NPORT-P
    false
    
      
      
        
          0001593547
          XXXXXXXX
        
      
      
      
      
        S000051695
        C000162682
      
      
      
    
  
  
    
      ADVISORS' INNER CIRCLE III
      811-22920
      0001593547
      549300TG800HOPJVWT31
      ONE FREEDOM VALLEY DRIVE
      OAKS
      
      19456
      8774463863
      Chiron Capital Allocation Fund
      S000051695
      54930035V1XC4LJHKY32
      2021-10-31
      2021-07-31
      N
    
    
      1268381408.71
      79272471.94
      1189108936.77
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      339790.19000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        Bundesrepublik Deutschland
        N/A
        EURO-SCHATZ FUT   SEP21 FINANCIAL COMMODITY FUTURE.
        N/A
        
          
        
        628.00000000
        NC
        
        83700803.09000000
        7.038951647050
        N/A
        DIR
        
        DE
        
        N
        
        1
        
          
            
              EURO-SCHATZ FUT   SEP21
              N/A
            
            Long
            
              
                Germany Govt. Bond Futures
                Euro-Schatz Future Sep 2021
                
                  
                  
                  
                
              
            
            2021-09-11
            85619191.25000000
            EUR
            -1918388.16000000
          
        
        
          N
          N
          N
        
      
      
        Stellantis N.V.
        549300LKT9PW7ZIBDF31
        STELLANTIS COMMON STOCK
        N/A
        
          
        
        961992.00000000
        NS
        
        18475486.64000000
        1.553725320590
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        RAYTHEON TECHNOLOGIES CORPORATION
        I07WOS4YJ0N7YRFE7309
        RAYTHEON TECHNOLOGIES CORP COMMON STOCK
        75513E101
        
          
        
        187596.00000000
        NS
        USD
        16311472.20000000
        1.371739097706
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        INTUITIVE SURGICAL, INC.
        54930052SRG011710797
        INTUITIVE SURGICAL INC COMMON STOCK
        46120E602
        
          
        
        18104.00000000
        NS
        USD
        17949391.84000000
        1.509482544867
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nintendo Co., Ltd.
        353800FEEXU6I9M0ZF27
        NINTENDO CO LTD COMMON STOCK
        N/A
        
          
        
        30500.00000000
        NS
        
        15680233.35000000
        1.318654066514
        Long
        EC
        
        JP
        
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Silver Trust
        N/A
        ISHARES SILVER TRUST MUTUAL FUND
        46428Q109
        
          
        
        531905.00000000
        NS
        USD
        12568915.15000000
        1.057002833074
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Republique Francaise
        N/A
        EURO-OAT FUTURE   SEP21 FINANCIAL COMMODITY FUTURE.
        N/A
        
          
        
        56.00000000
        NC
        
        10767007.91000000
        0.905468588878
        N/A
        DIR
        
        DE
        
        N
        
        1
        
          
            
              EURO-OAT FUTURE   SEP21
              N/A
            
            Long
            
              
                France Govt. Bond Future
                Eurex Long Term Euro OAT Bond Future Sep 2021
                
                  
                  
                  
                
              
            
            2021-09-11
            10670297.87000000
            EUR
            96710.04000000
          
        
        
          N
          N
          N
        
      
      
        BROADCOM INC.
        549300WV6GIDOZJTV909
        Broadcom Inc PREFERRED STOCK
        11135F200
        
          
        
        23075.00000000
        NS
        USD
        35635645.50000000
        2.996836067585
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CIM GSXACINO INDEX TRS
        N/A
        CIM GSXACINO INDEX TRS GOLDMAN
        N/A
        
          
        
        227078.00000000
        NC
        USD
        865869.76000000
        0.072816689306
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              CIM GSXACINO INDEX TRS
              N/A
            
            Y
            
            
            2024-08-02
            0.00000000
            USD
            0.00000000
            USD
            -23828862.74000000
            USD
            865869.76000000
          
        
        
          N
          N
          N
        
      
      
        LPL FINANCIAL HOLDINGS INC.
        549300XROQ4Y8G2L7682
        LPL FINANCIAL HOLDINGS INC COMMON STOCK
        50212V100
        
          
        
        176010.00000000
        NS
        USD
        24824450.40000000
        2.087651486955
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SOCIETE AURIFERE BARRICK
        0O4KBQCJZX82UKGCBV73
        BARRICK GOLD CORP COMMON STOCK
        067901108
        
          
        
        696355.00000000
        NS
        USD
        15159648.35000000
        1.274874646151
        Long
        EC
        
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SMC CORPORATION
        353800O40V08DOZ70X62
        SMC CORP COMMON STOCK
        N/A
        
          
        
        13500.00000000
        NS
        
        7974112.39000000
        0.670595615205
        Long
        EC
        
        JP
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NETFLIX, INC.
        549300Y7VHGU0I7CE873
        NETFLIX INC COMMON STOCK
        64110L106
        
          
        
        41423.00000000
        NS
        USD
        21439302.11000000
        1.802972078255
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BRK: MORGAN STANLEY
        N/A
        BRK: MORGAN STANLEY REF: MORGAN STANLEY -NOVATEK MICROELECTRONICS
        N/A
        
          
        
        253000.00000000
        NC
        USD
        58241.58000000
        0.004897917945
        N/A
        DE
        
        TW
        
        N
        
        2
        
          
            
              BRK: MORGAN STANLEY
              N/A
            
            Y
            
            
              
                
              
            
            2023-07-16
            0.00000000
            USD
            0.00000000
            USD
            -4564787.21000000
            USD
            58241.58000000
          
        
        
          N
          N
          N
        
      
      
        CME GROUP INC.
        LCZ7XYGSLJUHFXXNXD88
        CME GROUP INC COMMON STOCK
        12572Q105
        
          
        
        55171.00000000
        NS
        USD
        11703424.23000000
        0.984218002918
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        International Consolidated Airlines Group, S.A.
        959800TZHQRUSH1ESL13
        INTL CONSOLIDATED AIRLINE-DI COMMON STOCK
        N/A
        
          
        
        6378741.00000000
        NS
        
        14904594.84000000
        1.253425517134
        Long
        EC
        
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THERMO FISHER SCIENTIFIC INC.
        HCHV7422L5HDJZCRFL38
        THERMO FISHER SCIENTIFIC INC COMMON STOCK
        883556102
        
          
        
        22185.00000000
        NS
        USD
        11980121.85000000
        1.007487327657
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WEIBO CORPORATION
        549300Q9ID4640FE0422
        WEIBO CORP-SPON ADR DEPOSITARY RECEIPT
        948596101
        
          
        
        211388.00000000
        NS
        USD
        11922283.20000000
        1.002623294749
        Long
        EC
        
        CN
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SINGAPORE AIRLINES LIMITED
        549300ZG62N2599PWR15
        SINGAPORE AIRLINES LTD 1.625000% 12/03/2025
        N/A
        
          
        
        15750000.00000000
        PA
        
        13111922.95000000
        1.102667934328
        Long
        DBT
        CORP
        SG
        
        N
        
        2
        
          2025-12-03
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        E-MINI RUSS 2000  SEP21 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -81.00000000
        NC
        USD
        -8997480.00000000
        -0.75665733573
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              E-MINI RUSS 2000  SEP21
              N/A
            
            Short
            
              
                Russell 2000 E-mini Composite Index Futures Sep 2021
                N/A
                N/A
              
            
            2021-09-20
            -8885801.65000000
            USD
            -111678.35000000
          
        
        
          N
          N
          N
        
      
      
        ELI LILLY AND COMPANY
        FRDRIPF3EKNDJ2CQJL29
        ELI LILLY & CO COMMON STOCK
        532457108
        
          
        
        5143.00000000
        NS
        USD
        1252320.50000000
        0.105315876558
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        PALLADIUM FUTURE  SEP21 PHYSICAL COMMODITY FUTURE.
        N/A
        
          
        
