (3250) | 1.04% |
| 13068 | Invesco Ltd | 29341 | (3032) | 0.97% |

---

*The accompanying notes are an integral part of the financial statements.* 

*43* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022  |

---

------

†The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at December 31, 2022:

**Equity Basket Swaps**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage<br>of Basket** |
|  **MSCI ACWI**  |  |  |  |  |
| 1771 | AON PLC A | $48476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| 27323 | MINEBEA MITSUMI | 37212 | (4225) | 0.30% |
| 466038 | BANK NEGARA INDONESIA | 25179 | (2859) | 0.20% |
| 33361 | EQUATORIAL ENERGIA ON | 15566 | (1767) | 0.13% |
| 4441 | COMCAST CORP A (NEW) | 14158 | (1607) | 0.12% |
| 83962 | TINGYI HOLDING CORP (CN) | 13515 | (1534) | 0.11% |
| 139550 | AMERICA MOVIL L | 11543 | (1311) | 0.09% |
| 23447 | JBS ON | 8904 | (1011) | 0.07% |
| 7257 | ZHEJIANG SUPCON A (HK-C) | 8686 | (986) | 0.07% |
| 33371 | JIUMAOJIU INTL HLDGS | 8128 | (923) | 0.07% |
| 3385 | JOHNSON MATTHEY | 7895 | (896) | 0.06% |
| 228 | MCKESSON CORP | 7784 | (884) | 0.06% |
| 12457 | CK HUTCHISON HOLDINGS | 6817 | (774) | 0.06% |
| 9780 | BERGER PAINTS INDIA | 6266 | (711) | 0.05% |
| 8992 | RICOH CO | 6257 | (710) | 0.05% |
| 977 | NEXT | 6222 | (706) | 0.05% |
| 375 | FEDEX CORP | 5917 | (672) | 0.05% |
| 7990 | CHIBA BANK | 5312 | (603) | 0.04% |
| 395 | EXTRA SPACE STORAGE | 5305 | (602) | 0.04% |
| 10592 | POWER ASSETS HOLDINGS | 5289 | (601) | 0.04% |
| 4026 | NEWCREST MINING | 5138 | (583) | 0.04% |
| 429 | PPG INDUSTRIES | 4917 | (558) | 0.04% |
| 59735 | XINJIANG GOLDWIND SCI H | 4850 | (551) | 0.04% |
| 1530 | CEZ CESKE ENER ZAVODY | 4747 | (539) | 0.04% |
| 505 | SAP | 4734 | (537) | 0.04% |
| 147 | MASTERCARD A | 4659 | (529) | 0.04% |
| 11384 | KOC HOLDING | 4641 | (527) | 0.04% |
| 481 | TFI INTERNATIONAL | 4386 | (498) | 0.04% |
| 2980 | REPSOL | 4305 | (489) | 0.04% |
| 742 | COCA COLA (THE) | 4305 | (489) | 0.04% |
| 4470 | GOLD FIELDS | 4219 | (479) | 0.03% |
| 9406 | PETROBRAS PN | 3980 | (452) | 0.03% |
| 8129 | LENDLEASE GROUP | 3940 | (447) | 0.03% |
| 1084 | TC ENERGY CORPORATION | 3938 | (447) | 0.03% |
| 785 | PORSCHE AUTOMOBIL VZG | 3916 | (445) | 0.03% |
| 587 | ROHM CO | 3865 | (439) | 0.03% |
| 14883 | ZHEJIANG NHU CO A (HK-C) | 3677 | (417) | 0.03% |
| 8497 | ITAU UNIBANCO PN | 3668 | (416) | 0.03% |
| 174 | SNAP-ON | 3617 | (411) | 0.03% |

---

*The accompanying notes are an integral part of the financial statements.* 

*44* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage<br>of Basket** |
| &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;&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; 176 | TRACTOR SUPPLY CO | $3612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| 1721 | KLEPIERRE | 3604 | (409) | 0.03% |
| 440 | BMW STAMM | 3569 | (405) | 0.03% |
| 354 | ABBOTT LABORATORIES | 3542 | (402) | 0.03% |
| 1897 | MEDIATEK INC | 3517 | (399) | 0.03% |
| 944 | GEA GROUP | 3507 | (398) | 0.03% |
| 2045 | SIEMENS ENERGY | 3497 | (397) | 0.03% |
| 1415 | INTEL CORP | 3411 | (387) | 0.03% |
| 1595 | MAKITA CORP | 3394 | (385) | 0.03% |
| 2400 | BROTHER INDUSTRIES | 3329 | (378) | 0.03% |
| 254 | WALMART | 3286 | (373) | 0.03% |

---

\* Non-Income producing security.

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

The following table summarizes the inputs used as of December 31, 2022, in valuing the Fund's investments and other financial instruments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Common Stock | $69049221 | $– | $&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;– | $69049221 |
| &nbsp;&nbsp; U.S. Treasury Obligations Registered Investment |  | 47716554 |  | 47716554 |
| &nbsp;&nbsp; Companies | 4143861 |  |  | 4143861 |
| &nbsp;&nbsp; Warrants |  | 314742 |  | 314742 |
| &nbsp;&nbsp; Purchased Options | 128043 |  |  | 128043 |
| &nbsp;&nbsp; Total Investments in Securities  | $73321125 | $48031296 | $– | $121352421 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Written Options | $(28890) | $– | $– | $(28890) |
| &nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation | (764613) |  |  | (764613) |
| &nbsp;&nbsp; Forwards Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation |  | 17151 |  | 17151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (223891) |  | (223891) |
| &nbsp;&nbsp; OTC Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation |  | 1262275 |  | 1262275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (2492053) |  | (2492053) |
| &nbsp;&nbsp; Total Other Financial |  |  |  |  |
| &nbsp;&nbsp; Instruments | $(793503) | $(1436518) | $– | $(2230021) |

---

*The accompanying notes are an integral part of the financial statements.* 

*45* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

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

Amounts designated as "— " are $0.

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.* 

*46* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**SECTOR WEIGHTINGS (Unaudited)†:**

![LOGO](g453373g55h49.jpg)

*†* *Percentages based on total investments. Total investments exclude options, futures contracts, forward contracts, and swap contracts, if applicable.* 

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 93.3%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — 5.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Descartes Systems Group \* | 300281 | $20933179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States — 87.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services — 3.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; New York Times, Cl A | 416060 | 13505308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary — 22.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings \* | 1297591 | 9991451 |
| &nbsp;&nbsp;&nbsp; Malibu Boats, Cl A \* | 222783 | 11874334 |
| &nbsp;&nbsp;&nbsp; Skyline Champion \* | 359208 | 18502804 |
| &nbsp;&nbsp;&nbsp; Vail Resorts | 91151 | 21725841 |
| &nbsp;&nbsp;&nbsp; Xometry, Cl A \* | 312594 | 10074905 |
| &nbsp;&nbsp;&nbsp; YETI Holdings \* | 220363 | 9103195 |
|  |  | 81272530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care — 9.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; Option Care Health \* | 519585 | 15634313 |

---

*The accompanying notes are an integral part of the financial statements.* 

*47* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Progyny \* | 536353 | $16707396 |
|  |  | 32341709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials — 35.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore\* | 78990 | 8959046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings \* | 575986 | 15730177 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnPro Industries | 128982 | 14019053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal | 72954 | 3390172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions \* | 1295232 | 9338623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group \* | 577059 | 25615649 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply \* | 143962 | 16889622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex\* | 363672 | 15394236 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International \* | 128804 | 16126261 |
|  |  | 125462839 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology — 11.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Cl Rights \* | 964240 | 21174710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Cl A \* | 332167 | 18754149 |
|  |  | 39928859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials — 5.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity\* | 302442 | 21304014 |
|  |  | 313815259 |
|  **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $340,457,565) |  | 334748438 |
| **U.S. TREASURY OBLIGATIONS — 6.2%** | **U.S. TREASURY OBLIGATIONS — 6.2%** | **U.S. TREASURY OBLIGATIONS — 6.2%** |
|  | **Face Amount** |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>4.23%, 3/21/2023 (A) | $15500000 | 15359869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 2/16/2023 (A) | 7000000 | 6965189 |
|  **Total U.S. Treasury Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $22,324,073) |  | 22325058 |
|  **Total Investments - 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $362,781,638) |  | $**357073496** |
|  **Other Assets & Liabilities, Net - 0.5%** |  | **1788886** |
|  **Net Assets - 100.0%** |  | $**358862382** |

---

*The accompanying notes are an integral part of the financial statements.* 

*48* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

A list of the open futures contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Depreciation** |
|  Long Contracts Russell 2000 Index E-MINI | 200 | Mar-2023 | $18482189 | $17709000 | $(773189) |

---

A list of the open forward foreign currency contracts held by the Fund at December 31, 2022, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized<br>Depreciation** |
|  Morgan Stanley | 03/15/23 | CAD | 27100000 | USD | 19923133 | $(102484) |

---

A list of the open OTC swap agreements held by the Fund at December 31, 2022, 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** |
| Counterparty | Reference<br>Entity/<br>Obligation | Fund Pays | Fund Receives | Payment<br>Frequency | Termination<br> Date | Currency | Notional<br> Amount | Value | Upfront<br>Payments/<br>Receipts | Unrealized<br>Appreciation<br> (Depreciation) |
|  Morgan Stanley | Boot<br>Barn<br>Holdings | Boot Barn<br> Holdings<br>Inc | FEDREF-1-DAY | Annually | 05/08/2024 | USD | 1103345 | $(79088) | $– | $(79088) |
|  Morgan Stanley | RH | 1-MONTH<br>LIBOR | 74967X103 | Annually | 07/17/2024 | USD | 14168398 | (21899) |  | (21899) |
|  Morgan Stanley | Sprouts<br>Farmers<br>Market | SPROUTS<br>FARMER<br>MARKETS<br>INC | 1-MONTH<br>LIBOR | Annually | 04/12/2023 | USD | 2451764 | (355601) |  | (355601) |
|  Morgan Stanley | Sprouts<br>Farmers<br>Market | SPROUTS<br>FARMER<br>MARKETS<br>INC | 1-MONTH<br> LIBOR | Annually | 05/08/2024 | USD | 5112243 | (1097890) |  | (1097890) |
|  |  |  |  |  |  |  |  | $(1554478) | $– | $(1554478) |

---

\* Non-Income producing security.

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

The following table summarizes the inputs used as of December 31, 2022, in valuing the Fund's investments and other financial instruments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Common Stock | $334748438 | $– | $&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;– | $334748438 |
| &nbsp;&nbsp; U.S. Treasury Obligations |  | 22325058 |  | 22325058 |
|  Total Investments in Securities | $334748438 | $22325058 | $– | $357073496 |

---

*The accompanying notes are an integral part of the financial statements.* 

*49* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation | $(773189) | $– | $&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;– | $(773189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forwards Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (102484) |  | (102484) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (1554478) |  | (1554478) |
|  Total Other Financial Instruments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773189) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656962) | $&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;– | $(2430151) |

---

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

Amounts designated as "— " are $0.

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.* 

*50* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**SECTOR WEIGHTINGS (Unaudited)†:**

![LOGO](g453373g55h53.jpg)

*†* *Percentages based on total investments. Total investments exclude options, futures contracts, forward contracts, and swap contracts, if applicable.* 

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 51.9%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev | 97505 | $5873116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **China — 6.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | 34307 | 3022104 |
| &nbsp;&nbsp;&nbsp; Budweiser Brewing APAC | 1088900 | 3424850 |
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China, Cl H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595000 | 6486737 |
| &nbsp;&nbsp;&nbsp; JD.com ADR | 18148 | 1018647 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings | 28200 | 1206695 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings ADR | 53894 | 2282950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17441983 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — 1.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Novo Nordisk ADR | 28366 | 3839054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; Air Liquide | 3521 | 499021 |
| &nbsp;&nbsp;&nbsp; L'Oreal | 3569 | 1274493 |
| &nbsp;&nbsp;&nbsp; L'Oreal ADR | 24539 | 1748281 |
|  |  | 3521795 |

---

*The accompanying notes are an integral part of the financial statements.* 

*51* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 14.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; Brenntag | 80065 | $5118318 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse | 18319 | 3164973 |
| &nbsp;&nbsp;&nbsp; Fresenius & KGaA | 123170 | 3460980 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies | 58088 | 1767779 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 25323 | 8240499 |
| &nbsp;&nbsp;&nbsp; Puma | 78695 | 4776337 |
| &nbsp;&nbsp;&nbsp; SAP | 49279 | 5084622 |
| &nbsp;&nbsp;&nbsp; SAP ADR | 6589 | 679919 |
| &nbsp;&nbsp;&nbsp; Siemens | 38151 | 5294315 |
|  |  | 37587742 |
| &nbsp;&nbsp;&nbsp;&nbsp; **India — 4.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; HDFC Bank ADR | 52112 | 3564982 |
| &nbsp;&nbsp;&nbsp; ICICI Bank ADR | 319361 | 6990812 |
|  |  | 10555794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — 2.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo | 1432593 | 3186641 |
| &nbsp;&nbsp;&nbsp; Moncler | 56344 | 2985504 |
| &nbsp;&nbsp;&nbsp; UniCredit | 86077 | 1222893 |
|  |  | 7395038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — 4.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; Asahi Group Holdings | 33200 | 1041990 |
| &nbsp;&nbsp;&nbsp; FANUC | 18300 | 2765777 |
| &nbsp;&nbsp;&nbsp; Nintendo | 49000 | 2065437 |
| &nbsp;&nbsp;&nbsp; Sony Group | 2100 | 160572 |
| &nbsp;&nbsp;&nbsp; Sony Group ADR | 69234 | 5281170 |
|  |  | 11314946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands — 1.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; ASM International | 6709 | 1692349 |
| &nbsp;&nbsp;&nbsp; Euronext | 15032 | 1112850 |
| &nbsp;&nbsp;&nbsp; Universal Music Group | 44881 | 1081441 |
|  |  | 3886640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; Hexagon, Cl B | 138784 | 1449705 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; Alcon | 10114 | 693315 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont, Cl A | 972 | 126040 |
| &nbsp;&nbsp;&nbsp; SGS | 560 | 1302114 |
| &nbsp;&nbsp;&nbsp; Straumann Holding | 10921 | 1247237 |
|  |  | 3368706 |