        23.00000000
        NC
        USD
        6109260.00000000
        0.513767898893
        N/A
        DCO
        
        US
        
        N
        
        1
        
          
            
              PALLADIUM FUTURE  SEP21
              N/A
            
            Long
            
              
                Palladium
                Palladium Future Sep 2021
                
                  
                  
                
              
            
            2021-10-01
            6567162.48000000
            USD
            -457902.48000000
          
        
        
          N
          N
          N
        
      
      
        Evolution AB (publ)
        549300SUH6ZR1RF6TA88
        EVOLUTION AB COMMON STOCK
        N/A
        
          
        
        150852.00000000
        NS
        
        26278711.40000000
        2.209949869805
        Long
        EC
        
        SE
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        Swedish Match AB
        529900YVXCGNWAUYZG78
        SWEDISH MATCH AB COMMON STOCK
        N/A
        
          
        
        676304.00000000
        NS
        
        6055656.37000000
        0.509260016702
        Long
        EC
        
        SE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SK hynix Inc.
        988400XAIK6XISWQV045
        SK HYNIX INC COMMON STOCK
        N/A
        
          
        
        143475.00000000
        NS
        
        14032547.27000000
        1.180089295108
        Long
        EC
        
        KR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        POLARIS INC.
        549300QJSN8UVWN1EI78
        POLARIS INC COMMON STOCK
        731068102
        
          
        
        67740.00000000
        NS
        USD
        8878681.80000000
        0.746666812892
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ASTRAZENECA PLC
        PY6ZZQWO2IZFZC3IOL08
        ASTRAZENECA PLC COMMON STOCK
        N/A
        
          
        
        50183.00000000
        NS
        
        5767327.07000000
        0.485012507404
        Long
        EC
        
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        GOLDMAN SACHS FUTURES COLLATERAL
        N/A
        
          
        
        -480000.00000000
        PA
        USD
        -480000.00000000
        -0.04036636048
        Short
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong Exchanges and Clearing Limited
        213800YTVSXYQN17BW16
        HONG KONG EXCHANGES & CLEAR COMMON STOCK
        N/A
        
          
        
        245600.00000000
        NS
        
        15675620.73000000
        1.318266160927
        Long
        EC
        
        HK
        
        N
        
        1
        
          N
          N
          N
        
      
      
        L3HARRIS TECHNOLOGIES, INC.
        549300UTE50ZMDBG8A20
        L3HARRIS TECHNOLOGIES INC COMMON STOCK
        502431109
        
          
        
        25774.00000000
        NS
        USD
        5843996.76000000
        0.491460166456
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
        635400GAUMJCLEZRRV50
        JAZZ PHARMACEUTICALS PLC COMMON STOCK
        G50871105
        
          
        
        98753.00000000
        NS
        USD
        16740608.56000000
        1.407827999802
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ROYAL DUTCH SHELL PLC
        21380068P1DRHMJ8KU70
        ROYAL DUTCH SHELL PLC-A SHS COMMON STOCK
        N/A
        
          
        
        1097085.00000000
        NS
        
        22243889.99000000
        1.870635170770
        Long
        EC
        
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NEWMONT CORPORATION
        549300VSP3RIX7FGDZ51
        NEWMONT CORP COMMON STOCK
        651639106
        
          
        
        234099.00000000
        NS
        USD
        14706099.18000000
        1.236732710120
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CONSTELLATION BRANDS, INC.
        5493005GKEG8QCVY7037
        CONSTELLATION BRANDS INC-A COMMON STOCK
        21036P108
        
          
        
        108502.00000000
        NS
        USD
        24341338.68000000
        2.047023441445
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        S&P/TSX 60 IX FUT SEP21 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -50.00000000
        NC
        
        -9715453.67000000
        -0.81703646903
        N/A
        DE
        
        CA
        
        N
        
        1
        
          
            
              S&P/TSX 60 IX FUT SEP21
              N/A
            
            Short
            
              
                S&P/TSE 60 IX FUT Sep 2021
                N/A
                N/A
              
            
            2021-09-19
            -9576211.99000000
            CAD
            -139241.68000000
          
        
        
          N
          N
          N
        
      
      
        Estun Automation Co Ltd
        N/A
        ESTUN AUTOMATION CO LTD-A COMMON STOCK
        N/A
        
          
        
        1019546.00000000
        NS
        
        6161839.59000000
        0.518189662819
        Long
        EC
        
        CN
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SEA LIMITED
        529900OM6JLLW44YKI15
        SEA LTD-ADR DEPOSITARY RECEIPT
        81141R100
        
          
        
        20335.00000000
        NS
        USD
        5615713.60000000
        0.472262332436
        Long
        EC
        
        TW
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE COMMON STOCK
        N/A
        
          
        
        93953.00000000
        NS
        
        13467870.94000000
        1.132601944493
        Long
        EC
        
        DE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG RESOURCES, INC.
        XWTZDRYZPBUHIQBKDB46
        EOG RESOURCES INC COMMON STOCK
        26875P101
        
          
        
        178606.00000000
        NS
        USD
        13013233.16000000
        1.094368460079
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        EURO STOXX 50     SEP21 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -159.00000000
        NC
        
        -7710554.10000000
        -0.64843126324
        N/A
        DE
        
        DE
        
        N
        
        1
        
          
            
              EURO STOXX 50     SEP21
              N/A
            
            Short
            
              
                DJ EURO STOXX 50 FUTR Sep 2021
                N/A
                N/A
              
            
            2021-09-20
            -7596755.03000000
            EUR
            -113799.07000000
          
        
        
          N
          N
          N
        
      
      
        BAIDU, INC.
        254900AL64IANZYI1E02
        BAIDU INC-CLASS A COMMON STOCK
        G07034104
        
          
        
        505000.00000000
        NS
        
        10280460.42000000
        0.864551606846
        Long
        EC
        
        CN
        
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI HOLDINGS, INC.
        549300DSQICIGNT5GO63
        YETI HOLDINGS INC COMMON STOCK
        98585X104
        
          
        
        80077.00000000
        NS
        USD
        7713817.41000000
        0.648705696464
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO.
        UDTZ87G0STFETI6HGH41
        SOUTHWEST AIRLINES CO 1.250000% 05/01/2025
        844741BG2
        
          
        
        7891000.00000000
        PA
        USD
        11565246.88000000
        0.972597759748
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANHEUSER-BUSCH INBEV SA
        5493008H3828EMEXB082
        ANHEUSER-BUSCH INBEV SA/NV COMMON STOCK
        N/A
        
          
        
        84204.00000000
        NS
        
        5333982.14000000
        0.448569678947
        Long
        EC
        
        BE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Entain plc
        213800GNI3K45LQR8L28
        ENTAIN PLC COMMON STOCK
        N/A
        
          
        
        1021169.00000000
        NS
        
        25784013.36000000
        2.168347454358
        Long
        EC
        
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FACEBOOK, INC.
        BQ4BKCS1HXDV9HN80Z93
        FACEBOOK INC-CLASS A COMMON STOCK
        30303M102
        
          
        
        41596.00000000
        NS
        USD
        14820654.80000000
        1.246366446480
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        S&P500 EMINI FUT  SEP21 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -138.00000000
        NC
        USD
        -30287550.00000000
        -2.54707950326
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              S&P500 EMINI FUT  SEP21
              N/A
            
            Short
            
              
                S&P 500 Future Sep 2021
                N/A
                N/A
              
            
            2021-09-20
            -29969345.58000000
            USD
            -318204.42000000
          
        
        
          N
          N
          N
        
      
      
        THE BOEING COMPANY
        RVHJWBXLJ1RFUBSY1F30
        BOEING CO/THE COMMON STOCK
        097023105
        
          
        
        121080.00000000
        NS
        USD
        27422198.40000000
        2.306113220752
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ADOBE INC.
        FU4LY2G4933NH2E1CP29
        ADOBE INC COMMON STOCK
        00724F101
        
          
        
        20104.00000000
        NS
        USD
        12497249.52000000
        1.050975998376
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        US 5YR NOTE (CBT) SEP21 FINANCIAL COMMODITY FUTURE.
        N/A
        
          
        
        114.00000000
        NC
        USD
        14186765.63000000
        1.193058532428
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              US 5YR NOTE (CBT) SEP21
              N/A
            
            Long
            
              
                U.S. Treasury Futures
                US 5-Year Note (consolidated) Sep 2021
                
                  
                  
                  
                
              
            
            2021-10-03
            14089955.40000000
            USD
            96810.23000000
          
        
        
          N
          N
          N
        
      
      
        Xpel Inc
        549300KWSE3IGXLJNW66
        XPEL INC COMMON STOCK
        98379L100
        
          
        
        131198.00000000
        NS
        USD
        12148934.80000000
        1.021683920146
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SERVICENOW, INC.
        549300HJTQM36M0E1G39
        SERVICENOW INC COMMON STOCK
        81762P102
        
          
        
        20485.00000000
        NS
        USD
        12042926.65000000
        1.012768996818
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BRK: MORGAN STANLEY
        N/A
        BRK: MORGAN STANLEY REF: MORGAN STANLEY -FUBON FINANCIAL HOLDING CO -
        N/A
        
          
        
        3462000.00000000
        NC
        USD
        216794.09000000
        0.018231642475
        N/A
        DE
        
        TW
        
        N
        
        2
        
          
            
              BRK: MORGAN STANLEY
              N/A
            
            Y
            
            
              
                
              
            
            2023-05-20
            0.00000000
            USD
            0.00000000
            USD
            -9068026.22000000
            USD
            216794.09000000
          
        
        
          N
          N
          N
        
      
      
        POWERLONG REAL ESTATE HOLDINGS LIMITED
        549300R3K12EPXCGDP22
        POWERLONG REAL ESTATE HOLDIN COMMON STOCK
        N/A
        
          
        
        1451000.00000000
        NS
        
        982127.48000000
        0.082593566462
        Long
        EC
        
        CN
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        PLATINUM FUTURE   OCT21 PHYSICAL COMMODITY FUTURE.
        N/A
        
          
        
        267.00000000
        NC
        USD
        13996140.00000000
        1.177027568055
        N/A
        DCO
        
        US
        
        N
        
        1
        
          
            
              PLATINUM FUTURE   OCT21
              N/A
            
            Long
            
              
                Platinum
                PLATINUM FUTURE(Consolidated) Oct 2021
                
                  
                  
                
              
            
            2021-10-30
            15405835.00000000
            USD
            -1409695.00000000
          
        
        
          N
          N
          N
        
      
      
        Philip Morris International Inc.
        HL3H1H2BGXWVG3BSWR90
        PHILIP MORRIS INTERNATIONAL COMMON STOCK
        718172109
        
          
        
        242372.00000000
        NS
        USD
        24259013.48000000
        2.040100173319
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DASSAULT SYSTEMES SE
        96950065LBWY0APQIM86
        DASSAULT SYSTEMES SE COMMON STOCK
        N/A
        
          
        
        36200.00000000
        NS
        
        1997679.69000000
        0.167998038550
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS HEALTH CORPORATION
        549300EJG376EN5NQE29
        CVS HEALTH CORP COMMON STOCK
        126650100
        
          
        
        232328.00000000
        NS
        USD
        19134534.08000000
        1.609148959217
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        BROWN BROTHERS HARRIMAN SWEEP INTEREST
        N/A
        
          
        
        117730656.47000000
        PA
        USD
        117730656.47000000
        9.900746082170
        Long
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Airbus SE
        MINO79WLOO247M1IL051
        AIRBUS SE COMMON STOCK
        N/A
        
          
        
        184204.00000000
        NS
        
        25281916.51000000
        2.126122824261
        Long
        EC
        
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BAE SYSTEMS PLC
        8SVCSVKSGDWMW2QHOH83
        BAE SYSTEMS PLC COMMON STOCK
        N/A
        
          
        
        1117503.00000000
        NS
        
        8947231.49000000
        0.752431607679
        Long
        EC
        
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GLENCORE PLC
        2138002658CPO9NBH955
        GLENCORE PLC COMMON STOCK
        N/A
        
          
        
        4073732.00000000
        NS
        
        18321091.84000000
        1.540741245269
        Long
        EC
        
        AU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HCA HEALTHCARE, INC.
        529900PH4ZGUH2MNEU89
        HCA HEALTHCARE INC COMMON STOCK
        40412C101
        
          
        
        56597.00000000
        NS
        USD
        14047375.40000000
        1.181336290193
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PENN NATIONAL GAMING, INC.
        N/A
        PENN NATIONAL GAMING INC 2.750000% 05/15/2026
        707569AU3
        
          
        
        3679000.00000000
        PA
        USD
        11124192.30000000
        0.935506576059
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-15
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        MSCI EMGMKT       SEP21 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -115.00000000
        NC
        USD
        -7346775.00000000
        -0.61783868347
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              MSCI EMGMKT       SEP21
              N/A
            
            Short
            
              
                US MSCI Emerging Markets Equity Index Future Sep 2021
                N/A
                N/A
              
            
            2021-09-20
            -7628999.24000000
            USD
            282224.24000000
          
        
        
          N
          N
          N
        
      
      
        CIM GSCHSEC2 INDEX TRS
        N/A
        CIM GSCHSEC2 INDEX TRS GOLDMAN
        TRSGSSEC2
        
          
        
        30677324.69000000
        NC
        USD
        322716.77000000
        0.027139378068
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              CIM GSCHSEC2 INDEX TRS
              N/A
            
            Y
            
            
            2024-07-02
            0.00000000
            USD
            0.00000000
            USD
            -306241.00000000
            USD
            322716.77000000
          
        
        
          N
          N
          N
        
      
      
        Dai-ichi Life Holdings, Inc.
        549300ZUFXI7JXZVTZ25
        DAI-ICHI LIFE HOLDINGS INC COMMON STOCK
        N/A
        
          
        
        1334400.00000000
        NS
        
        24473021.28000000
        2.058097498323
        Long
        EC
        
        JP
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SBERBANK ROSSII PAO
        549300WE6TAF5EEWQS81
        SBERBANK PJSC -SPONSORED ADR DEPOSITARY RECEIPT
        80585Y308
        
          
        
        707440.00000000
        NS
        USD
        11778876.00000000
        0.990563239058
        Long
        EC
        
        RU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OMV Aktiengesellschaft
        549300V62YJ9HTLRI486
        OMV AG COMMON STOCK
        N/A
        
          
        
        225225.00000000
        NS
        
        12161759.93000000
        1.022762469772
        Long
        EC
        
        AT
        
        N
        
        1
        
          N
          N
          N
        
      
      
        KINGBOARD HOLDINGS LIMITED
        984500DA6D87CSD7C975
        KINGBOARD HOLDINGS LTD COMMON STOCK
        N/A
        
          
        
        1883000.00000000
        NS
        
        9861873.73000000
        0.829349895963
        Long
        EC
        
        CN
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML Holding N.V.
        724500Y6DUVHQD6OXN27
        ASML HOLDING NV-NY REG SHS DEPOSITARY RECEIPT
        N07059210
        
          
        
        19793.00000000
        NS
        USD
        15176084.82000000
        1.276256897137
        Long
        EC
        
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NATIONAL BANK OF GREECE S.A.
        5UMCZOEYKCVFAW8ZLO05
        NATIONAL BANK OF GREECE COMMON STOCK
        N/A
        
          
        
        4516111.00000000
        NS
        
        12803835.50000000
        1.076758832103
        Long
        EC
        
        GR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LG ELECTRONICS INC.
        988400RMQFTGZIOG0609
        LG ELECTRONICS INC COMMON STOCK
        N/A
        
          
        
        71321.00000000
        NS
        
        9765753.10000000
        0.821266479295
        Long
        EC
        
        KR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Schlumberger N.V.
        213800ZUA17OK3QLGM62
        SCHLUMBERGER LTD COMMON STOCK
        806857108
        