---

*The accompanying notes are an integral part of the financial statements.* 

*52* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan — 1.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 52438 | $3906107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — 4.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners | 139679 | 7727042 |
| &nbsp;&nbsp;&nbsp; Linde | 15787 | 5161840 |
|  |  | 12888882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States — 5.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim | 71211 | 3687430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic | 68229 | 5302758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 22825 | 2644753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis | 274078 | 3891468 |
|  |  | 15526409 |
|  **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $146,850,551) |  | 138555917 |
| **U.S. TREASURY OBLIGATIONS — 42.7%** | **U.S. TREASURY OBLIGATIONS — 42.7%** | **U.S. TREASURY OBLIGATIONS — 42.7%** |
|  | **Face Amount** |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>4.09%, 2/16/2023 (A) | $55000000 | 54726490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/21/2023 (A) | 60000000 | 59457556 |
|  **Total U.S. Treasury Obligations**<br> (Cost $114,155,321) |  | 114184046 |
|  **Total Investments - 94.6%**<br> (Cost $261,005,872) |  | $**252739963** |
|  **Other Assets & Liabilities, Net - 5.4%** |  | **14558884** |
|  **Net Assets - 100.0%** |  | $**267298847** |

---

A list of the open futures contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Depreciation** |
|  Long Contracts |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markets | 131 | Mar-2023 | $6502301 | $6284070 | $218231) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nikkei 225 Index | 24 | Mar-2023 | 4855014 | 4769278 | (291066) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index E-MINI | 6 | Mar-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158300 | (49442) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P TSX 60 Index | 18 | Mar-2023 | 3222430 | 3110517 | (115090) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPI 200 Index | 20 | Mar-2023 | 2489612 | 2380255 | (88257) |

---

*The accompanying notes are an integral part of the financial statements.* 

*53* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Depreciation** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPIX Index | 112 | Mar-2023 | $15873185 | $16142030 | $(415447) |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34150284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33844450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177533) |

---

A list of the open forward foreign currency contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  JPMorgan Chase Bank | 03/15/23 | USD | 15874561 | GBP | 13000000 | $(130597) |
|  Morgan Stanley | 03/15/23 | USD | 21077213 | JPY | 2850000000 | 845543 |
|  Morgan Stanley | 03/15/23 | USD | 62037073 | EUR | 58000000 | 350047 |
|  |  |  |  |  |  | $1064993 |

---

A list of the open OTC swap agreements held by the Fund at December 31, 2022, 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;Counterparty | Reference<br>Entity/<br> Obligation | Fund Pays | Fund Receives | Payment<br> Frequency | Termination<br> Date | Currency | Notional<br> Amount | Value | Upfront<br>Payments/<br> Receipts | Unrealized<br> Appreciation<br> (Depreciation) |
|  JPMorgan Chase | Accor SA | AC FP<br>EQUITY | 1-Month LIBOR | Annually | 02/08/2023 | EUR | *2332617* | $(376560) | $– | $(376560) |
|  Bank of America | AIR LIQUIDE<br>SA | EURIBOR-1-<br>MONTH | AI FP EQUITY | Annually | 05/07/2024 | EUR | *4770838* | (547802) |  | (547802) |
|  Goldman Sachs | Ashtead Group<br>PLC | AHT LN<br>EQUITY | 1-Month LIBOR | Annually | 10/09/2024 | GBP | *909255* | 128898 |  | 128898 |
|  Morgan Stanley | Astrazeneca<br>PLC | AZN LN<br> EQUITY | 1-Month LIBOR | Annually | 10/07/2024 | GBP | *4316738* | 1709422 |  | 1709422 |
|  Credit Suisse  | BNP Paribas | BNP FP<br>EQUITY | 1-Month LIBOR | Annually | 11/13/2024 | EUR | *3315930* | 389026 |  | 389026 |
|  JPMorgan Chase | Bureau Veritas<br>SA | BVI FP<br>EQUITY | 1-Month LIBOR | Annually | 12/30/2024 | EUR | *3262849* | 173418 |  | 173418 |
|  Morgan Stanley | CLH PLC | CRH ID<br>EQUITY | 1-Month LIBOR | Annually | 10/07/2024 | EUR | *5049953* | 411225 |  | 411225 |
|  Bank of America | Compagnie de<br>Saint-Gobain | SGO FP<br>EQUITY | 1-Month LIBOR | Annually | 02/01/2023 | EUR | *4934881* | (900567) |  | (900567) |
|  Goldman Sachs | CSI 500 NTR | 1-Month LIBOR | CSIN0905 | Annually | 01/13/2023 | CNY | *2065090* | 139223 |  | 139223 |
|  Goldman Sachs | Euronext NV | ENX FP<br>EQUITY | 1-Month LIBOR | Annually | 10/25/2023 | EUR | *6292631* | (1563320) |  | (1563320) |
|  Goldman Sachs | GSAIRNEW<br>Index^ | 1MLIBOR | GSAIRNEWINDEX | Annually | 03/06/2024 | EUR | *589761* | (4663) |  | (4663) |
|  Goldman Sachs | Informa PLC | INF LN<br>EQUITY | 1-Month LIBOR | Annually | 08/02/2023 | GBP | *1170848* | 341369 |  | 341369 |
|  JPMorgan Chase | Intercontinental<br>HO | IHG LN<br>EQUITY | 1-Month LIBOR | Annually | 12/20/2023 | USD | *2622538* | 49279 |  | 49279 |
|  Bank of America | Lloyd's<br>Banking Group | LLOY LN<br>EQUITY | 1-Month LIBOR | Annually | 04/04/2023 | GBP | *3326355* | (14950) |  | (14950) |
|  Morgan Stanley | LVMH Moet<br>Hennessy | MC FP<br>EQUITY | 1-Month LIBOR | Annually | 09/11/2023 | EUR | *3884422* | 227845 |  | 227845 |
|  Goldman Sachs | Pernod Ricard<br>SA | RI FP EQUITY | 1-Month LIBOR | Annually | 10/07/2024 | EUR | *3859079* | 554606 | – | 554606 |

---

*The accompanying notes are an integral part of the financial statements.* 

*54* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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;Counterparty | Reference<br>Entity/<br> Obligation | Fund Pays | Fund Receives | Payment<br>Frequency | Termination<br>Date | Currency | Notional<br> Amount | Value | Upfront<br>Payments/<br>Receipts | Unrealized<br> Appreciation<br>(Depreciation) |
|  JPMorgan Chase | Schneider<br>Electric | SU FP<br>EQUITY | 1-Month LIBOR | Annually | 03/08/2024 | EUR | 4542013 | $(471210) | $– | $(471210) |
|  Morgan Stanley | Taiwan | 2330 TT<br>EQUITY | 1-Month LIBOR | Annually | 12/19/2024 | USD | 746482 | (145946) |  | (145946) |
|  Morgan Stanley | Veolia<br>Environment | VIE FP<br>EQUITY | 1-Month LIBOR | Annually | 10/07/2024 | EUR | 7978934 | (871240) |  | (871240) |
|  Bank of America | Vinci SA | FR0000125486 | 1-Month LIBOR | Annually | 02/08/2023 | EUR | 7395074 | 365723 |  | 365723 |
|  |  |  |  |  |  |  |  | $(406224) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(406224) |

---

^ The following table represents the individual common stock exposure comprising the Goldman Sachs Equity Basket Swaps at December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Basket Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage of<br>Basket** |
|  **GSAIRNEW** | **GSAIRNEW** |  |  |  |
| 3754237 | RWE AG | $71066 | $(562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05% |
| 11665863 | Iberdrola SA | 58032 | (459) | 9.84% |
| 3677155 | Vestas Wind Systems A/S | 45530 | (360) | 7.72% |
| 918276 | Orsted AS | 35504 | (281) | 6.02% |
| 15261742 | Enel SpA | 34973 | (277) | 5.93% |
| 8085418 | E.ON SE | 34383 | (272) | 5.83% |
| 220925 | Linde PLC | 30727 | (243) | 5.21% |
| 2710520 | SSE PLC | 23885 | (189) | 4.05% |
| 7526473 | Terna - Rete Elettrica Nazionale | 23649 | (187) | 4.01% |
| 2861304 | Siemens Energy AG | 22883 | (181) | 3.88% |
| 1984602 | EDP Renovaveis SA | 18577 | (147) | 3.15% |
| 431184 | Alfen Beheer BV | 16513 | (131) | 2.80% |
| 1854494 | Encavis AG | 15629 | (124) | 2.65% |
| 257433 | Air Liquide SA | 15511 | (123) | 2.63% |
| 1851399 | Solaria Energia y Medio Ambiente SA | 14449 | (114) | 2.45% |
| 23082313 | NEL ASA | 13859 | (110) | 2.35% |
| 348821 | Verbund AG | 12503 | (99) | 2.12% |
| 1497585 | Siemens Gamesa Renewable Energy SA | 12326 | (97) | 2.09% |
| 146287 | Acciona SA | 11441 | (90) | 1.94% |
| 4906973 | EDP - Energias de Portugal SA | 10380 | (82) | 1.76% |
| 1619514 | Engie SA | 9849 | (78) | 1.67% |
| 1472016 | Nordex SE | 8846 | (70) | 1.50% |
| 160265 | Wacker Chemie AG | 8728 | (69) | 1.48% |
| 427012 | Neoen SA | 7313 | (58) | 1.24% |
| 7392575 | Enlight Renewable Energy Ltd | 6428 | (51) | 1.09% |
| 430460 | ERG SpA | 5662 | (45) | 0.96% |
| 956396 | PowerCell Sweden AB | 4659 | (37) | 0.79% |
| 1261618 | Scatec ASA | 4305 | (34) | 0.73% |
| 269916 | Prysmian SpA | 4246 | (34) | 0.72% |

---

*The accompanying notes are an integral part of the financial statements.* 

*55* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Notional Amount** | **Value** | **Percentage of<br>Basket** |
| 6508616 | ITM Power PLC | $3067 | $(24) | 0.52% |
| 1425266 | Ceres Power Holdings PLC | 2595 | (21) | 0.44% |
| 4627853 | Aker Carbon Capture ASA | 2300 | (18) | 0.39% |

---

\* Non-income producing security.

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

The following table summarizes the inputs used as of December 31, 2022, in valuing the Fund's investments and other financial instruments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities  | Level 1 | Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | Total |
|  Common Stock | $138555917 | $– | $– | $138555917 |
| &nbsp;&nbsp; U.S. Treasury Obligations |  | 114184046 |  | 114184046 |
|  Total Investments in Securities | $138555917 | $114184046 | $– | $252739963 |
| Other Financial Instruments  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation | $(1177533) | $– | $– | $(1177533) |
| &nbsp;&nbsp; Forwards Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation |  | 1195590 |  | 1195590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (130597) |  | (130597) |
| &nbsp;&nbsp; OTC Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation |  | 4490034 |  | 4490034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation |  | (4896258) |  | (4896258) |
| &nbsp;&nbsp; Total Other Financial Instruments | $(1177533) | $658769 | $– | $(518764) |

---

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

Amounts designated as "— " are $0.

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.* 

*56* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

 **Glossary (abbreviations which may be used in the preceding Schedules of Investments):**

**Portfolio Abbreviations:** 

ADR — American Depositary Receipt

BBA — British Bankers Association

BZDIOVRA — Brazil Interbank Deposit Rate

Cl — Class

CMT— Constant Maturity

ETF — Exchange Traded Fund

EURIBOR — European Interbank Offered Rate

FTSE— Financial Times Stock Exchange Group

ICE — Intercontinental Exchange

JSC — Joint Stock Company

LIBOR— London Interbank Offered Rate

LLP — Limited Liability Partnership

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

NASDAQ — National Association of Securities Dealers Automated Quotations

OTC — Over The Counter

PJSC — Public Joint Stock Company

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Interbank Average Rate

SPI — Swiss Performance Index

SPDR — Standard & Poor's Depositary Receipt

TONAR — Tokyo Overnight Average Rate

TOPIX — Tokyo Stock Price Index

TSX — Toronto Stock Exchange

ULC — Unlimited Liability Corporation

**Currency Abbreviations:** 

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CNH — Chinese Yuan

CNY — Chinese Yen

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

SEK — Swedish Krona

TWD— Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

*The accompanying notes are an integral part of the financial statements.* 

*57* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **New World<br>Opportunities<br>Fund** | **Endeavour<br>Equity Fund** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value (Cost $(326845214) and $(120034382)) | $299807173 | $121352421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value (Cost $(343715) and $–) | 350431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts, at Value (Cost $– and $–) |  | 1262275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  | 7472470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold |  | 28500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividend Receivable | 3870964 | 34606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Equivalents | 3764736 | 12029726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for Forward Foreign Currency Contracts | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for Futures Contracts | 11290 | 1301180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for Options Contracts | 161820 | 1331910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for CC Swap Contracts | 201993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for OTC Swap Contracts |  | 1591495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Foreign Currency Contracts | 668652 | 17151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Currency Contracts | 261 | 2746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Reclaim Receivable | 546 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 10263 | 14730 |
|  **Total Assets** | 308858129 | 146449218 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts, at Value (Premiums $– and $–) |  | 2492053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written, at Value (Proceeds $– and $42,199) |  | 28890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 1039795 | 8087839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 511854 | 297400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Foreign Currency Contracts | 310105 | 223891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits from Counterparty | 260000 | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Adviser | 92553 | 39785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Administrator | 10434 | 8493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 1272 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees Fees Payable | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Custodian |  | 529666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Variation Margin for Future Contracts |  | 5832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 91821 | 13652 |
|  **Total Liabilities** | 2317838 | 11988098 |
|  **Net Assets** | $306540291 | $134461120 |
|  **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $366557271 | $151030271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Accumulated Loss | (60016980) | (16569151) |
|  **Net Assets** | $306540291 | $134461120 |

---

*The accompanying notes are an integral part of the financial statements.* 

*58* 

------

THE ADVISORS' INNER CIRCLE FUND III APERTURE FUNDS <br> DECEMBER 31, 2022

------

**STATEMENTS OF ASSETS AND LIABILITIES (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **New World<br>Opportunities<br>Fund** | **Endeavour<br>Equity Fund** |
|  **Institutional Shares:** |  |  |
|  Net Assets | $306413360 | $133919517 |
|  Outstanding Shares of Beneficial Interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unlimited authorization — no par value)  | 36795624 | 11815760 |
|  Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Net Assets ÷ Shares Outstanding) | $8.33 | $11.33 |
|  **Class X Shares:** |  |  |
|  Net Assets | $126931 | $541603 |
|  Outstanding Shares of Beneficial Interest  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unlimited authorization — no par value) | 15234 | 47953 |
|  Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Net Assets ÷ Shares Outstanding) | $8.33 | $11.29 |

---

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

*The accompanying notes are an integral part of the financial statements.* 

*59* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Discover**<br>**Equity Fund** | **International**<br>**Equity Fund** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value (Cost $(362781638) and $(261005872)) | $357073496 | $252739963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value (Cost $(72284) and $(4376318)) | 71994 | 4886959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts, at Value (Cost $– and $–) |  | 4490034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 4975340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividend Receivable | 174098 | 67808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Equivalents |  | 6947347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for Forward Foreign Currency Contracts |  | 5877080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for Futures Contracts | 1098008 | 646345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for Options Contracts |  | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Pledged as Collateral for OTC Swap Contracts | 1647109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Foreign Currency Contracts |  | 1195590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Spot Currency Contracts |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Reclaim Receivable |  | 438158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 4734 | 180924 |
|  **Total Assets** | 365044779 | 278270284 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts, at Value (Premiums $– and $–) | 1554478 | 4896258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Broker | 2262282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 1385665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 237758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Foreign Currency Contracts | 102484 | 130597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Adviser | 91569 | 3583894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Administrator | 19344 | 8675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 1669 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees Fees Payable | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits from Counterparty |  | 2244381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 527143 | 106490 |
|  **Total Liabilities** | 6182397 | 10971437 |
|  **Net Assets** | $358862382 | $267298847 |
|  **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $444779194 | $281590847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Accumulated Loss | (85916812) | (14292000) |
|  **Net Assets** | $358862382 | $267298847 |

---

*The accompanying notes are an integral part of the financial statements.* 

*60* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF ASSETS AND LIABILITIES (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **Discover<br>Equity Fund** | **International<br>Equity Fund** |
|  **Institutional Shares:** |  |  |
|  Net Assets | $347406417 | $266485465 |
|  Outstanding Shares of Beneficial Interest<br>(unlimited authorization — no par value) | 35477094 | 29193708 |
|  Net Asset Value Per Share<br>(Net Assets ÷ Shares Outstanding) | $9.79 | $9.13 |
|  **Class X Shares:** |  |  |
|  Net Assets | $11455965 | $813382 |
|  Outstanding Shares of Beneficial Interest<br>(unlimited authorization — no par value) | 1174020 | 89107 |
|  Net Asset Value Per Share<br>(Net Assets ÷ Shares Outstanding) | $9.76 | $9.13 |

---

Amount designated as "—" is $0 or has been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

*61* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **New World<br>Opportunities Fund** | **Endeavour Equity<br>Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | $13784429 | $740754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | 76392 | 678564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (2718) | (32846) |
|  **Total Investment Income** | 13858103 | 1386472 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees (Note 7) | 1240720 | 475590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 125980 | 99999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 11628 | 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 5295 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees (Class A Shares) | 130 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 74182 | 41453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 72748 | 30751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 58242 | 49064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | 41115 | 39587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 24058 | 11510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance and Other Expenses | 106894 | 81402 |
|  **Total Expenses** | 1760992 | 839159 |
|  **Net Investment Income** | 12097111 | 547313 |
|  **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (34714061) | (14850484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 4908220 | (1956644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (79044) | 19786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 96807 | 420513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (1958341) | 1228034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options and Swaptions Contracts | (875876) | 331353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options and Swaptions Contracts | 442334 | 356358 |
|  **Net Realized Loss** | (32179961) | (14451084) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (14133587) | (7465994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 91194 | (1391585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation | 10287 | 39332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 354274 | (319323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 20874 | (3525464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options Contracts | (142626) | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options Contracts |  | 5236 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (13799584) | (12659574) |
|  **Net Realized and Unrealized Loss** | (45979545) | (27110658) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(33882434) | $(26563345) |

---

Amount designated as "—" is $0 or has been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

*62* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Discover Equity Fund** | **International Equity<br>Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | $398730 | $1346733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | 1211074 | 4052051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld |  | (394238) |
|  **Total Investment Income** | 1609804 | 5004546 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees (Note 7) | 1019111 | 4761471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 160746 | 107430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 14861 | 9865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees (Class A Shares) | 7943 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 5933 | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 530993 | 69465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 62975 | 52060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | 49191 | 46138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 46283 | 47572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 25908 | 20524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance and Other Expenses | 33067 | 167419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of Waiver to Investment Advisor (Note 7) | 3943 |  |
|  **Total Expenses** | 1960954 | 5287679 |
|  **Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver of Investment Advisory Fees (Note 7) |  | (192090) |
|  **Net Expenses** | 1960954 | 5095589 |
|  **Net Investment Loss** | (351150) | (91043) |
|  **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (72365135) | (7421825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (4704721) | 142412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | 92747 | (172012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 376513 | 2980194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 2252862 | 3075277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options Contracts | (2975836) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options Contracts | 2857488 | 911394 |
|  **Net Realized Loss** | (74466082) | (484560) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (111256677) | (19685256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (1091783) | (1258777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation | (290) | 501006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (118794) | 1064993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (885822) | (14630729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options Contracts | 163335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options Contracts | (181987) |  |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (113372018) | (34008763) |
|  **Net Realized and Unrealized Loss** | (187838100) | (34493323) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(188189250) | $(34584366) |

---

Amount designated as "—" is $0 or has been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

*63* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $12097111 | $14013883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (32179961) | 3915671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | (13799584) | (31296908) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations** | (33882434) | (13367354) |
|  **Return of Capital** |  | (456616) |
|  **Distributions:** | (11501411) | (17435018) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 189012 | 7429513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 6084662 | 5850946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2169458) | (4836894) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Share Transactions** | 4104216 | 8443565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 21782 | 172790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 4573 | 11114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (29511) | (173228) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Share Transactions** | (3156) | 10676 |
|  **Net Increase in Net Assets from Share Transactions** | 4101060 | 8454241 |
|  **Total Decrease in Net Assets** | (41282785) | (22804747) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 347823076 | 370627823 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $306540291 | $347823076 |

---

*The accompanying notes are an integral part of the financial statements.* 

*64* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 19980 | 711448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 722131 | 598994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (246624) | (496330) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | 495487 | 814112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2631 | 16732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 542 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3464) | (17617) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Shares Capital Share Transactions** | (291) | 231 |
|  **Net Increase in Shares Outstanding from Share Transactions** | 495196 | 814343 |

---

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

*The accompanying notes are an integral part of the financial statements.* 

*65* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $547313 | $(294542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (14451084) | 11870472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (12659574) | 439060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (26563345) | 12014990 |
|  **Distributions:** | (1845296) | (16216564) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 93471 | 102486252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 1370206 | 11976189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (673519) | (631027) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Share Transactions** | 790158 | 113831414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 121906 | 921630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 6839 | 96579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (414106) | (107005) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Share Transactions** | (285361) | 911204 |
|  **Net Increase in Net Assets from Share Transactions** | 504797 | 114742618 |
|  **Total Increase (Decrease) in Net Assets** | (27903844) | 110541044 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 162364964 | 51823920 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $134461120 | $162364964 |

---

*The accompanying notes are an integral part of the financial statements.* 

*66* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 7834 | 7150307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 120280 | 867294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (56035) | (43794) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | 72079 | 7973807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 10377 | 64298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 602 | 7023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (34767) | (7118) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Shares Capital Share Transactions** | (23788) | 64203 |
|  **Net Increase in Shares Outstanding from Share Transactions** | 48291 | 8038010 |

---

*The accompanying notes are an integral part of the financial statements.* 

*67* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | $(351150) | $(20514613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (74466082) | 144542427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments | (113372018) | (4387666) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (188189250) | 119640148 |
|  **Distributions:** | (20348129) | (121453559) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 6338861 | 103573903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 14753782 | 84333350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1434075) | (362291) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Share Transactions** | 19658568 | 187544962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 9950894 | 2642442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 662887 | 1464540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2539839) | (647634) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Share Transactions** | 8073942 | 3459348 |
|  **Net Increase in Net Assets from Share Transactions** | 27732510 | 191004310 |
|  **Total Increase (Decrease) in Net Assets** | (180804869) | 189190899 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 539667251 | 350476352 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $358862382 | $539667251 |

---

*The accompanying notes are an integral part of the financial statements.* 

*68* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 471046 | 6059432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 1508206 | 5310664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (145537) | (19544) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | 1833715 | 11350552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 905561 | 144984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 68058 | 92458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (224786) | (36502) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Shares Capital Share Transactions** | 748833 | 200940 |
|  **Net Increase in Shares Outstanding from Share Transactions** | 2582548 | 11551492 |

---

*The accompanying notes are an integral part of the financial statements.* 

*69* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $(91043) | $1635806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (484560) | 15485656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (34008763) | 5433235 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (34584366) | 22554697 |
|  **Return of Capital** |  | (103825) |
|  **Distributions:** | (6606549) | (47513844) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 1000 | 343140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 3318439 | 21075325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (25) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Share Transactions** | 3319414 | 21418340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 720 | 1265620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 19942 | 159536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (62361) | (331507) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Share Transactions** | (41699) | 1093649 |
|  **Net Increase in Net Assets from Share Transactions** | 3277715 | 22511989 |
|  **Total Decrease in Net Assets** | (37913200) | (2550983) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 305212047 | 307763030 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $267298847 | $305212047 |

---

*The accompanying notes are an integral part of the financial statements.* 

*70* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |
|  | DECEMBER 31, 2022 |

---

------

**STATEMENTS OF CHANGES IN NET ASSETS (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 109 | 29374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 365515 | 1993726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | 365621 | 2023089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class X Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 77 | 103561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 2200 | 15056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7164) | (29326) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Class X Shares Capital Share Transactions** | (4887) | 89291 |
|  **Net Increase in Shares Outstanding from Share Transactions** | 360734 | 2112380 |

---

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

*The accompanying notes are an integral part of the financial statements.* 

*71* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |

---

------

 **FINANCIAL HIGHLIGHTS**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $| 9.58 | $10.44 | $9.97 | $10.00 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup> |  | 0.33 | 0.39 | 0.29 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) |  | (1.26) | (0.76) | 0.48 | (0.04) |
|  Total from Operations |  | (0.93) | (0.37) | 0.77 | 0.29 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income |  | (0.32) | (0.35) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain |  |  | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  | (0.01) |  |  |
|  Total Dividends and Distributions |  | (0.32) | (0.49) | (0.30) | (0.32) |
|  Net Asset Value, End of Year/Period | $| 8.33 | $9.58 | $10.44 | $9.97 |
|  **Total Return†** |  | (9.75)% | (3.59)% | 7.98% | 2.97% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352919 |
|  Ratio of Expenses to Average Net Assets |  | 0.56% | 0.55% | 1.46% | 0.50%\*\*<sup>(3)</sup> |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) |  | 0.56% | 0.57% | 1.53% | 0.61%\*\* |
|  Ratio of Net Investment Income to Average Net Assets |  | 3.84% | 3.79% | 2.89% | 4.04%\*\* |
|  Portfolio Turnover Rate† |  | 79% | 133% | 132% | 78% |

---

(1) Commenced operations on March 18, 2019.

(2) Calculated using average shares.

(3) Ratio reflects the impact of the low level of average net assets. Under normal asset levels, the ratio of expenses to
average net assets would have been 1.33%.

\*\* Annualized

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

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

*The accompanying notes are an integral part of the financial statements.* 

*72* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE NEW WORLD |
|  | OPPORTUNITIES FUND |

---

------

 **FINANCIAL HIGHLIGHTS (Concluded)**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class X Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $| 9.58 | $10.44 | $9.97 | $9.94 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(2)</sup> |  | 0.32 | 0.38 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) |  | (1.26) | (0.76) | 0.65 | 0.14 |
|  Total from Operations |  | (0.94) | (0.38) | 0.77 | 0.25 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income |  | (0.31) | (0.35) | (0.30) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain |  |  | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  | —  | (0.00) |  |  |
|  Total Dividends and Distributions |  | (0.31) | (0.48) | (0.30) | (0.22) |
|  Net Asset Value, End of Year/Period | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 |
|  **Total Return†** |  | (9.84)% | (3.68) | 7.98% | 2.52% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $149 | $160 | $— |
|  Ratio of Expenses to Average Net Assets |  | 0.66% | 0.63% | 3.69% | 0.03%\*\*<sup>(3)</sup> |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) |  | 0.66% | 0.64% | 3.73% | 0.03%\*\* |
|  Ratio of Net Investment Income to Average Net Assets |  | 3.73% | 3.71% | 1.11% | 3.84%\*\* |
|  Portfolio Turnover Rate† |  | 79% | 133% | 132% | 78% |

---

(1) Commenced operations on September 13, 2019.