          
        
        774588.00000000
        NS
        USD
        22331372.04000000
        1.877992112367
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ZOETIS INC.
        549300HD9Q1LOC9KLJ48
        ZOETIS INC COMMON STOCK
        98978V103
        
          
        
        61861.00000000
        NS
        USD
        12539224.70000000
        1.054505967641
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GANFENG LITHIUM CO., LTD.
        3003006BE6UOHWEOOR42
        GANFENG LITHIUM CO LTD-H COMMON STOCK
        N/A
        
          
        
        56400.00000000
        NS
        
        1209844.10000000
        0.101743756403
        Long
        EC
        
        CN
        
        Y
        
        2
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP PARTNERSHIP SHARES
        55336V100
        
          
        
        213437.00000000
        NS
        USD
        6057342.06000000
        0.509401777473
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC.
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A COMMON STOCK
        02079K305
        
          
        
        5286.00000000
        NS
        USD
        14243285.58000000
        1.197811667170
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMAZON.COM, INC.
        ZXTILKJKG63JELOEG630
        AMAZON.COM INC COMMON STOCK
        023135106
        
          
        
        6363.00000000
        NS
        USD
        21173455.17000000
        1.780615258641
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NVIDIA CORPORATION
        549300S4KLFTLO7GSQ80
        NVIDIA CORP COMMON STOCK
        67066G104
        
          
        
        58068.00000000
        NS
        USD
        11322679.32000000
        0.952198656479
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co., Ltd.
        549300KB6NK5SBD14S87
        TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT
        874039100
        
          
        
        165193.00000000
        NS
        USD
        19268111.52000000
        1.620382365667
        Long
        EC
        
        TW
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MASTERCARD INCORPORATED.
        AR5L2ODV9HN37376R084
        MASTERCARD INC - A COMMON STOCK
        57636Q104
        
          
        
        36464.00000000
        NS
        USD
        14072916.16000000
        1.183484180871
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AVIVA PLC
        YF0Y5B0IB8SM0ZFG9G81
        AVIVA PLC COMMON STOCK
        N/A
        
          
        
        3436166.00000000
        NS
        
        18498611.27000000
        1.555670022987
        Long
        EC
        
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TERADYNE, INC.
        C3X4YJ278QNZHRJULN75
        TERADYNE INC COMMON STOCK
        880770102
        
          
        
        122384.00000000
        NS
        USD
        15542768.00000000
        1.307093700112
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mitsubishi Chemical Holdings Corporation
        353800YNKX4RQUGAR072
        MITSUBISHI CHEMICAL HOLDINGS COMMON STOCK
        N/A
        
          
        
        1768200.00000000
        NS
        
        14757430.56000000
        1.241049503848
        Long
        EC
        
        JP
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheil Worldwide Inc
        N/A
        CHEIL WORLDWIDE INC COMMON STOCK
        N/A
        
          
        
        405896.00000000
        NS
        
        8539607.22000000
        0.718151798875
        Long
        EC
        
        KR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC.
        ISRPG12PN4EIEOEMW547
        HONEYWELL INTERNATIONAL INC COMMON STOCK
        438516106
        
          
        
        58345.00000000
        NS
        USD
        13640477.55000000
        1.147117570830
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC.
        549300IRDTHJQ1PVET45
        FREEPORT-MCMORAN INC COMMON STOCK
        35671D857
        
          
        
        338706.00000000
        NS
        USD
        12904698.60000000
        1.085241074299
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        KB Financial Group Inc.
        529900TKE4MXG3Q6GW86
        KB FINANCIAL GROUP INC COMMON STOCK
        N/A
        
          
        
        229955.00000000
        NS
        
        10255763.09000000
        0.862474645750
        Long
        EC
        
        KR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WORLD WRESTLING ENTERTAINMENT, INC.
        549300WZVLSCS3L4L698
        WORLD WRESTLING ENTERTAIN-A COMMON STOCK
        98156Q108
        
          
        
        243023.00000000
        NS
        USD
        12000475.74000000
        1.009199020284
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Shell Midstream Partners LP
        529900YZVDXMTV4XGE96
        SHELL MIDSTREAM PARTNERS LP PARTNERSHIP SHARES
        822634101
        
          
        
        999163.00000000
        NS
        USD
        13838407.55000000
        1.163762807770
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ENERGY TRANSFER LP
        MTLVN9N7JE8MIBIJ1H73
        ENERGY TRANSFER LP PARTNERSHIP SHARES
        29273V100
        
          
        
        590655.00000000
        NS
        USD
        5823858.30000000
        0.489766590756
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        KEYENCE CORPORATION
        529900M7PQBS7A89DZ11
        KEYENCE CORP COMMON STOCK
        N/A
        
          
        
        17200.00000000
        NS
        
        9523066.41000000
        0.800857357599
        Long
        EC
        
        JP
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BRK: MORGAN STANLEY
        N/A
        BRK: MORGAN STANLEY REF: MORGAN STANLEY - FALABELLA SA - CIM TRS
        N/A
        
          
        
        1078836.00000000
        NC
        USD
        -344158.64000000
        -0.02894256609
        N/A
        DE
        
        CL
        
        N
        
        2
        
          
            
              BRK: MORGAN STANLEY
              N/A
            
            Y
            
            
            2023-05-19
            0.00000000
            USD
            0.00000000
            USD
            -4537898.40000000
            USD
            -344158.64000000
          
        
        
          N
          N
          N
        
      
    
    
      2021-07-31
      THE ADVISORS' INNER CIRCLE III
      Andy Metzger
      Andy Metzger
      CFO
    
  
  XXXX




HTML

THE ADVISORS’ INNER CIRCLE FUND III

  

FS CHIRON CAPITAL

  

ALLOCATION FUND

  

JULY 31, 2021

    

(Unaudited)

 

SCHEDULE OF INVESTMENTS (PERCENTAGES ARE BASED ON NET

 

ASSETS OF $1,191,058,770)

      

COMMON STOCK — 83.1%

      
      

 

                Shares                 

 

 

      Fair Value      

AUSTRIA — 1.0%

      

OMV

       225,225     $ 12,161,760  
      

 

 

 

CANADA — 1.3%

      

Barrick Gold

       696,355       15,159,648  
      

 

 

 

CHINA — 3.4%

      

Baidu, Cl A*

       505,000       10,280,460  

Estun Automation, Cl A

       1,019,546       6,161,840  

Ganfeng Lithium, Cl H

       56,400       1,209,844  

Kingboard Holdings

       1,883,000       9,861,874  

Powerlong Real Estate Holdings

       1,451,000       982,128  

Weibo ADR*

       211,388       11,922,283  
      

 

 

 

         40,418,429  
      

 

 

 

FRANCE — 2.3%

      

Airbus

       184,204       25,281,916  

Dassault Systemes

       36,200       1,997,680  
      

 

 

 

         27,279,596  
      

 

 

 

GERMANY — 1.1%

      

SAP

       93,953       13,467,871  
      

 

 

 

GREECE — 1.1%

      

National Bank of Greece*

       4,516,111       12,803,835  
      

 

 

 

HONG KONG — 1.3%

      

Hong Kong Exchanges & Clearing

       245,600       15,675,620  
      

 

 

 

IRELAND — 1.4%

      

Jazz Pharmaceuticals*

       98,753       16,740,609  
      

 

 

 

JAPAN — 5.8%

      

Dai-ichi Life Holdings

       1,334,400       24,473,021  

Keyence

       28,500       15,779,500  

Mitsubishi Chemical Holdings

       1,768,200       14,757,431  

Nintendo

       11,500       5,912,219  

SMC

       13,500       7,974,112  
      

 

 

 

         68,896,283  
      

 

 

 

NETHERLANDS — 4.4%

      

ASML Holding ADR, Cl G

       15,541       11,915,906  

Royal Dutch Shell, Cl A

       1,097,085       22,243,890  

Stellantis

       961,992       18,475,487  
      

 