(2) Calculated using average shares.

(3) Ratio reflects the impact of the low level of average net assets. Under normal asset levels, the ratio of expenses to
average net assets would have been 1.48%.

\*\* Annualized

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share.  |

---

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

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

*The accompanying notes are an integral part of the financial statements.* 

*73* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |

---

------

 **FINANCIAL HIGHLIGHTS**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $13.74 | $13.72 | $10.79 | $10.00 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss)<sup>(2)</sup> | 0.05 | (0.04) | (0.32) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (2.31) | 1.53 | 3.58 | 0.77 |
|  Total from Operations | (2.26) | 1.49 | 3.26 | 0.79 |
|  Dividends and Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.06) | (0.26) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | (0.09) | (1.21) | (0.32) |  |
|  Total Dividends and Distributions | (0.15) | (1.47) | (0.33) |  |
|  Net Asset Value, End of Year/Period | $11.33 | $13.74 | $13.72 | $10.79 |
|  **Total Return†** | (16.40)% | 10.94% | 30.24% | 7.90% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31451 |
|  Ratio of Expenses to Average Net Assets | 0.59% | 0.56% | 3.44% | 0.44%\*\*<sup>(3)</sup> |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 0.59% | 0.61% | 4.15% | 1.60%\*\* |
|  Ratio of Net Investment Income (Loss) to Average Net Assets | 0.38% | (0.24)% | (2.86)% | 0.36%\*\* |
|  Portfolio Turnover Rate† | 197% | 338% | 270% | 39% |

---

(1) Commenced operations on September 30, 2019.

(2) Calculated using average shares.

(3) Ratio reflects the impact of the low level of average net assets. Under normal asset levels, the ratio of expenses to
average nets asset would have been 1.94%.

\*\* Annualized

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

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

*The accompanying notes are an integral part of the financial statements.* 

*74* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE ENDEAVOUR |
|  | EQUITY FUND |

---

------

 **FINANCIAL HIGHLIGHTS (Concluded)**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class X Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $| 13.69 | $13.67 | $10.77 | $10.00 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss)<sup>(2)</sup> |  | 0.04 | (0.04) | (0.52) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) |  | (2.30) | 1.52 | 3.75 | 0.75 |
|  Total from Operations |  | (2.26) | 1.48 | 3.23 | 0.77 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income |  | (0.05) | (0.25) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain |  | (0.09) | (1.21) | (0.32) |  |
|  Total Dividends and Distributions |  | (0.14) | (1.46) | (0.33) |  |
|  Net Asset Value, End of Year/Period | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.77 |
|  **Total Return†** |  | (16.50)% | 10.91% | 30.02% | 7.70% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $| 541 | $982 | $103 | $4 |
|  Ratio of Expenses to Average Net Assets |  | 0.68% | 0.60% | 4.71% | 0.47%\*\*<sup>(3)</sup> |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) |  | 0.68% | 0.68% | 5.30% | 1.55%\*\* |
|  Ratio of Net Investment Income (Loss) to Average Net Assets |  | 0.35% | (0.29)% | (4.27)% | 0.63%\*\* |
|  Portfolio Turnover Rate† |  | 197% | 338% | 270% | 39% |

---

(1) Commenced operations on September 30, 2019.

(2) Calculated using average shares.

(3) Ratio reflects the impact of the low level of average net assets. Under normal asset levels, the ratio of expenses to
average net asset would have been 2.09%.

\*\* Annualized

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

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

*The accompanying notes are an integral part of the financial statements.* 

*75* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |

---

------

 **FINANCIAL HIGHLIGHTS**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $15.84 | $15.57 | $10.01 | $10.00 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss<sup>(2)</sup> | (0.01) | (0.78) | (0.44) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (5.46) | 5.29 | 6.35 | 0.01 |
|  Total from Operations | (5.47) | 4.51 | 5.91 | 0.01 |
|  Dividends and Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | (0.58) | (4.24) | (0.35) |  |
|  Total Dividends and Distributions | (0.58) | (4.24) | (0.35) |  |
|  Net Asset Value, End of Year/Period | $9.79 | $15.84 | $15.57 | $10.01 |
|  **Total Return†** | (34.55)% | 28.87% | 59.09% | 0.10% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 |
|  Ratio of Expenses to Average Net Assets | 0.48% | 4.16%<sup>(3)</sup> | 4.17% | —%\*\*<sup>(4)</sup> |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 0.48% | 4.15% | 4.23% | nm%\*\* |
|  Ratio of Net Investment Loss to Average Net Assets | (0.09)% | (4.06)% | (3.92)% | —%\*\* |
|  Portfolio Turnover Rate† | 94% | 95% | 123% | —% |

---

(1) Commenced operations on December 30, 2019.

(2) Calculated using average shares.

(3) Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the
impact of the recaptured fees.

(4) Ratio reflects the impact of the low level of average net assets. Under normal asset levels, the ratio of expenses to
average net asset would have been 2.30%.

\*\* Annualized

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

---

| | |
|:---|:---|
| nm | Expenses to average net assets excluding waivers is not a meaningful percentage as the Fund was open for 1 day and incurred $8,748 in expenses.  |

---

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

*The accompanying notes are an integral part of the financial statements.* 

*76* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE DISCOVER |
|  | EQUITY FUND |

---

------

 **FINANCIAL HIGHLIGHTS (Concluded)**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class X Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** | **Period<br>Ended<br>December 31,<br>2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $15.80 | $15.54 | $10.01 | $10.00 |  |
|  Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss<sup>(2)</sup> | (0.02) | (0.78) | (0.53) | 0.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (5.44) | 5.28 | 6.41 | 0.01 |  |
|  Total from Operations | (5.46) | 4.50 | 5.88 | 0.01 |  |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | (0.58) | (4.24) | (0.35) |  |  |
|  Total Dividends and Distributions | (0.58) | (4.24) | (0.35) |  |  |
|  Net Asset Value, End of Year/Period | $9.76 | $15.80 | $15.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 |  |
|  **Total Return†** | (34.57)% | 28.86% | 58.79% | 0.10% |  |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486 | $— |  |
|  Ratio of Expenses to Average Net Assets | 0.65% | 4.18%<sup>(3)</sup> | 4.37% |  | %\*\*<sup>(4)</sup> |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 0.65% | 4.16% | 4.42% | nm | %\*\* |
|  Ratio of Net Investment Loss to Average Net Assets | (0.17)% | (4.08)% | (4.17)% |  | %\*\* |
|  Portfolio Turnover Rate† | 94% | 95% | 123% |  | % |

---

(1) Commenced operations on December 30, 2019.

(2) Calculated using average shares.

(3) Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the
impact of the recaptured fees.

(4) Ratio reflects the impact of the low level of average net assets. Under normal asset levels, the ratio of expenses to
average net assets would have been 2.45%.

\*\* Annualized

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

---

| | |
|:---|:---|
| nm | Expenses to average net assets excluding waivers is not a meaningful percentage as the Fund was open for 1 day and incurred $8,748 in expenses.  |

---

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

*The accompanying notes are an integral part of the financial statements.* 

*77* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |

---

------

 **FINANCIAL HIGHLIGHTS**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended**<br>**December 31,<br>2021** | **Period<br>Ended<br>December 31,<br>2020<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $| 10.55 | $11.48 | $10.00 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss)<sup>(2)</sup> |  | 0.00 | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) |  | (1.19) | 0.78 | 1.49 |
|  Total from Operations |  | (1.19) | 0.84 | 1.48 |
|  Dividends and Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income |  | (0.23) | (0.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain |  |  | (0.90) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  | (0.00) |  |
|  Total Dividends and Distributions |  | (0.23) | (1.77) |  |
|  Net Asset Value, End of Year/Period | $| 9.13 | $10.55 | $11.48 |
|  **Total Return†** |  | (11.27)% | 7.27% | 14.80% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |
|  Net Assets, End of Year/Period (Thousands) |  | $266485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307709 |
|  Ratio of Expenses to Average Net Assets |  | 1.90% | 0.53 | 0.60 |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) |  | 1.97% | 1.10 | 0.60 |
|  Ratio of Net Investment Income (Loss) to Average Net Assets |  | (0.03)% | 0.50 | (0.28) |
|  Portfolio Turnover Rate† |  | 25% | 61 | 11 |

---

(1) Commenced operations on October 1, 2020.

(2) Calculated using average shares.

\*\* Annualized

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share.  |

---

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

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

*The accompanying notes are an integral part of the financial statements.* 

*78* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE INTERNATIONAL |
|  | EQUITY FUND |

---

------

 **FINANCIAL HIGHLIGHTS (Concluded)**

 <br> Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period

---

| | | | |
|:---|:---|:---|:---|
| **Class X Shares** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Period<br>Ended<br>December 31,<br>2020<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year/ Period | $10.55 | $11.48 | $10.00 |
|  Income (Loss) from Operations: | Income (Loss) from Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss)<sup>(2)</sup> | (0.01) | 0.04 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (1.19) | 0.79 | 1.49 |
|  Total from Operations | (1.20) | 0.83 | 1.48 |
|  Dividends and Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.22) | (0.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain |  | (0.90) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  | (0.00) |  |
|  Total Dividends and Distributions | (0.22) | (1.76) |  |
|  Net Asset Value, End of Year/Period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 |
|  **Total Return†** | (11.36)% | 7.21% | 14.80% |
|  **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |  |  |
|  Net Assets, End of Year/Period (Thousands) | $814 | $992 | $54 |
|  Ratio of Expenses to Average Net Assets | 1.98% | 0.46% | 0.59%\*\* |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 2.05% | 1.32% | 0.59%\*\* |
|  Ratio of Net Investment Income (Loss) to Average Net Assets | (0.10)% | 0.35% | (0.28)% |
|  Portfolio Turnover Rate† | 25% | 61% | 11% |

---

(1) Commenced operations on October 1, 2020.

(2) Calculated using average shares.

\*\* Annualized

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share.  |

---

† Total return and portfolio turnover rate are for the period indicated and have not been annualized.

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

*The accompanying notes are an integral part of the financial statements.* 

*79* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**NOTES TO FINANCIAL STATEMENTS**

1. Organization:

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 65 funds. The financial statements herein are those of the Aperture Funds (the "Funds"). The investment objective of the Aperture New World Opportunities Fund is to seek total return, consisting of current income and capital appreciation. The investment objective of the Aperture Endeavour Equity Fund is to seek a return in excess of the MSCI ACWI hedged to USD Net Total Return Index. The investment objective of the Aperture Discover Equity Fund is to seek a return in excess of the Russell 2000 Total Return Index. The investment objective of the Aperture International Equity Fund is to seek a return in excess of the MSCI ACWI ex-US Index. The Aperture New World Opportunities Fund is classified as a diversified investment company. The Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund are "non-diversified" Funds. Aperture Investors, LLC serves as the Funds' investment adviser (the "Adviser"). The Aperture New World Opportunities Fund, Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund currently offer Institutional Shares and Class X Shares. The Aperture New World Opportunities Fund, Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund commenced operations on March 18, 2019, September 30, 2019, December 30, 2019 and October 1, 2020, respectively. The financial statements of the remaining funds of the Trust are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

*Use of Estimates* — The preparation of financial statements in conformity with United States generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

*80* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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------

*Security Valuation* — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the "NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Standard Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts' Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not "readily available" are required to be fair valued under the 1940 Act.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping

*81* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees (the "Board") designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Funds' Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

In accordance with U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the
Funds have the ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active

*82* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser's pricing procedures, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and
unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the year December 31, 2022, there have been no significant changes to the Funds' fair valuation methodologies.

*Federal Income Taxes —*It is the Funds' intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., open tax years, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date and

*83* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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includes the amortization of premiums and the accretion of discount. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on fixed income securities are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*Futures Contracts* — To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds' returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Funds could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Funds' Schedule of Investments for details regarding open futures contracts as of December 31, 2022. 

*Expenses —*Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed to a particular Fund are apportioned among the Funds of the Trust based on the number of Funds and/ or relative net assets.

*Cash —*Idle cash may be swept into various time deposit accounts and is classified as cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times may exceed United States federally insured limits. Amounts invested are available on the same business day.

*84* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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*Dividends and Distributions to Shareholders —*The Funds distribute their net investment income quarterly. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

*Foreign Currency Translation* — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid.

*Forward Foreign Currency Contracts —*The Funds may enter into forward foreign currency contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the year or period are presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. Refer to the Schedules of Investments for details regarding open forward foreign currency contracts as of December 31, 2022, if applicable.

*Swap Contracts* — The Funds are authorized to enter into swap contracts, including total return swaps, equity swaps contracts, interest rate swaps and credit default swaps. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered.

*85* 

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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Interest rate swaps involve the exchange by a Fund with another party of their respective commitment to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal.

The Funds may use credit default swaps to reduce risk where the Funds have exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a "basket" of issuers, or an index.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If the Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the

*86* 

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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performance of such securities, including dividends, will not exceed the return on the interest rate that the Funds will be committed to pay.

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument—which may be a single asset, a pool of assets or an index of assets—during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked-to-market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Funds at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Funds may have open at period end. Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds' custodian. Refer to each Fund's Schedule of Investments for details regarding open swap contracts as of December 31, 2022, if applicable.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds' ability to achieve their investment objectives. A counterparty may also increase its collateral requirements, which may limit the Funds' ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, they will not be able to implement their investment strategies.

*87* 

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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*Options Written/Purchased* — The Funds may purchase and write put and call options on indices and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period for American options and only at the expiration date for European options. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period for American options and only at the expiration date for European options. The premium paid to the writer is the consideration for undertaking the obligations under the option contract. The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Funds have realized a gain or a loss. Any realized or unrealized gains (loss) during the year or period are presented on the Statements of Operations. Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) while the Funds will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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3. Derivative Transactions:

The following tables include the Fund's exposure by type of risk on derivatives held throughout the period. The fair value of derivative instruments as of December 31, 2022, was as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund |  |
|  | Asset Derivatives |  |  |  | Liability Derivatives |  |  |
|  | Statements of Assets and Liabilities<br>Location | Fair Value |  |  | Statements of Assets and Liabilities<br>Location | Fair Value |  |
| Interest Rate<br>contracts | Unrealized appreciation on Future<br>Contracts | $90161 | † | Interest Rate<br>contracts | Unrealized depreciation on Future<br>Contracts | $– | † |
|  | Unrealized appreciation on Swap<br>Contracts | 591748 | \* |  | Unrealized depreciation on Swap<br>Contracts | 555463 | \* |
| Equity contracts |  |  |  | Equity contracts |  |  |  |
|  | Investments purchased, at value | 143713 |  |  | Options written, at value |  |  |
| Foreign Exchange | Unrealized gain on forward foreign  | 668652 |  | Foreign Exchange<br>contracts | Unrealized loss on forward foreign<br>currency contracts | 310105 |  |
|  contracts | currency contracts |  |  |  |  |  |  |
| Credit contracts | Unrealized appreciation on Swap<br>Contracts |  | \* | Credit contracts | Unrealized depreciation on Swap<br>Contracts | 25846 | \* |
|  |  | $1494274 |  |  |  | $891414 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund |  |
|  | Asset Derivatives |  |  |  | Liability Derivatives |  |  |
|  | Statements of Assets and Liabilities<br>Location | Fair Value |  |  | Statements of Assets and Liabilities<br>Location | Fair Value |  |
| Equity contracts | Unrealized appreciation on Future<br>Contracts | $– | † | Equity contracts | Unrealized depreciation on Future Contracts | $764613 | † |
|  | Unrealized appreciation on Swap Contracts | 1262275 | \* |  | Unrealized depreciation on Swap Contracts | 2492053 | \* |
|  | Investments purchased, at value | 128043 |  |  | Options written, at value | 28890 |  |
| Foreign Exchange<br>contracts | Unrealized gain on forward foreign<br>currency contracts | 17151 |  | Foreign Exchange<br>contracts | Unrealized loss on forward foreign currency contracts | 223891 |  |
|  |  | $1407469 |  |  |  | $3509447 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund |  |
|  | Asset Derivatives |  |  |  | Liability Derivatives |  |  |
|  | Statements of Assets and Liabilities<br>Location | Fair Value |  |  | Statements of Assets and Liabilities<br>Location | Fair Value |  |
| Equity contracts | Unrealized appreciation on Future<br>Contracts | $–  | †  | Equity contracts | Unrealized depreciation on Future Contracts | $773189 | † |
|  | Unrealized appreciation on Swap<br>Contracts |  | \* |  | Unrealized depreciation on Swap<br>Contracts | 1554478 | \* |
| Foreign Exchange<br>contracts | Unrealized gain on forward foreign currency contracts |  |  | Foreign Exchange<br>contracts | Unrealized loss on forward foreign<br>currency contracts | 102484 |  |
|  |  | $– |  |  |  | $2430151 |  |

---

*89* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund |  |
|  | Asset Derivatives |  |  |  | Liability Derivatives |  |  |
|  | Statements of Assets and Liabilities<br>Location | Fair Value |  |  | Statements of Assets and Liabilities<br>Location | Fair Value |  |
| Equity contracts | Unrealized appreciation on Future<br>Contracts | $– | † | Equity contracts | Unrealized depreciation on Future<br> Contracts | $1177533 | † |
|  | Unrealized appreciation on Swap<br>Contracts | 4490034 | \* |  | Unrealized depreciation on Swap<br>Contracts | 4896258 | \* |
| Foreign Exchange<br>contracts | Unrealized gain on forward foreign<br>currency contracts | 1195590 |  | Foreign Exchange<br>contracts | Unrealized loss on forward foreign<br>currency contracts | 130597 |  |
|  |  | $5685624 |  |  |  | $6204388 |  |

---

\* Includes cumulative appreciation (depreciation) of swap contracts as reported in the Schedules of Investments.

† Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets & Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022, was as follows:

The amount of realized gain (loss) on derivatives recognized in income:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund |
|  | Written Options/<br>Swaptions | Purchased<br>Options/<br>Swaptions | Futures Contracts | Forward Foreign<br> Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $278507 | $(424490) | $1894686 | $– | $1048392 | $2797095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | 100299 | (285021) | 3013534 |  | (1235810) | 1593002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit contracts |  |  |  |  | (1770923) | (1770923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | 63528 | (166365) | – | 96807 | – | (6030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $442334 | $(875876) | $4908220 | $96807 | $(1958341) | $2613144 |
| Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund |
|  | Written Options | Purchased Options | Futures<br>Contracts | Forward Foreign<br>Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $356358 | $331353 | $(1956644) | $– | $1228034 | $(40899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | 420513 | – | 420513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $356358 | $331353 | $(1956644) | $420513 | $1228034 | $379614 |
| Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund |
|  | Written Options | Purchased<br>Options | Futures Contracts | Forward Foreign<br>Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $2857488 | $(2975836) | $(4704721) | $– | $2252862 | $(2570207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | 376513 | – | 376513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2857488 | $(2975836) | $(4704721) | $376513 | $2252862 | $(2193694) |

---

*90* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund |
|  | Written Options | Purchased<br>Options | Futures Contracts | Forward Foreign<br>Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $911394 | $– | $142412 | $– | $3075277 | $4129083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | 2980194 | – | 2980194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $911394 | $– | $142412 | $2980194 | $3075277 | $7109277 |

---

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund |
|  | Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased <br>Options | Futures Contracts | Forward Foreign<br>Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $– | $– | $91194 | $– | $(14218) | $76976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts |  | (142626) |  |  |  | (142626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit contracts |  |  |  |  | 35092 | 35092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | 354274 | – | 354274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $– | $(142626) | $91194 | $354274 | $20874 | $323716 |
| Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund |
|  | Written Options | Purchased<br>Options | Futures Contracts | Forward Foreign<br>Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $5236 | $(1776) | $(1391585) | $– | $(3525464) | $(4913589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | (319323) | – | (319323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $5236 | $(1776) | $(1391585) | $(319323) | $(3525464) | $(5232912) |
| Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund |
|  | Written Options | Purchased<br>Options | Futures Contracts | Forward Foreign<br>Currency<br>Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $(181987) | $163335 | $(1091783) | $– | $(885822) | $(1996257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | (118794) | – | (118794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(181987) | $163335 | $(1091783) | $(118794) | $(885822) | $(2115051) |
| Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund |
|  | Written Options | Purchased<br>Contracts | Futures Contracts | Forward Foreign<br>Currency<br> Contracts | Swap Contracts | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $– | $– | $(1258777) | $– | $(14630729) | $(15889506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | – | – | – | 1064993 | – | 1064993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $– | $– | $(1258777) | $1064993 | $(14630729) | $(14824513) |

---

*91* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

The following table discloses the volume of the Fund's futures contracts, option contracts, forward foreign currency contracts, and swap contracts activity during the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aperture<br>New World<br>Opportunities<br>Fund** | **Aperture<br>Endeavour<br>Equity Fund** | **Aperture<br>Discover<br>Equity Fund** | **Aperture<br>International<br>Equity Fund** |
|  **Futures Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Long | $8635456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16384497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16375200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23664411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Short | (26575366) |  |  |  |
|  **Forward Foreign Currency Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Long | 52468176 | 23498235 | 9135902 | 89779249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Short | 52248585 | 23453347 | 9043905 | 90218136 |
|  **Swaps:** |  |  |  |  |
|  **Total Return Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Long | 3378465 | 44270880 | 27232008 | 81304678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Short | 3297844 | 45721814 | 27205871 | 83019536 |
|  **Options/Swaptions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Long† | 214993 | 186423 | 438750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Notional Balance Short† |  | 84811 | 736875 | 56824 |

---

† Represents cost.

The Aperture New World Opportunities Fund, Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund are subject to various netting arrangements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty.

Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

*92* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts, forward contracts, and swap contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement

The following is a summary by derivative type of the value of over the counter ("OTC") financial derivative instruments and collateral (received)/pledged by counterparty of the Funds as of December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | Aperture New World Opportunities Fund | | | |
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Swap<br>Contracts | Total<br>Over the<br>Counter | Forward<br>Foreign<br> Currency<br>Contracts | Swap<br>Contracts | Total<br> Over the<br> Counter | Net Market<br> Value of<br>OTC<br> Derivatives | Collateral<br>(Received)/<br>Pledged | Net<br>Exposures† |
|  Goldman Sachs | $219389 | $– | $219389 | $(141671) | $– | $(141671) | $77718 | $– | $77718 |
|  JPMorgan Chase | 403713 |  | 403713 | (140938) |  | (140938) | 262775 | (260000) | 2775 |
|  Morgan Stanley | 45550 |  | 45550 | (27496) |  | (27496) | 18054 |  | 18054 |
| **Total over the counter** | $668652 | $– | $668652 | $(310105) | $– | $(310105) |  |  |  |
|  | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund | Aperture Endeavour Equity Fund |  |  |  |
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |  |  |
| Counterparty | Forward<br> Foreign<br>Currency<br> Contracts | Swap<br>Contracts | Total<br> Over the<br> Counter | Forward<br> Foreign<br>Currency<br> Contracts | Swap<br> Contracts | Total<br> Over the<br> Counter | Net Market<br>Value of<br> OTC<br> Derivatives | Collateral<br> (Received)/<br> Pledged | Net<br> Exposures† |
|  Bank of America | $– | $245043 | $245043 | $– | $(119085) | $(119085) | $125958 | $– | $125958 |
|  Barclays |  | 2792 | 2792 |  |  |  | 2792 |  | 2792 |
|  Goldman Sachs |  | 168439 | 168439 |  | (224450) | (224450) | (56011) |  | (56011) |
|  JPMorgan Chase | 2231 | 254473 | 256704 |  |  |  | 256704 | (256704) |  |
|  Morgan Stanley | 14920 | 591528 | 606448 | (223891) | (2148518) | (2372409) | (1765961) | 1591495 | (174466) |
| **Total over the counter** | $17151 | $1262275 | $1279426 | $(223891) | $(2492053) | $(2715944) |  |  |  |

---

*93* 

------

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund | Aperture Discover Equity Fund |  |  |  |
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |  |  |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Swap<br>Contracts | Total<br>Over<br>the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Swap<br>Contracts | Total Over<br>Counter<br>the | Net Market<br>Value of<br>OTC<br>Derivatives | Collateral<br> (Received)/<br>Pledged | Net<br>Exposures†<br>|
|  Morgan Stanley | $– | $– | $– | $(102484) | $(1554478) | $(1656962) | $(1656962) | $1647109 | $(9853) |
| **Total over the**<br> **counter** | $– | $– | $– | $(102484) | $(1554478) | $(1656962) |  |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund | Aperture International Equity Fund |  |  |  |
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |  |  |  |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Swap<br> Contracts | Total<br> Over the<br> Counter | Forward<br> Foreign<br>Currency<br> Contracts | Swap<br> Contracts | Total<br> Over the<br> Counter | Net Market<br>Value of<br> OTC<br> Derivatives | Collateral<br>(Received)/<br> Pledged | Net<br>Exposures† |
|  Bank of America | $– | $365723 | $365723 | $– | $(1463319) | $(1463319) | $(1097596) | $– | $(1097596) |
|  Credit Suisse |  | 389026 | 389026 |  |  |  | 389026 | &nbsp;&nbsp;&nbsp;&nbsp;– | 389026 |
|  Goldman Sachs |  | 1164096 | 1164096 |  | (1567983) | (1567983) | (403887) | &nbsp;&nbsp;&nbsp;&nbsp;– | (403887) |
|  JPMorgan Chase |  | 222697 | 222697 | (130597) | (847770) | (978367) | (755670) | 755670 |  |
|  Morgan Stanley | 1195590 | 2348492 | 3544082 |  | (1017186) | (1017186) | 2526896 | (2244381) | 282515 |
| **Total over the counter** | $1195590 | $4490034 | $5685624 | $(130597) | $(4896258) | $(5026855) |  |  |  |

---

† Collateral pledged is limited to the net outstanding amount due to/from the counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian

4. Transactions with Affiliates:

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

*94* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

The services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

5. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the year ended December 31, 2022, Aperture New World Opportunities Fund, Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund incurred $125,980, $99,999, $160,746 and $107,430 for these services, respectively.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

DST Systems, Inc., serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

6. Investment Transactions:

The cost of security purchases and the proceeds from security sales other than short-term securities, for the year ended December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **U.S.<br>Government<br>Purchases** | **U.S. Government<br>Sales** |
|  New World Opportunities Fund | $198650728 | $206306065 | $25727672 | $10826891 |
|  Endeavour Equity Fund | 168976965 | 164852607 |  |  |
|  Discover Equity Fund | 358062526 | 349600031 |  |  |
|  International Equity Fund | 36184884 | 51599017 |  |  |

---

*95* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

7. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds at a fee calculated at an annual rate adjusted for performance and based on the average net assets of each Fund:

The Aperture New World Opportunities Fund management fee is 1.225% of the Fund's average daily net assets adjusted upward or downward by a performance adjustment (the "Performance Adjustment") that depends on whether, and to what extent, the performance of the Institutional Class exceeds, or is exceeded by, the performance of the Bloomberg Barclays EM USD Aggregate 1-5 Year Total Return Index (the "EM Index") plus 2.75% (275 basis points) (the "Index Hurdle") over the period which performance is measured ("Performance Period").