 

 

         52,635,283  
      

 

 

 

RUSSIA — 1.5%

      

Sberbank of Russia PJSC ADR

       1,083,819       18,045,586  
      

 

 

 

SINGAPORE — 0.5%

      

Sea ADR*

       20,335       5,615,714  
      

 

 

 

SOUTH KOREA — 3.6%

      

Cheil Worldwide

       405,896       8,539,607  

KB Financial Group

       229,955       10,255,763  

LG Electronics

       71,321       9,765,753  

SK Hynix

       143,475       14,032,548  
      

 

 

 

         42,593,671  
      

 

 

 

 

1


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON CAPITAL ALLOCATION FUND

JULY 31, 2021

(Unaudited)

     

COMMON STOCK — continued

     

 

      

 

                Shares                 

 

 

      Fair Value      

SWEDEN — 3.2%

      

Evolution

       158,940     $ 27,687,657  

Swedish Match

       1,164,966       10,431,158  
      

 

 

 

         38,118,815  
      

 

 

 

SWITZERLAND — 1.5%

      

Glencore

       4,073,732       18,321,092  
      

 

 

 

TAIWAN — 1.6%

      

Taiwan Semiconductor Manufacturing ADR

       165,193       19,268,111  
      

 

 

 

UNITED KINGDOM — 6.8%

      

AstraZeneca

       154,003       17,698,935  

Aviva

       2,184,734       11,761,523  

BAE Systems

       1,117,503       8,947,231  

Entain

       1,072,259       27,074,011  

International Consolidated Airlines Group

       6,378,741       14,904,595  
      

 

 

 

         80,386,295  
      

 

 

 

UNITED STATES — 41.3%

      

Adobe*

       20,104       12,497,250  

Alphabet, Cl A*

       5,286       14,243,285  

Amazon.com*

       6,363       21,173,455  

Boeing*

       121,080       27,422,198  

CME Group, Cl A

       55,171       11,703,424  

Constellation Brands, Cl A

       108,502       24,341,339  

CVS Health

       232,328       19,134,534  

Eli Lilly

       5,143       1,252,320  

Energy Transfer

       590,655       5,823,858  

EOG Resources

       178,606       13,013,233  

Facebook, Cl A*

       41,596       14,820,655  

Freeport-McMoRan

       338,706       12,904,699  

HCA Healthcare

       56,597       14,047,375  

Honeywell International

       58,345       13,640,478  

Intuitive Surgical*

       18,104       17,949,392  

L3Harris Technologies

       25,774       5,843,997  

LPL Financial Holdings

       176,010       24,824,451  

Mastercard, Cl A

       36,464       14,072,916  

MPLX

       213,437       6,057,342  

Netflix*

       41,423       21,439,302  

Newmont

       234,099       14,706,099  

NVIDIA

       58,068       11,322,679  

Philip Morris International

       242,372       24,259,013  

Polaris

       67,740       8,878,682  

Raytheon Technologies

       187,596       16,311,472  

Schlumberger

       774,588       22,331,372  

ServiceNow*

       20,485       12,042,927  

Shell Midstream Partners(1)

       999,163       13,838,408  

Teradyne

       122,384       15,542,768  

Thermo Fisher Scientific

       22,185       11,980,122  

World Wrestling Entertainment, Cl A

       243,023       12,000,476  

XPEL*

       131,198       12,148,935  

YETI Holdings*

       80,077       7,713,817  

Zoetis, Cl A

       61,861       12,539,225  
      

 

 

 

         491,821,498  
      

 

 

 

TOTAL COMMON STOCK
(Cost $919,968,997)

       $ 989,409,716  
      

 

 

 

 

2


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON CAPITAL ALLOCATION FUND

JULY 31, 2021

(Unaudited)

     

 

PREFERRED STOCK — 3.0%

 

    

 

                Shares                 

  

 

      Fair Value      

 

UNITED STATES — 3.0%

     

Broadcom, 8.000%

     23,075      $ 35,635,646  
     

 

 

 

Total Preferred Stock

     

(Cost $33,435,097)

      $ 35,635,646  
     

 

 

 

CONVERTIBLE BONDS — 3.0%

 

    

 

Face

            Amount            

  

 

      Fair Value      

 

SINGAPORE — 1.1%

     

Singapore Airlines CV to 43531.2554
    1.625%, 12/03/25

   $ 15,750,000      $ 13,111,923  
     

 

 

 

 

UNITED STATES — 1.9%

     

Penn National Gaming CV to 42.7350
    2.750%, 05/15/26

     3,679,000        11,124,192  

Southwest Airlines CV to 25.9909
    1.250%, 05/01/25

     7,891,000        11,565,247  
     

 

 

 

        22,689,439  
     

 

 

 

TOTAL CONVERTIBLE BONDS

     

(Cost $36,738,569)

      $ 35,801,362  
     

 

 

 

REGISTERED INVESTMENT COMPANY — 1.0%

 

    

 

Shares

  

 

Fair Value

 

UNITED STATES — 1.0%

     

iShares Silver Trust

     531,905      $ 12,568,915  
     

 

 

 

TOTAL REGISTERED INVESTMENT COMPANY

     

(Cost $11,917,322)

      $ 12,568,915  
     

 

 

 

TOTAL INVESTMENTS — 90.1%

     

(Cost $1,002,059,985)

      $ 1,073,415,639  
     

 

 

 

 

*

Non-income producing security.

(1)

Security considered Master Limited Partnership. At July 31, 2021, these securities amounted to $13,838,408 or 1.2% of net assets.

Open futures contracts held by the Fund at July 31, 2021 are as follows:

 

Type of

Contract

   Number
of
Contracts
Long
(Short)
     Expiration
Date
     Notional
Amount
    Value     Unrealized
Appreciation/
(Depreciation)
 

Euro STOXX 50

     (159)        Sep-2021       $ (7,596,755    $ (7,710,554    $ (74,746

Euro-OAT

     56        Sep-2021        10,670,298       10,767,008       359,252  

Euro-Schatz

     628        Sep-2021        85,619,191       83,700,803       162,569  

MSCI Emerging Markets

     (115)        Sep-2021        (7,628,999     (7,346,775     282,225  

Palladium

     23        Sep-2021        6,567,163       6,109,260       (457,903

Platinum

     267        Oct-2021        15,405,835       13,996,140       (1,409,695

Russell 2000 Index E-MINI

     (81)        Sep-2021        (8,885,802     (8,997,480     (111,678

S&P 500 Index E-MINI

     (138)        Sep-2021        (29,969,345     (30,287,550     (318,205

S&P TSX 60 Index

     (50)        Sep-2021        (9,576,212     (9,715,454     (50,522

U.S. 5-Year Treasury Note

     114        Sep-2021        14,089,955       14,186,766       96,811  
        

 

 

   

 

 

   

 

 

 
          $ 68,695,329      $ 64,702,164      $ (1,521,892
        

 

 

   

 

 

   

 

 

 

 

3


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON CAPITAL ALLOCATION FUND

JULY 31, 2021

(Unaudited)

     

 

Open OTC swap agreements held by the Fund at July 31, 2021 are as follows:

Total Return Swaps

Counterparty   

Reference

Entity/

Obligation

  Fund Pays    Fund Receives    Payment
Frequency        
         Termination    
Date
             Notional        
Amount
    Fair Value     Upfront
    Payments/    
Receipts
    

Net

Unrealized

Appreciation/
    Depreciation    

 

Morgan Stanley

   Falabella   USD 1D FUNDS FED + 100 BPs    Total Return      At Maturity        05/19/23      $ 4,537,898     $ (349,241   $ -      $ (349,241

Morgan Stanley

   Fubon Financial   USD 1D FUNDS FED + 100 BPs    Total Return      At Maturity        05/23/23        9,068,026       471,195       -        471,195  

Morgan Stanley

   Novatek Microelectronics   USD 1D FUNDS FED + 100 BPs    Total Return      At Maturity        05/23/23        4,564,787       58,242       -        58,242  

Goldman Sachs

   GSXACINO**   USD 1D FUNDS FED + 50 BPs    Total Return      At Maturity        08/02/24        23,828,864       865,870       -        865,870  

Goldman Sachs

   GSCHSEC2**   Total Return    USD 1D FUNDS FED + 50 BPs      At Maturity        07/02/24        (30,677,325     319,565       -        319,565  
                      
                 $ 11,322,250     $   1,365,631     $ -      $ 1,365,631  
                      

** The following table represents the individual common stock exposure comprising the Goldman Sachs Equity Basket Swaps at July 31, 2021.