The Aperture Endeavour Equity Fund management fee is 1.82% of the Fund's average daily net assets adjusted upward or downward by a performance adjustment that depends on whether, and to what extent, the performance of the Institutional Class exceeds, or is exceeded by, the performance of the MSCI ACWI hedged to USD Net Total Return Index plus 5.00% (500 basis points) over the Performance Period.

The Aperture Discover Equity Fund management fee is 2.175% of assets up to and including $300 million, 2.115% of assets over $300 million and up to and including $400 million, and 2.065% of assets over $400 million of the Fund's average daily net assets adjusted upward or downward by a performance adjustment that depends on whether, and to what extent, the performance of the Institutional Class exceeds, or is exceeded by, the performance of the Russell 2000 Total Return Index plus 6.25% (625 basis points) over the Performance Period.

The Aperture International Equity Fund management fee is 1.90% of assets up to and including $350 million, 1.85% of assets over $350 million and up to and including $400 million, and 1.80% of assets over $400 million of the Fund's average daily net assets adjusted upward or downward by a performance adjustment that depends on whether, and to what extent, the performance of the Institutional Class exceeds, or is exceeded by, the performance of the MSCI ACWI ex-USA (Net) USD Index plus 5.00% (500 basis points) over the Performance Period.

The Performance Adjustment for the Funds is calculated and accrued daily, according to a schedule that adds or subtracts 0.003% (0.30 basis points) of the Fund's average daily net assets for each 0.01% (1 basis point) of absolute performance by which the performance of the Institutional Class exceeds or lags the performance of the Index Hurdle for the period from the beginning of the Performance Period through the prior business day.

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| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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The maximum Performance Adjustment (positive or negative) of Aperture New World Opportunities Fund will not exceed an annualized rate of +/- 0.825% (82.5 basis points) of the Fund's average daily net assets, which would occur when the performance of the Institutional Class exceeds, or is exceeded by, the performance of the Index Hurdle by 2.75% percentage points (275 basis points) for the Performance Period.

The maximum Performance Adjustment (positive or negative) of Aperture Endeavour Equity Fund will not exceed an annualized rate of +/- 1.50% 150 basis points) of the Fund's average daily net assets, which would occur when the performance of the Institutional Class exceeds, or is exceeded by, the performance of the Index Hurdle by 5.00% percentage points (500 basis points) for the Performance Period.

The maximum Performance Adjustment (positive or negative) of Aperture Discover Equity Fund will not exceed an annualized rate of +/- 1.875% (187.5 basis points) of the Fund's average daily net assets, which would occur when the performance of the Institutional Class exceeds, or is exceeded by, the performance of the Index Hurdle by 6.25% percentage points (625 basis points) for the Performance Period.

The maximum PerformanceAdjustment (positive or negative) ofAperture International Equity Fund will not exceed an annualized rate of +/- 1.50% (150.0 basis points) of the Fund's average daily net assets, which would occur when the performance of the Institutional Class exceeds, or is exceeded by, the performance of the Index Hurdle by 5.00% percentage points (500 basis points) for the Performance Period.

On a monthly basis, Aperture New World Opportunities Fund will pay the Adviser the minimum fee rate of 0.40% on an annualized basis (Base Fee minus the Maximum Performance Adjustment) applied to the average daily net assets for the month. At the end of the Performance Period, the Fund will pay to the Adviser the total advisory fee, less the amount of any minimum fees paid during the Performance Period and any waivers described below. The period over which performance is measured was initially from the March 18, 2019 (commencement of operations) to December 31, 2019 and thereafter is each 12-month period beginning on the first day in the month of January through December 31 of the same year. In addition, the Adviser has agreed to waive its advisory fee by limiting the Fund's accrual of the advisory fee (Base Fee plus Performance Adjustment) on any day to the amount corresponding to the maximum fee rate multiplied by the Fund's current net assets if such amount is less than the amount that would have been accrued based on the Fund's average daily net assets for the Performance Period. For the Performance Period for the year ended December 31, 2022, the Fund accrued advisory fees of $1,240,720, at an annual effective rate (excluding the impact from any expense waivers in effect) of 0.39% of the Fund's average net assets, which reflected a (0.83)% Performance Adjustment of $(2,615,654).

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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On a monthly basis, Aperture Endeavour Equity Fund will pay the Adviser the minimum fee rate of 0.32% on an annualized basis (Base Fee minus the Maximum Performance Adjustment) applied to the average daily net assets for the month. At the end of the Performance Period, the Fund will pay to the Adviser the total advisory fee, less the amount of any minimum fees paid during the Performance Period and any waivers described below. In addition, the Adviser has agreed to waive its advisory fee by limiting the Fund's accrual of the advisory fee (Base Fee plus Performance Adjustment) on any day to the amount corresponding to the maximum fee rate multiplied by the Fund's current net assets if such amount is less than the amount that would have been accrued based on the Fund's average daily net assets for the Performance Period. For the Performance Period for the year ended December 31, 2022, the Fund accrued advisory fees of $475,590, at an annual effective rate (excluding the impact from any expense waivers in effect) of 0.33% of the Fund's average net assets, which reflected a (1.49)% Performance Adjustment of $(2,117,880).

On a monthly basis, Aperture Discover Equity Fund will pay the Adviser the minimum fee rate of 0.30% of the first $300 million, 0.24% for assets between $300 million and $400 million; and 0.19% over $400 million on an annualized basis (Base Fee minus the Maximum Performance Adjustment) applied to the average daily net assets for the month. At the end of the Performance Period, the Fund will pay to the Adviser the total advisory fee, less the amount of any minimum fees paid during the Performance Period and any waivers described below. In addition, the Adviser has agreed to waive its advisory fee by limiting the Fund's accrual of the advisory fee (Base Fee plus Performance Adjustment) on any day to the amount corresponding to the maximum fee rate multiplied by the Fund's current net assets if such amount is less than the amount that would have been accrued based on the Fund's average daily net assets for the Performance Period. For the Performance Period for the year ended December 31, 2022, the Fund accrued advisory fees of $1,019,111, at an annual effective rate (excluding the impact from any expense waivers in effect) of 0.25% of the Fund's average net assets, which reflected a (1.86)% Performance Adjustment of $(7,492,505).

On a monthly basis, the Aperture International Equity Fund will pay the Adviser the minimum fee rate of 0.40% of the first $350 million, 0.35% for assets between $350 million and $400 million; and 0.30% over $400 million on an annualized basis (Base Fee minus the Maximum Performance Adjustment) applied to the average daily net assets for the month. At the end of the Performance Period, the Fund will pay to the Adviser the total advisory fee, less the amount of any minimum fees paid during the Performance Period and any waivers described below. In addition, the Adviser has agreed to waive its advisory fee by limiting the Fund's accrual of the advisory fee (Base Fee plus Performance Adjustment) on any day to the amount corresponding

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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to the maximum fee rate multiplied by the Fund's current net assets if such amount is less than the amount that would have been accrued based on the Fund's average daily net assets for the Performance Period. For the Performance Period for the year ended December 31, 2022, the Fund accrued advisory fees of $4,761,471 at an annual effective rate (excluding the impact from any expense waivers in effect) of 1.77% of the Fund's average net assets, which reflected a (0.13)% Performance Adjustment of $(341,189).

In addition, the Adviser until April 30, 2021, had contractually agreed to waive fees and/ or reimburse expenses to the extent necessary to keep the Funds' total annual Fund operating expenses (excluding the management fee, any class-specific expenses such as distribution and service (Rule 12b-1) fees and shareholder servicing fees, interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Funds, dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses not incurred in the ordinary course of the Funds' business (collectively, "excluded expenses")) from exceeding 0.10% of Aperture New World Opportunities Fund's average daily net assets, and 0.12% of Aperture Endeavour Equity Fund and Aperture Discover Equity Fund's average daily net assets (the "contractual expense limit"). This agreement was terminated effective as of the close of business on April 30, 2021. The Adviser may receive from the Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. As of December 31, 2022, the Funds had fees which were previously waived and/or reimbursed to the Funds by the Adviser, which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and reimbursed to the Funds, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring Years | Expiring Years | Expiring Years | |
| | 2023 | 2024 | 2025 | <br>Total |
|  New World Opportunities Fund | $345428 | $176831 | N/A | $522259 |
|  Endeavour Equity Fund | 253612 | 61586 | N/A | 315198 |
|  Discover Equity Fund | 77894 | N/A | N/A | 77894 |
|  International Equity Fund | N/A | N/A | N/A | N/A |

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For the year ended December 31, 2022, the Adviser recaptured previously waived fees of $3,943 for the Aperture Discover Equity Fund.

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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For the year ended December 31, 2022, a trade error in the amount of $192,090 in the International Equity Fund resulted in an additional gain to the fund's net assets. The advisor voluntary waived a portion of its advisory fee related to the additional gain."

8. Federal Tax Information: The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital as appropriate, in the period that the difference arises.

The following differences, primarily attributable to net operating loss and prior year's excess distributions have been reclassified to/from the following accounts during the fiscal year ended December 31, 2022:

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| | | |
|:---|:---|:---|
|  | **Distributable Earnings** | **Paid-in Capital** |
|  Endeavour Equity Fund | $3522265 | $(3522265) |
|  Discover Equity Fund | 921133 | (921133) |
|  International Equity Fund | 15397828 | (15397828) |

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The tax character of dividends and distributions declared during the last fiscal year were as follows;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br>Income** | **Long-Term<br>Capital**<br>**Gain** | **Return of<br>Capital** | **Total** |
|  New World Opportunities Fund |  |  |  |  |
| 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11501411 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11501411 |
| 2021 | 17054977 | 380041 | 456616 | 17891634 |
|  Endeavour Equity Fund |  |  |  |  |
| 2022 | 1626177 | 219119 |  | 1845296 |
| 2021 | 10848190 | 5368374 |  | 16216564 |
|  Discover Equity Fund |  |  |  |  |
| 2022 |  | 20348129 |  | 20348129 |
| 2021 | 44816050 | 76637509 |  | 121453559 |
|  International Equity Fund |  |  |  |  |
| 2022 | 6606549 |  |  | 6606549 |
| 2021 | 32906528 | 14607316 | 103825 | 47617669 |

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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As of December 31, 2022, the components of Accumulated Losses on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **New World<br>Opportunities<br>Fund** | **Endeavour<br>Equity Fund** | **Discover Equity<br>Fund** | **International<br>Equity Fund** |
|  Undistributed Ordinary Income | $466445 | $— | $— | $— |
|  Post October Losses | (8424657) | (3638284) | (5531077) | (1047199) |
|  Capital Loss Carryforwards | (25443775) | (11421149) | (64321580) | (4327054) |
|  Unrealized Depreciation | (26610538) | (1509719) | (16064147) | (8917745) |
|  Other Temporary Differences | (4455) | 1 | (8) | (2) |
|  Total Distributable Loss | $(60016980) | $(16569151) | $(85916812) | $(14292000) |

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For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future capital gains. For the year ended December 31, 2022, the Funds have no losses to carry forward and utilized the following capital forward to offset capital gains:

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| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>Loss** | **Long-Term<br>Loss** | **Total** |
|  New World Opportunities Fund | $16132352 | $9311423 | $25443775 |
|  Endeavour Equity Fund | 7766664 | 3654485 | 11421149 |
|  Discover Equity Fund | 63180143 | 1141437 | 64321580 |
|  International Equity Fund | 4327054 |  | 4327054 |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds' net unrealized appreciation difference is attributable primarily to wash sales, perpetual bond adjustments, currency forward M2Ms, swap M2Ms and PFICs.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at December 31, 2022, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax**<br>**Cost** | **Aggregate<br>Gross<br>Unrealized<br>Appreciation** | **Aggregate<br>Gross<br>Unrealized<br>Depreciation** | **Net**<br>**Unrealized<br>Depreciation** |
|  New World Opportunities Fund | $326818762 | $1090612 | $(27701150) | $(26610538) |
|  Endeavour Equity Fund | 122752621 | 6899124 | (8408843) | (1509719) |
|  Discover Equity Fund | 373137354 | 25226627 | (41290774) | (16064147) |
|  International Equity Fund | 261246220 | 11249718 | (20167463) | (8917745) |

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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9. Concentration of Risks:

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. The Funds shares are not a bank deposit and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The principal risk factors affecting shareholders' investments in the Funds are set forth below. A more complete description of principal risks is included in each Fund's prospectus under the heading "Principal Risks".

*Active Management Risk* – The Funds are subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Funds' investments may prove to be incorrect. If the investments selected and strategies employed by the Funds fail to produce the intended results, the Funds could underperform in comparison to other funds with similar objectives and investment strategies

*Below Investment Grade Fixed Income Securities (Junk Bond) Risk* – Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return.

*Convertible and Preferred Securities Risk* – Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

*Corporate Fixed Income Securities Risk* – Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. 

*Credit Risk* – The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. 

*Currency Risk* – As a result of the Funds' investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions,

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Depositary Receipts Risk* – Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

*Derivatives Risk* – The Funds' use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk, liquidity risk and market risk are described elsewhere in this section. Many over-the-counter ("OTC") derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Funds' use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Credit risk is described above. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Funds' initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Funds' use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Regulations relating to the Funds' use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Funds' ability to invest in derivatives, limit the Funds' ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Funds' performance.

*Duration Risk* – The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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*Emerging Markets/Foreign Investment Risk* – The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. The Funds' exposure to these risks is heightened as a result of the Funds investing primarily in emerging market countries.

*Environmental, Social and Governance Risk* – The Adviser may consider certain ESG factors as part of its decision to buy and sell securities. Applying ESG factors to the investment analysis may impact the investment decision for securities of certain issuers and therefore the Fund may forgo some market opportunities available to funds that do not use ESG factors. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund's performance may at times be better or worse than the performance of funds that do not use ESG factors.