 

Shares    Description    Notional
Amount
     Unrealized
Appreciation
     Fair Value      Percentage
of Basket
 

GSXACIN0 Index

           

25,927

   Sungrow Power Supply Co Ltd    $         1,513,674      $         55,002      $         55,002        6.35  % 

6,598

   Contemporary Amperex Technology Co Ltd      1,263,511        45,912        45,912        5.30  

85,207

   Sanan Optoelectronics Co Ltd      1,262,319        45,869        45,869        5.30  

13,682

   BYD Co Ltd      1,260,109        45,789        45,789        5.29  

49,335

   Hangzhou Silan Microelectronics Co Ltd      1,196,227        43,467        43,467        5.02  

39,025

   LONGi Green Energy Technology Co Ltd      1,166,609        42,391        42,391        4.90  

528,564

   BOE Technology Group Co Ltd      1,055,596        38,357        38,357        4.43  

59,344

   Tianjin Zhonghuan Semiconductor Co Ltd      1,033,608        37,558        37,558        4.34  

116,354

   Sany Heavy Industry Co Ltd      1,004,781        36,511        36,511        4.22  

25,474

   Eve Energy Co Ltd      997,009        36,228        36,228        4.18  

47,965

   Gotion High-tech Co Ltd      911,850        33,134        33,134        3.83  

64,295

   Luxshare Precision Industry Co Ltd      827,241        30,059        30,059        3.47  

9,180

   Advanced Micro-Fabrication Equipment Inc      734,262        26,681        26,681        3.08  

6,907

   Will Semiconductor Co Ltd Shanghai      725,962        26,379        26,379        3.05  

16,225

   Wingtech Technology Co Ltd      617,124        22,424        22,424        2.59  

37,084

   Gree Electric Appliances Inc of Zhuhai      612,870        22,270        22,270        2.57  

3,729

   Maxscend Microelectronics Co Ltd      523,055        19,006        19,006        2.20  

19,289

   Wuxi Lead Intelligent Equipment Co Ltd      510,048        18,534        18,534        2.14  

3,702

   Ginlong Technologies Co Ltd      395,617        14,376        14,376        1.66  

24,138

   SENIOR      356,254        12,945        12,945        1.50  

16,236

   JA Solar Technology Co Ltd      344,586        12,521        12,521        1.45  

54,140

   Weichai Power Co Ltd      322,486        11,718        11,718        1.35  

2,000

   StarPower Semiconductor Ltd      320,636        11,651        11,651        1.35  

6,825

   Hangzhou First Applied Material Co Ltd      318,315        11,567        11,567        1.34  

45,174

   Risen Energy Co Ltd      316,231        11,491        11,491        1.33  

22,981

   National Silicon Industry Group Co Ltd      300,639        10,924        10,924        1.26  

8,594

   Jiangsu Hengli Hydraulic Co Ltd      292,311        10,622        10,622        1.23  

6,092

   Shanghai Putailai New Energy Technology      271,263        9,857        9,857        1.14  

4,611

   Shenzhen SC New Energy Technology Corp      260,697        9,473        9,473        1.09  

50,109

   GOLDWIND      251,925        9,154        9,154        1.06  

16,701

   Zhejiang Chint Electrics Co Ltd      246,084        8,942        8,942        1.03  

30,093

   Ming Yang Smart Energy Group Ltd      225,737        8,203        8,203        0.95  

503

   Beijing Roborock Technology Co Ltd      184,633        6,709        6,709        0.77  

3,050

   Shenzhen Transsion Holdings Co Ltd      172,866        6,281        6,281        0.73  

4,078

   Shennan Circuits Co Ltd      172,532        6,269        6,269        0.72  

103,842

   CSCEC      161,137        5,855        5,855        0.68  

6,838

   Montage Technology Co Ltd      160,520        5,833        5,833        0.67  

14,322

   NARI Technology Co Ltd      156,267        5,678        5,678        0.66  

12,503

   Riyue Heavy Industry Co Ltd      151,385        5,501        5,501        0.64  

4,864

   Hongfa Technology Co Ltd      111,118        4,038        4,038        0.47  

28,886

   Titan Wind Energy Suzhou Co Ltd      110,552        4,017        4,017        0.46  

2,733

   Raytron Technology Co Ltd      107,155        3,894        3,894        0.45  

2,455

   Zhejiang HangKe Technology Inc Co      105,062        3,818        3,818        0.44  

 

4


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON CAPITAL ALLOCATION FUND

JULY 31, 2021

(Unaudited)

     

 

Shares      Description    Notional
Amount
    Unrealized
Appreciation
     Fair Value      Percentage
of Basket
 
 

GSXACIN0 Index (continued)

          
  889      Anji Microelectronics Technology Shangha    $ 101,241     $ 3,676      $ 3,676        0.42  % 
          21,801      Offcn Education Technology Co Ltd      98,910       3,592        3,592        0.42  
  13,863      Huayu Automotive Systems Co Ltd      93,139       3,385        3,385        0.39  
  5,807      Zhongji Innolight Co Ltd      86,211       3,133        3,133        0.36  
  5,258      SINOCERA MATERIAL      85,507       3,108        3,108        0.36  
  4,712      Jinlei Technology Co Ltd      61,971       2,252        2,252        0.26  
  365      Shanghai Friendess Electronic Technology      61,271       2,227        2,227        0.26  
  1,955      Autel Intelligent Technology Corp Ltd      54,253       1,972        1,972        0.23  
  16,715      COFCO Biotechnology Co Ltd      49,724       1,807        1,807        0.21  
  7,067      Shenzhen Center Power Tech Co Ltd      46,570       1,693        1,693        0.20  
  16,932      SJEP      34,110       1,240        1,240        0.10  
  13,685      CHINA CRSC      24,094       876        876        0.10  
     

 

 

   

 

 

    

 

 

    

 

 

 
                23,828,864               865,870                865,870                100  
     

 

 

   

 

 

    

 

 

    

 

 

 
                      
Shares      Description   

Notional

Amount

    Unrealized
Appreciation
     Fair Value      Percentage
of Basket
 
 