*Equity Market Risk* – The risk that stock prices will fall over short or extended periods of time.

*Extension Risk* – The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Fixed Income Market Risk* – The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/ or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment Risk* – The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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*Foreign Sovereign Debt Securities Risk* – The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. These risks are typically heightened with respect to emerging market countries.

*Geographic Focus Risk* – To the extent that it focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

*Interest Rate Risk* – The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Interest rate risk may be heightened for investments in emerging market countries.

*Investment Company Risk* – When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its share price being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or OTC at a premium or a discount to their net asset value ("NAV"). As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

*IPO Risk* – The market value of shares issued in an IPO may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a

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|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may also involve high transaction costs, and are subject to market risk and liquidity risk, which are described elsewhere in this section.

*Large Capitalization Risk* – The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Large Purchase and Redemption Risk* – Large purchases or redemptions of the Funds' shares may force the Funds to purchase or sell securities at times when it would not otherwise do so, and may cause the Funds' portfolio turnover rate and transaction costs to rise, which may negatively affect the Funds' performance and have adverse tax consequences for Fund shareholders.

*Leverage Risk* – The Funds' use of derivatives may result in the Funds' total investment exposure substantially exceeding the value of their portfolio securities and the Funds' investment returns depending substantially on the performance of securities that the Funds may not directly own. The use of leverage can amplify the effects of market volatility on the Funds' share price and may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy their obligations. The Funds' use of leverage may result in a heightened risk of investment loss.

*LIBOR Replacement Risk* – The elimination of the London Inter-Bank Offered Rate ("LIBOR") may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate ("SOFR"), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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*Liquidity Risk* – The risk that certain securities may be difficult or impossible to sell at the time and price that the Funds would like. The Funds may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Liquidity risk may be heightened in the emerging market countries in which the Funds invest, as a result of their markets being less developed.

*Long-Term Investment Strategy Risk* – Under normal circumstances, the Funds intend to hold securities for long periods (typically over two years). This investment style may cause the Funds to lose money or underperform compared to the Indices or other mutual funds over the short or medium terms. The Funds also may underperform in the long term even though it intends to hold securities for long periods. An investment in the Funds may be more suitable for long-term investors who can bear the risk of short- and medium-term fluctuations in the value of the Funds' portfolios.

*Market Risk* – The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. In addition, extraordinary events outside the control of the Funds, including acts of God (e.g., fire, flood, earthquake, storm, hurricane or other natural disaster), acts of war (e.g., war, invasion, acts of foreign enemies, hostilities, insurrection, or terrorist activities, whether war is declared or not) and global health events, such as epidemics, pandemics and disease, and their related social and economic impacts, may cause significant adverse market conditions and result in losses in value to the Funds' investments. Such events may initially negatively affect a particular industry, sector, country or region and may spread quickly or unpredictably to negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Adverse market conditions may be prolonged and may adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Funds' performance and cause losses on your investment in the Fund.

*Money Market Instruments Risk –* The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to

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the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for a Fund to lose money by investing in these and other types of money market funds.

*Non-Diversified Risk* – The Funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, the Funds may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to their investments in those securities.

*Participation Notes Risk* – The return on a P-Note is linked to the performance of the issuers of the underlying securities. The performance of P-Notes will not replicate exactly the performance of the issuers that they seek to replicate due to transaction costs and other expenses. P-Notes are subject to counterparty risk since the notes constitute 

*Prepayment Risk* – The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Private Placements Risk* – Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Reverse Repurchase Agreements Risk –*Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon time and price. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities.

*Rights and Warrants Risk* – Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase

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of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

*Short Sales Risk* – A short sale involves the sale of a security that the Funds do not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Funds to the risk that they will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Funds. Investment in short sales may also cause the Funds to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Funds' share price. The Funds may also take a short position in a derivative instrument, which involves the risk of a theoretically unlimited increase in the value of the underlying instrument and a potentially unlimited loss.

*Small and Medium Capitalization Risk* – The risk that small and medium capitalization companies in which the Funds may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded OTC or listed on an exchange.

*U.S. Government Securities Risk* – Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

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10. Beneficial Ownership:

At December 31, 2022, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders was as follows:

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| | | |
|:---|:---|:---|
|  | **No. of<br>Shareholders** | **%**<br>**Ownership** |
|  New World Opportunities Fund, Institutional Shares | 3 | 59% |
|  New World Opportunities Fund, Class X Shares | 1 | 86% |
|  Endeavour Equity Fund, Institutional Shares | 3 | 64% |
|  Endeavour Equity Fund, Class X Shares | 3 | 100% |
|  Discover Equity Fund, Institutional Shares | 3 | 67% |
|  Discover Equity Fund, Class X Shares | 3 | 97% |
|  International Equity Fund, Institutional Shares | 5 | 98% |
|  International Equity Fund, Class X Shares | 2 | 100% |

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11. Indemnifications:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

12. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of December 31, 2022.

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|  | DECEMBER 31, 2022 |

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 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Board of Directors of The Advisors' Inner Circle Fund III and the Shareholders of Aperture New World Opportunities Fund, Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Aperture New World Opportunities Fund, Aperture Endeavour Equity Fund, Aperture Discover Equity Fund, and Aperture International Equity Fund, each a series of shares of beneficial interest in The Advisors' Inner Circle Fund III (the **"Funds"**), including the schedules of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights as noted in the table below, and the related notes (collectively referred to as the **"financial statements"**). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| **Fund** | **Financial Highlights Presented** |
| Aperture New World Opportunities Fund | For Institutional Shares: for each of the years in the three- year period ended December 31, 2022 and for the period March 18, 2019 (commencement of operations) through December 31, 2019. |
|  | For Class X Shares: for each of the years in the three- year period ended December 31, 2022 and for the period September 13, 2019 (commencement of operations) through December 31, 2019.<br>|
| Aperture Endeavour Equity Fund | for each of the years in the three-year period ended December 31, 2022 and for the period September 30, 2019 (commencement of operations) through December 31, 2019.<br>|

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| Aperture Discover Equity Fund | for each of the years in the three-year period ended December 31, 2022 and for the period from December 30, 2019 (commencement of operations) through December 31, 2019.<br>|
| Aperture International Equity Fund | for each of the years in the two-year period ended December 31, 2022 and for the period October 1, 2020 (commencement of operations) through December 31, 2020.<br>|

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**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (**"PCAOB"**) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where

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replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g453373g55h15.jpg)

BBD, LLP

We have served as the auditor of one or more of the Funds in The Advisors' Inner Circle Fund III since 2019.

Philadelphia, Pennsylvania

March 1, 2023

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 **DISCLOSURE OF FUND EXPENSES (Unaudited)**<br>

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for Fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund's average net assets; this percentage is known as the mutual fund's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table on the next page illustrates your Fund's costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your ending starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

Hypothetical 5% Return. This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other mutual funds.

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 **DISCLOSURE OF FUND EXPENSES (Unaudited) - Concluded**<br>

Note: Because the return is set at 5% for comparison purposes — NOT your Fund's actual return — the account values shown may not apply to your specific investment.

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|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/01/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Annualized<br>Expense<br>Ratios** | **Expenses<br>Paid During<br>Period\*** | |
|  ***Aperture New World Opportunities Fund — Institutional Shares*** | ***Aperture New World Opportunities Fund — Institutional Shares*** | ***Aperture New World Opportunities Fund — Institutional Shares*** | ***Aperture New World Opportunities Fund — Institutional Shares*** | ***Aperture New World Opportunities Fund — Institutional Shares*** | <br> **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006.40 | 0.46% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1022.89 | 0.46% | $2.35 |  |
|  ***Aperture New World Opportunities Fund — Class X Shares*** | ***Aperture New World Opportunities Fund — Class X Shares*** | ***Aperture New World Opportunities Fund — Class X Shares*** | ***Aperture New World Opportunities Fund — Class X Shares*** | ***Aperture New World Opportunities Fund — Class X Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1005.80 | 0.57% | $2.88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1022.33 | 0.57% | $2.91 |  |
|  ***Aperture Endeavour Equity Fund — Institutional Shares*** | ***Aperture Endeavour Equity Fund — Institutional Shares*** | ***Aperture Endeavour Equity Fund — Institutional Shares*** | ***Aperture Endeavour Equity Fund — Institutional Shares*** | ***Aperture Endeavour Equity Fund — Institutional Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1003.10 | 0.35% | $1.77 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1022.44 | 0.35% | $1.79 |  |
|  ***Aperture Endeavour Equity Fund — Class X Shares*** | ***Aperture Endeavour Equity Fund — Class X Shares*** | ***Aperture Endeavour Equity Fund — Class X Shares*** | ***Aperture Endeavour Equity Fund — Class X Shares*** | ***Aperture Endeavour Equity Fund — Class X Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1002.80 | 0.42% | $2.12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1023.09 | 0.42% | $2.14 |  |
|  ***Aperture Discover Equity Fund — Institutional Shares*** | ***Aperture Discover Equity Fund — Institutional Shares*** | ***Aperture Discover Equity Fund — Institutional Shares*** | ***Aperture Discover Equity Fund — Institutional Shares*** | ***Aperture Discover Equity Fund — Institutional Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1047.20 | 0.59% | $3.04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1022.23 | 0.59% | $3.01 |  |
|  ***Aperture Discover Equity Fund — Class X Shares*** | ***Aperture Discover Equity Fund — Class X Shares*** | ***Aperture Discover Equity Fund — Class X Shares*** | ***Aperture Discover Equity Fund — Class X Shares*** | ***Aperture Discover Equity Fund — Class X Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1047.40 | 0.75% | $3.87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1021.42 | 0.75% | $3.82 |  |
|  ***Aperture International Equity Fund — Institutional Shares*** | ***Aperture International Equity Fund — Institutional Shares*** | ***Aperture International Equity Fund — Institutional Shares*** | ***Aperture International Equity Fund — Institutional Shares*** | ***Aperture International Equity Fund — Institutional Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1058.70 | 2.70% | $14.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1011.59 | 2.70% | $13.69 |  |
|  ***Aperture International Equity Fund — Class X Shares*** | ***Aperture International Equity Fund — Class X Shares*** | ***Aperture International Equity Fund — Class X Shares*** | ***Aperture International Equity Fund — Class X Shares*** | ***Aperture International Equity Fund — Class X Shares*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual Fund Return | $1000.00 | $1058.10 | 2.80% | $14.53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | $1000.00 | $1011.09 | 2.80% | $14.19 |  |

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\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**<br>

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks Pennsylvania 19456. Trustees who are deemed not to be "interested persons" of the Trust are referred to as "Independent Trustees."

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|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of<br>Time Served<sup>1</sup>** | **Principal Occupations in the Past Five Years** |
| **INTERESTED TRUSTEES3,4**  | | |
| William M. Doran<br>(Born: 1940) | Chairman of the<br> Board of Trustees<br> (since 2014) | Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor. Secretary of SEI Investments since 1978.<br>|
| **INDEPENDENT TRUSTEES3** |  |  |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent Trustee<br> (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.<br>|
| Thomas P. Lemke<br> (Born: 1954) | Trustee<br> (since 2014) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.<br>|
| Nichelle Maynard-Elliott<br> (Born: 1968) | Trustee<br> (since 2021) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019.<br>|

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1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Trustees oversee 65 funds in The Advisors' Inner Circle Fund III.

4 Denotes Trustees who may be deemed to be "interested" persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

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 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**<br>

Mr. Doran is a Trustee who may be an "interested" person of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust's Distributor. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-514-7557. The following chart lists Trustees and Officers as of December 31, 2022.

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|:---|
| **Other Directorships**<br> **Held in the Past Five Years<sup>2</sup>**<br>|
| Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Investments, SEI Investments (Europe), Limited, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd., SEI Investments – Unit Trust Management (UK) Limited and SEI Investments Co. Director of the Distributor.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, The KP Funds and Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.<br>|
| Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.<br>|
| Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, J.P. Morgan Funds (171 Portfolios) and Symmetry Panoramic Trust (16 Portfolios). Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust and AXA Premier VIP Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.<br>|
| Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd. Director of Element Solutions Inc., Director of Xerox Holdings Corporation, and Director of Lucid Group, Inc.<br>Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.<br>|

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**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**

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|:---|:---|:---|
| **Name and**<br> **Year of Birth**<br>| **Position with Trust and Length of**<br> **Time Served<sup>1</sup>** | **Principal Occupations in the Past Five Years** |
| **INDEPENDENT TRUSTEES (continued)3** | **INDEPENDENT TRUSTEES (continued)3** | **INDEPENDENT TRUSTEES (continued)3** |
| Jay C. Nadel<br> (Born: 1958)<br>| Trustee<br> (since 2016) | Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001. |
| Randall S. Yanker<br> (Born: 1960)<br>| Trustee<br> (since 2014) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004. |
| **OFFICERS** |  |  |
| Michael Beattie<br> (Born: 1965)<br>| President<br> (since 2014) | Director of Client Service, SEI Investments, since 2004. |
| James Bernstein<br> (Born: 1962) | Vice President (since 2017)<br> Secretary (since 2020) | Attorney, SEI Investments, since 2017.<br>Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.<br>|
| John Bourgeois<br> (Born: 1973)<br>| Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |

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|:---|:---|
| 1 | Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust. |
| 2 | Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act. |
| 3 | Trustees oversee 65 funds in The Advisors' Inner Circle Fund III. |

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*118* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**<br>

------

**Other Directorships**

**Held in the Past Five Years**<sup>2</sup>

------

Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

------

Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd.

Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.

------

None.

------

None.

------

None.

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*119* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) with Trust and Length<br>of Time Served** | **Principal Occupation in the Past Five Years** |
| **OFFICERS (continued)** | **OFFICERS (continued)** | **OFFICERS (continued)** |
| Eric C. Griffith<br> (Born: 1969) | Vice President and<br>Assistant Secretary<br>(since 2020) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.<br>|
| Matthew M. Maher<br> (Born: 1975) | Vice President and<br>Assistant Secretary<br>(since 2018) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.<br>|
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and<br>Chief Financial Officer<br>(since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019.<br>|
| Robert Morrow<br> (Born: 1968) | Vice President<br>(since 2017)<br>| Account Manager, SEI Investments, since 2007. |

---

---

| | |
|:---|:---|
| 1 | Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust. |
| 2 | Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act. |
| 3 | Trustees oversee 65 funds in The Advisors' Inner Circle Fund III. |

---

*120* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**

**Other Directorships** 

**Held in the Past Five Years** 

------

**None.** 

------

**None.** 

------

**None.** 

------

**None.** 

------

*121* 

------

---

| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of<br>Birth**<br>| **Position(s) with Trust and Length<br>of Time Served**<br>| **Principal Occupation in the Past Five Years**<br>|
| **OFFICERS (continued)** | | |
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Invest- ments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Pri- vate Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Ac- counting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.<br>|
| Alexander F. Smith<br> (Born: 1977) | Vice President and<br> Assistant Secretary<br> (since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012.<br>|
| Bridget E. Sudall<br> (Born: 1980) | Privacy Officer<br> (from 2015 – June 2022 and since November 2022)<br>Anti-Money Laundering Officer<br> (from 2015 – June 2022 and since November 2022) | Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alter- native Investment Partners, from 2007 to 2011. |

---

Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or

1 until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange

2 Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Trustees oversee 65 funds in The Advisors' Inner Circle Fund III.

*122* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III (Unaudited)**<br>

**Other Directorships** 

**Held in the Past Five Years** 

None.

 <br> None.

 <br> None.

*123* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

 **APPROVAL OF INVESTMENT ADVISORY AGREEMENT (UNAUDITED)**<br>

**Aperture New World Opportunities Fund** 

**Aperture Endeavour Equity Fund** 

**Aperture Discover Equity Fund** 

**Aperture International Equity Fund** 

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund III (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on December 15-16, 2022 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds' advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Funds'

*124* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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performance compared with peer groups of mutual funds and the Funds' benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**Nature, Extent and Quality of Services to be Provided by the Adviser** 

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Funds. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

*125* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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 **Investment Performance of the Funds and the Adviser**

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

**Costs of Advisory Services, Profitability and Economies of Scale** 

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates to the Aperture New World Opportunities Fund, Aperture Discover Equity Fund and Aperture Endeavour Equity Fund. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable.

*126* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

------

The Trustees considered the Adviser's views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement** 

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

*127* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

---

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**NOTICE TO SHAREHOLDERS**

For shareholders that do not have a December 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with a December 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended December 31, 2022, the Fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Return of<br> Capital | Long-Term<br>Capital Gain<br>Distributions | Ordinary<br>Income<br>Distributions | Total<br>Distributions | Qualifying<br>for<br>Corporate<br>Dividends<br>Received<br>Income <sup>(1)</sup> | Qualifying<br>for Dividends<br>Income <sup>(2)</sup> | US<br>Government<br>Interest <sup>(3)</sup> | Interest<br>Related<br>Dividends <sup>(4)</sup> | Short-<br>Term<br>Capital | Foreign<br>Tax<br>Credits <sup>(6)</sup> | Qualified<br>Business<br>Income <sup>(7)</sup> |
|  **New World Opportunity Fund** | **New World Opportunity Fund** | **New World Opportunity Fund** |  |  |  |  |  |  |  |  |
|  0.00% | 0.00% | 100.00% | 100.00% | 0.12% | 0.54% | 4.19% | 30.46% | 0.00% | 0.05% | 0.00% |
|  **Endeavour Equity Fund** | **Endeavour Equity Fund** | **Endeavour Equity Fund** |  |  |  |  |  |  |  |  |
|  0.00% | 11.87% | 88.13% | 100.00% | 24.71% | 34.45% | 20.16% | 23.50% | 100.00% | 0.00% | 0.00% |
|  **Discover Equity Fund** | **Discover Equity Fund** | **Discover Equity Fund** |  |  |  |  |  |  |  |  |
|  0.00% | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  **Aperture International Equity Fund** | **Aperture International Equity Fund** | **Aperture International Equity Fund** |  |  |  |  |  |  |  |  |
|  0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 58.78% | 7.78% | 8.34% | 0.00% | 0.00% | 0.00% |

---

1. Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is
reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned
funds to designate the maximum amount permitted by law.

3. "U.S. Government Interest" represents the amount of interest that was derived from direct U.S. Government
obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents
of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

4. The percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a
percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid to foreign investors.

5. The percentage of this column represents the amount of "Short Term Capital Gain Dividends" and is reflected
as a percentage of short term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors.

6. The percentage in this column represents the amount of "Qualifying Foreign Taxes" as a percentage of
ordinary distributions during the fiscal year ended December 31, 2022. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2022.

7. The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business
Income Deduction.

*128* 

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| | |
|:---|:---|
| THE ADVISORS' INNER CIRCLE FUND III | APERTURE FUNDS |
|  | DECEMBER 31, 2022 |

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Certain Funds intend to pass through a foreign tax credit to shareholders. For the fiscal year ended December 31, 2022 the total amount of foreign source income and foreign tax credit are as follows:

---

| | | |
|:---|:---|:---|
| | Foreign Tax<br>Paid | Foreign Source<br>Income |
|  New World Opportunity Fund | $5982 | $11991480 |

---

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2022. Complete information will be computed and reported with your 2022 Form 1099-DIV.

*129* 

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Aperture New World Opportunities Fund

Aperture Endeavour Equity Fund

Aperture Discover Equity Fund

Aperture International Equity Fund

Fund P.O. Box 219009

Kansas City, MO 64121-9009

1-888-514-7557

**Investment Adviser:** 

Aperture Investors, LLC

250 West 55th Street, 30th Floor

New York, NY 10019

**Administrator:** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Distributor:** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Fund described.

API-AR-001-0400

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| | |
|:---|:---|
| **Item 2. Code** | **of Ethics.**  |

---

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

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| | |
|:---|:---|
| **Item 3. Audit** | **Committee Financial Expert.**  |

---

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel is "independent" as that term is defined in Form N-CSR Item 3 (a)(2).

**Item 4. Principal Accountant Fees and Services.** 

Fees billed by PricewaterhouseCoopers LLP ("PwC") relate to The Advisors' Inner Circle Fund III (the "Trust").

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2021** | **FYE December 31, 2021** | **FYE December 31, 2021** |
|  |  | All fees<br> and<br> services to<br> the Trust<br> that were<br> pre-<br> approved | All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates that<br> did not<br> require pre-<br> approval | All fees and<br>services to<br>the Trust that<br>were pre-<br> approved | All fees and<br> services to<br> service<br> affiliates that<br> were pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates that<br> did not<br> require pre-<br> approval |
| &nbsp;&nbsp;&nbsp; (a) | Audit Fees<sup>(1)</sup> | $682615 |  |  | $704515 |  | $11990 |
| &nbsp;&nbsp;&nbsp; (b) | Audit-Related Fees |  |  |  | $4000 |  |  |
| &nbsp;&nbsp;&nbsp; (c) | Tax Fees | $101900<sup>(3)</sup> |  | $112623<sup>(2)</sup> |  |  | $90000<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; (d) | All Other Fees |  |  | $5301 |  |  | $1473 |

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Fees billed by BBD LLP ("BBD") relate to the Trust.

BBD billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2021** | **FYE December 31, 2021** | **FYE December 31, 2021** |
|  |  | All fees<br> and<br> services to<br>the Trust<br> that were<br> pre-<br> approved | All fees and<br> services to<br> service<br> affiliates<br> that were<br>pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-<br> approval | All fees and<br> services to<br> the Trust<br> that were<br> pre-<br> approved | All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-<br> approval |
| &nbsp;&nbsp;&nbsp; (a) | Audit Fees<sup>(1)</sup> | $88500 |  |  | $87000 |  |  |
| &nbsp;&nbsp;&nbsp; (b) | Audit-Related Fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (c) | Tax Fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Ernst & Young LLP ("E&Y") relate to the Trust.

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2021** | **FYE December 31, 2021** | **FYE December 31, 2021** |
|  |  | All fees<br> and<br> services to<br> the Trust<br> that were<br> pre-<br> approved | All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-<br> approval | All fees and<br> services to<br> the Trust<br> that were<br> pre-<br> approved | All fees and<br> services to<br> service<br> affiliates<br> that were<br> pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates<br> that did not<br> require pre-<br> approval |
| &nbsp;&nbsp;&nbsp; (a) | Audit Fees<sup>(1)</sup> | $277908 |  |  | $51220 |  |  |
| &nbsp;&nbsp;&nbsp; (b) | Audit-Related Fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (c) | Tax Fees |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (d) | All Other Fees |  |  |  |  |  |  |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services normally
provided by the accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax return preparation fees for affiliates of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fees in connection with international withholding tax analysis.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

------

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
|  | **FYE <br>December <br>31, 2022** | **FYE <br>December <br>31, 2021** |
| &nbsp;&nbsp;&nbsp; Audit-Related Fees |  |  |
| &nbsp;&nbsp;&nbsp; Tax Fees |  |  |
| &nbsp;&nbsp;&nbsp; All Other Fees |  |  |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (BBD):

---

| | | |
|:---|:---|:---|
|  | **FYE <br>December <br>31, 2022** | **FYE <br>December <br>31, 2021** |
| &nbsp;&nbsp;&nbsp; Audit-Related Fees |  |  |
| &nbsp;&nbsp;&nbsp; Tax Fees |  |  |
| &nbsp;&nbsp;&nbsp; All Other Fees |  |  |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (E&Y):

---

| | | |
|:---|:---|:---|
|  | **FYE <br>December <br>31, 2022** | **FYE <br>December <br>31, 2021** |
| &nbsp;&nbsp;&nbsp; Audit-Related Fees |  |  |
| &nbsp;&nbsp;&nbsp; Tax Fees |  |  |
| &nbsp;&nbsp;&nbsp; All Other Fees |  |  |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $117,924 and $91,473 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by BBD for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the

------

adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.** 

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to open-end management investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable to open-end management investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.** 

Not applicable to open-end management investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 11. Controls and Procedures.** 

------

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act, as amended (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to open-end management investment companies.

**Item 13. Exhibits.** 

(a)(1) [A copy of the Registrant's Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.](d453373dex99codeeth.htm)

(a)(2) [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](d453373dex99cert.htm)

(b) [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](d453373dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
| By (Signature and Title) |  |
|  | <u>/s/ Michael Beattie</u> |
|  | Michael Beattie |
|  | President |
| Date: March 10, 2023 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) |  |
|  | <u>/s/ Michael Beattie</u> |
|  | Michael Beattie |
|  | President |
| Date: March 10, 2023 |  |
| By (Signature and Title) |  |
|  | <u>/s/ Andrew Metzger</u> |
|  | Andrew Metzger |
|  | Treasurer, Controller, and CFO |
| Date: March 10, 2023 |  |

---

## Ex-99.Code

**<u>Policy Statement</u>:** Sarbanes-Oxley effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under Sarbanes-Oxley, all public companies (including the Funds) must either have a code of ethics for their senior financial officers, or disclose why the company does not have a code of ethics. Sarbanes-Oxley was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices.

Each Fund has chosen to adopt a code of ethics ("Code of Ethics for Financial Officers") to encourage the Fund's Principal Executive Officer, Principal Financial, and Accounting Officer and Controller (the "Financial Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate
person or persons identified in the Code of Ethics of Financial Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code of Ethics for Financial Officers.

**<u>Procedures</u>:** The Funds have adopted the following procedures regarding this matter:

A compliance officer is responsible for monitoring compliance with these procedures.

**FINANCIAL OFFICER CODE OF ETHICS** 

**I.** **Introduction** 

The reputation and integrity of Series Trusts, (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why the company does not have a code of

------

ethics. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage the Trust's SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II.** **Purposes of the Code** 

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or
apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to
an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the
Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To promote compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To establish accountability for adherence to this Code.

**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose to
the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material
transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the Trust's Chief Financial Officer, Chief Executive
Officer, or another appropriate person. In addition to

------

disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Standards for quality of information included in periodic reports.** Each Trust's SFOs must at all
times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and other
laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose this information or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course
of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep these parties informed of the business affairs of the Trust, as appropriate, and to maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Promote ethical conduct.** Each Trust's SFOs at all times should proactively promote ethical
behavior among peers in the SFOs work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Standards for recordkeeping.** Each Trust's SFOs at all times must endeavor to ensure that the
Trust's financial books and records are thoroughly and accurately maintained to the best of the SFOs knowledge in a manner consistent with applicable laws and this Code.

**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders and the designated Board to the extent required by SEC rules.

**VI.** **Affirmation of the Code** 

------

Upon adoption of the Code, each Trust's SFOs must affirm in writing that the SFO has received, has read, and understands the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer, in his or her discretion, may consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures the report's or financial statement's meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address, and report, as appropriate, non-criminal violations.

## Ex-99.Cert

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund III (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Dated: March 10, 2023<br>|
| <u>/s/ Michael Beattie</u> |
| Michael Beattie<br> President |

---

------

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund III (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Dated: March 10, 2023<br>|
| <u>/s/ Andrew Metzger</u> |
| Andrew Metzger<br> Treasurer, Controller, and CFO |

---

## Exhibit 99.906

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Michael Beattie, the President of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

Dated: March 10, 2023

<u>/s/ Michael Beattie</u><br> Michael Beattie<br> President<br>

------

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Andrew Metzger, the Treasurer, Controller, and CFO of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

Dated: March 10, 2023

<u>/s/ Andrew Metzger</u><br> Andrew Metzger<br> Treasurer, Controller, and CFO<br>