GSCHSEC2 Index

          
  545      Amazon.com Inc    $ (1,393,080   $ 14,512      $ 14,512        4.54  % 
  9,461      TSMC      (847,685     8,831        8,831        2.76  
  1,543      Tesla Inc      (814,515     8,485        8,485        2.66  
  5,124      NVIDIA Corp      (767,488     7,995        7,995        2.50  
  5,172      Apple Inc      (579,488     6,037        6,037        1.89  
  2,517      Microsoft Corp      (550,860     5,739        5,739        1.80  
  24,083      Schlumberger NV      (533,341     5,556        5,556        1.74  
  2,022      Home Depot Inc/The      (509,749     5,311        5,311        1.66  
  703      ASML Holding NV      (414,051     4,314        4,314        1.35  
  4,819      Advanced Micro Devices Inc      (393,089     4,095        4,095        1.28  
  3,350      QUALCOMM Inc      (385,484     4,016        4,016        1.26  
  9,183      Intel Corp      (378,940     3,948        3,948        1.24  
  994      Broadcom Inc      (370,626     3,861        3,861        1.21  
  22,954      Halliburton Co      (364,636     3,799        3,799        1.19  
  2,413      Texas Instruments Inc      (353,326     3,681        3,681        1.15  
  1,611      American Tower Corp      (349,966     3,646        3,646        1.14  
  155      Alphabet Inc      (322,000     3,355        3,355        1.05  
  2,953      Applied Materials Inc      (317,413     3,307        3,307        1.03  
  2,342      NIKE Inc      (301,355     3,140        3,140        0.98  
  606      Lam Research Corp      (296,717     3,091        3,091        0.97  
  4,872      Micron Technology Inc      (290,341     3,025        3,025        0.95  
  1,526      McDonald’s Corp      (284,507     2,964        2,964        0.93  
  2,183      Analog Devices Inc      (280,745     2,925        2,925        0.92  
  2,607      Prologis Inc      (256,411     2,672        2,672        0.84  
  1,537      NXP Semiconductors NV      (243,676     2,539        2,539        0.79  
  1,533      Crown Castle International Corp      (227,380     2,369        2,369        0.74  
  835      KLA Corp      (223,314     2,327        2,327        0.73  
  2,324      Starbucks Corp      (216,777     2,259        2,259        0.71  
  11,848      Baker Hughes Co      (193,308     2,014        2,014        0.63  
  1,677      Xilinx Inc      (193,024     2,011        2,011        0.63  
  1,739      Microchip Technology Inc      (191,184     1,992        1,992        0.62  
  302      Equinix Inc      (190,322     1,983        1,983        0.62  
  688      Facebook Inc      (188,302     1,962        1,962        0.61  
  1,660      Cadence Design Systems Inc      (188,275     1,962        1,962        0.61  
  3,861      Marvell Technology Inc      (179,464     1,870        1,870        0.59  
  1,088      Lowe’s Cos Inc      (161,042     1,678        1,678        0.52  
  1,085      Skyworks Solutions Inc      (153,780     1,602        1,602        0.50  
  766      Target Corp      (153,604     1,601        1,601        0.50  

 

5


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON CAPITAL ALLOCATION FUND

JULY 31, 2021

(Unaudited)

     

 

                      Notional              Unrealized              Percentage  
Shares      Description            Amount              Appreciation      Fair Value      of Basket  
 

GSCHSEC2 Index (continued)

           
  846      Honeywell International Inc      $ (151,931)         $ 1,583         $ 1,583         0.50 
  8,500      ChampionX Corp      (151,742)         1,581         1,581         0.49   
  9,326      Tenaris SA      (146,429)         1,526         1,526         0.48   
  82      Booking Holdings Inc      (137,207)         1,430         1,430         0.45   
  6,185      Helmerich & Payne Inc      (136,213)         1,419         1,419         0.44   
  4,789      Cactus Inc      (132,581)         1,382         1,382         0.43   
  545      Public Storage      (130,819)         1,363         1,363         0.43   
  46,954      Transocean Ltd      (130,206)         1,357         1,357         0.42   
  4,100      STMicroelectronics NV      (129,978)         1,354         1,354         0.42   
  1,335      Simon Property Group Inc      (129,745)         1,352         1,352         0.42   
  744      Boeing Co/The      (129,436)         1,349         1,349         0.42   
  11,355      NOV Inc      (120,457)         1,255         1,255         0.26   
          438,057      Other      (14,991,316)                 156,140                 156,140                 49.00   
     

 

 

    

 

 

    

 

 

    

 

 

 
        (30,677,325)         319,565         319,565         100   
     

 

 

    

 

 

    

 

 

    

 

 

 

1D FUNDS FED — One Day Federal Funds

ADR — American Depositary Receipt

BPs — Basis Points

Cl — Class

CV — Conversion Ratio

MSCI — Morgan Stanley Capital International

OTC — Over The Counter

PJSC — Private Joint Stock Company

S&P — Standard and Poor’s

TSX — Toronto Stock Exchange

USD — U.S. Dollar

The tables below set forth information about the Level within the fair value hierarchy at which the Fund’s investments and other financial instruments are measured at July 31, 2021:

 

Investments in                 
Securities    Level 1   Level 2   Level 3   Total

Common Stock

                

Austria

      $ 12,161,760        $        $                 —        $ 12,161,760  

Canada

       15,159,648                   15,159,648

China

       40,418,429                   40,418,429

France

       27,279,596                   27,279,596

Germany

       13,467,871                   13,467,871

Greece

       12,803,835                   12,803,835

Hong Kong

       15,675,620                   15,675,620

Ireland

       16,740,609                   16,740,609

Japan

       68,896,283                   68,896,283

Netherlands

       52,635,283                   52,635,283

Russia

       18,045,586                   18,045,586

Singapore

       5,615,714                   5,615,714

South Korea

       42,593,671                   42,593,671

Sweden

       38,118,815                   38,118,815

Switzerland

       18,321,092                   18,321,092

Taiwan

       19,268,111                   19,268,111

United Kingdom

       80,386,295                   80,386,295

United States

       491,821,498                   491,821,498
    

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Common Stock

       989,409,716                   989,409,716
    

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Preferred Stock

       35,635,646                   35,635,646
    

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Convertible Bonds

             35,801,362             35,801,362
    

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Registered Investment Company

       12,568,915                   12,568,915
    

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Total Investments in Securities

      $   1,037,614,277      $             35,801,362      $      $   1,073,415,639
    

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

 

6


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON CAPITAL ALLOCATION FUND

JULY 31, 2021

(Unaudited)

     

 

Other Financial                  
Instruments    Level 1   Level 2   Level 3    Total

Futures Contracts*

         

Unrealized Appreciation

    $       $ 900,857       $ –        $ 900,857   

Unrealized Depreciation

           (2,422,749     –         (2,422,749

OTC Swaps

         

Total Return Swaps*

         

Unrealized Appreciation

                     1,714,872       –                   1,714,872  

Unrealized Depreciation

           (349,241     –         (349,241
  

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

Total Other Financial Instruments

    $                         –      $ (156,261    $                         –       $ (156,261
  

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

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

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

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

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

 

7


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON SMID

OPPORTUNITIES FUND

JULY 31, 2021

(Unaudited)

     

 

SCHEDULE OF INVESTMENTS (PERCENTAGES ARE BASED ON NET
ASSETS OF $47,268,378)

 

  

COMMON STOCK — 97.6%

     
                 Shares                        Fair Value      

AUSTRALIA — 0.7%

     

PointsBet Holdings*†

     48,229      $ 353,928  
     

 

 

 

AUSTRIA — 2.9%

     

BAWAG Group

     20,190        1,148,664  

Raiffeisen Bank International

     10,018        237,203  
     

 

 

 

        1,385,867  
     

 

 

 

BRAZIL — 1.3%

     

Azul ADR*

     27,198        610,051  
     

 

 

 

CAMBODIA — 0.3%

     

NagaCorp

     212,000        155,771  
     

 

 

 

CANADA — 3.7%

     

BSR Real Estate Investment Trust

     37,052        517,246  

Finning International

     17,699        457,655  

Tourmaline Oil

     27,609        753,737  
     

 

 

 

        1,728,638  
     

 

 

 

CHILE — 1.0%

     

Antofagasta

     23,096        479,789  
     

 

 

 

CHINA — 5.1%

     

Estun Automation, Cl A

     107,351        648,798  

Galaxy Entertainment Group

     68,000        461,142  

Kingboard Holdings

     64,000        335,188  

Powerlong Real Estate Holdings

     620,000        419,655  

Sany Heavy Equipment International Holdings

     349,000        383,080  

Yuan Longping High-tech Agriculture, Cl A

     45,600        141,116  
     

 

 

 

        2,388,979  
     

 

 

 

GERMANY — 1.5%

     

KION Group

     6,631        704,011  
     

 

 

 

GREECE — 1.0%

     

National Bank of Greece*

     163,526        463,620  
     

 

 

 

IRELAND — 2.5%

     

Jazz Pharmaceuticals*

     7,014        1,189,013  
     

 

 

 

ISRAEL — 1.4%

     

Inmode*

     5,889        669,403  
     

 

 

 

ITALY — 1.8%

     

Banco BPM

     133,739        402,015  

Leonardo

     54,284        427,323  
     

 

 

 

        829,338  
     

 

 

 

JAPAN — 8.4%

     

ENEOS Holdings

     133,500        559,166  

Kakaku.com

     15,500        420,615  

Lasertec

     3,700        690,388  

Mercari*

     4,400        229,415  

ORIX

     47,700        831,342  

Sosei Group*

     36,700        551,980  

Sumitomo Chemical

     87,000        449,651  

 

8


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON SMID OPPORTUNITIES FUND

JULY 31, 2021

(Unaudited)

     

COMMON STOCK — continued

     

 

                 Shares                       Fair Value        

JAPAN — (continued)

    

ZOZO

     6,900      $ 234,287   
    

 

 

 
       3,966,844   
    

 

 

 

LUXEMBOURG — 0.9%

    

Tenaris ADR

     20,428        417,548   
    

 

 

 

MEXICO — 2.0%

    

Arca Continental

     57,600        351,539   

Controladora Vuela Cia de Aviacion ADR*

     27,471        606,560   
    

 

 

 
       958,099   
    

 

 

 

NETHERLANDS — 2.3%

    

Topicus.com*

     14,447        1,088,504   
    

 

 

 

NORWAY — 3.6%

    

Aker, Cl A

     3,072        235,927   

Norsk Hydro

     134,597        895,510   

Yara International

     10,709        564,011   
    

 

 

 
       1,695,448   
    

 

 

 

POLAND — 1.5%

    

KGHM Polska Miedz

     14,242        719,401   
    

 

 

 

SOUTH KOREA — 2.2%

    

Cheil Worldwide

     21,194        445,898   

Samsung Electro-Mechanics

     3,478        580,549   
    

 

 

 
       1,026,447   
    

 

 

 

UNITED KINGDOM — 8.8%

    

BAE Systems

     60,841        487,120   

CNH Industrial

     54,515        918,033   

Coca-Cola Europacific Partners

     776        48,158   

International Consolidated Airlines Group

     289,710        676,938   

JD Sports Fashion

     37,232        464,223   

Meggitt

     159,312        1,038,799   

Nomad Foods*

     20,702        540,736   
    

 

 

 
       4,174,007   
    

 

 

 

UNITED STATES — 44.7%

    

Ally Financial

     6,912        355,000   

Bally’s*

     14,230        700,827   

Beam Therapeutics*

     1,187        109,204   

Bruker

     9,184        755,384   

Burlington Stores*

     1,881        629,759   

CACI International, Cl A*

     1,338        357,192   

Curaleaf Holdings*

     33,494        403,268   

Deckers Outdoor*

     1,469        603,539   

Diamondback Energy

     8,150        628,610   

East West Bancorp

     10,527        748,996   

Globus Medical, Cl A*

     590        49,070   

HEICO

     4,026        544,517   

Herc Holdings*

     13,572        1,683,471   

J2 Global*

     6,437        909,355   

Jones Lang LaSalle*

     3,324        739,823   

Kilroy Realty

     9,932        687,989   

Lamb Weston Holdings

     10,425       696,077   

LPL Financial Holdings

     8,239        1,162,029   

National Energy Services Reunited*

     48,088        620,335   

Nordson

     2,933        663,239   

Nutanix, Cl A*

     27,843        1,002,905   

 

9


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON SMID OPPORTUNITIES FUND

JULY 31, 2021

(Unaudited)

     

COMMON STOCK — continued

     

 

                 Shares                       Fair Value        

UNITED STATES — (continued)

    

PAR Technology*

     3,411       $ 208,241   

PerkinElmer

     3,810        694,296   

Pinnacle Financial Partners

     5,266        471,886   

Regal Beloit

     4,164        613,066   

Repligen*

     1,183        290,663   

Semler Scientific*

     2,198        259,364   

Trulieve Cannabis*

     14,261        466,335   

Universal Display

     5,424        1,271,874   

Voya Financial

     14,419        928,584   

YETI Holdings*

     9,320        897,795   

Zynga, Cl A*

     95,316        962,692   
    

 

 

 
       21,115,385   
    

 

 

 

TOTAL COMMON STOCK
(Cost $44,272,093)

      $   46,120,091   
    

 

 

 

EXCHANGE TRADED FUND — 0.8%

    
                 Shares                         Fair Value        

UNITED STATES — 0.8%

    

VanEck Vectors Junior Gold Miners ETF

     8,289       $ 379,885   
    

 

 

 

TOTAL EXCHANGE TRADED FUND
(Cost $444,447)

      $ 379,885   
    

 

 

 

TOTAL INVESTMENTS — 98.4%
    (Cost $44,716,540)

      $ 46,499,976   
    

 

 

 

 

*

Non-income producing security.

Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees.

Open OTC swap agreements held by the Fund at July 31, 2021 are as follows:

 

Total Return Swaps  
Counterparty  

Reference

Entity/

Obligation

           Fund Pays              Fund Receives            Payment
Frequency        
         Termination    
Date
     Notional
    Amount    
         Fair Value          Upfront
Payments/
    Receipts    
    

Net

Unrealized
Appreciation

 

Morgan Stanley

 

CTBC Financial

     USD 1D Funds FED + 100 BPs    Total Return      At Maturity        12/08/22        $ 476,244      $ 938      $ -      $ 938  

Morgan Stanley

 

Novatek Microelectronic

     USD 1D Funds FED + 100 BPs      Total Return      At Maturity        12/08/22        451,451        5,370        -        5,370  
                

 

 

 
                   $   927,695      $   6,308      $ -      $     6,308  
                

 

 

 

1D Funds FED — One Day Federal Funds

ADR — American Depositary Receipt

BPs — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

OTC — Over The Counter

USD — U.S. Dollar

 

10


THE ADVISORS’ INNER CIRCLE FUND III            

FS CHIRON SMID OPPORTUNITIES FUND

JULY 31, 2021

(Unaudited)

     

 

The tables below set forth information about the Level within the fair value hierarchy at which the Fund’s investments and other financial instruments are measured at July 31, 2021:

 

Investments in

Securities

         Level 1                  Level 2                  Level 3                  Total        

Common Stock

           

Australia

    $ —        $ —        $ 353,928        $ 353,928   

Austria

     1,385,867         —         —         1,385,867   

Brazil

     610,051         —         —         610,051   

Cambodia

     155,771         —         —         155,771   

Canada

     1,728,638         —         —         1,728,638   

Chile

     479,789         —         —         479,789   

China

     2,388,979         —         —         2,388,979   

Germany

     704,011         —         —         704,011   

Greece

     463,620         —         —         463,620   

Ireland

     1,189,013         —         —         1,189,013   

Israel

     669,403         —         —         669,403   

Italy

     829,338         —         —         829,338   

Japan

     3,966,844         —         —         3,966,844   

Luxembourg

     417,548         —         —         417,548   

Mexico

     958,099         —         —         958,099   

Netherlands

     1,088,504         —         —         1,088,504   

Norway

     1,695,448         —         —         1,695,448   

Poland

     719,401         —         —         719,401   

South Korea

     1,026,447         —         —         1,026,447   

United Kingdom

     4,174,007         —         —         4,174,007   

United States

     21,115,385         —         —         21,115,385   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stock

     45,766,163         —         353,928         46,120,091   
  

 

 

    

 

 

    

 

 

    

 

 

 

Exchange Traded Fund

     379,885         —         —         379,885   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

    $   46,146,048        $             —        $   353,928        $   46,499,976   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other Financial

Instruments

   Level 1      Level 2      Level 3      Total  

OTC Swaps

           

Total Return Swaps*
Unrealized Appreciation

    $ –        $ 6,308        $ –        $ 6,308   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Other Financial Instruments

    $ –        $ 6,308        $ –        $ 6,308   
  

 

 

    

 

 

    

 

 

    

 

 

 

* Swap contracts are valued at the unrealized appreciation on the instrument.

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

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

CHI-QH-001-1200

 

11