# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-074598
**Filing Date:** 2023-3
**Character Count:** 35673
**Document Hash:** 63a55d1545e01479e53b36bc4cc2fb39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074598.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074598

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23783431

**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

### NINETY ONE INTERNATIONAL FRANCHISE FUND (Series ID: S000072934)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229635 | I Shares     | ZIFIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **GLOBAL FRANCHISE FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 96.1%** |

---

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **CHINA — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase ADR | 96659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8564954 |
|  **GERMANY — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf | 84187 | 10224880 |
|  **IRELAND — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON \* | 33737 | 7783463 |
|  **NETHERLANDS — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 28417 | 18782971 |
|  **SOUTH KOREA — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics GDR | 3842 | 4756495 |
|  **SWITZERLAND — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 97063 | 11800673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 29141 | 9064778 |
|  |  | 20865451 |
|  **UNITED KINGDOM — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; St. James's Place | 334657 | 5067460 |
|  **UNITED STATES — 69.5%** |  |  |
|  **Communication Services — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts | 63396 | 8157797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox | 148160 | 5028551 |
|  |  | 13186348 |
|  **Consumer Discretionary — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings \* | 6038 | 14697096 |
|  **Consumer Staples — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder, Cl A | 39586 | 10968489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 127795 | 13321351 |
|  |  | 24289840 |
|  **Financials — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 78923 | 6110219 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems | 16624 | 7030954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's | 50893 | 16425716 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **GLOBAL FRANCHISE FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 22793 | $8546007 |
|  |  | 38112896 |
|  **Health Care — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson | 37972 | 9577298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 60632 | 9908481 |
|  |  | 19485779 |
|  **Information Technology — 31.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk \* | 44127 | 9494365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing | 32837 | 7414923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies \* | 53059 | 6749105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 28429 | 12016085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 58278 | 14441871 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign \* | 60203 | 13127264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 111094 | 25574950 |
|  |  | 88818563 |
|  |  | 198590522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $244,774,587) |  | 274636196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 96.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $244,774,587) |  | $274636196 |

---

*Percentages are based on Net Assets of* $285,885,625*.* 

*\** *Non-income producing security.* 

*ADR — American Depositary Receipt* 

*Cl — Class*

*GDR — Global Depositary Receipt* 

*INV-QH-001-1100* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **INTERNATIONAL FRANCHISE FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 94.8%** |

---

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **AUSTRALIA — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL | 241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50801 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group | 438 | 39210 |
|  |  | 90011 |
|  **CANADA — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software | 42 | 73993 |
|  **CHINA — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting, Cl H | 2500 | 32805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai, Cl A | 146 | 40029 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase | 2300 | 40820 |
|  |  | 113654 |
|  **FRANCE — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica | 433 | 79366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 27 | 50479 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal | 109 | 44962 |
|  |  | 174807 |
|  **GERMANY — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf | 409 | 49675 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP | 634 | 75078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers | 773 | 41413 |
|  |  | 166166 |
|  **HONG KONG — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group | 4400 | 49770 |
|  **IRELAND — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON \* | 224 | 51679 |
|  **NETHERLANDS — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 138 | 91215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken | 348 | 34743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer | 412 | 44872 |
|  |  | 170830 |
|  **SWITZERLAND — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon | 772 | 58048 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **INTERNATIONAL FRANCHISE FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **SWITZERLAND (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group | 66 | $37516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 627 | 76229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 144 | 44794 |
|  |  | 216587 |
|  **TAIWAN — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 481 | 44603 |
|  **UNITED KINGDOM — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian | 1203 | 43931 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group | 434 | 30087 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group | 544 | 49730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group | 689 | 49029 |
|  |  | 172777 |
|  **UNITED STATES — 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture, Cl A | 177 | 49392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies \* | 241 | 30655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder, Cl A | 110 | 30479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 294 | 108956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International | 538 | 56081 |
|  |  | 275563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,714,332) |  | 1600440 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 1.6%** |
|  **GERMANY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,739) | 59 | 26430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 96.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,740,071) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626870 |

---

*Percentages are based on Net Assets of* $1,687,777*.* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **INTERNATIONAL FRANCHISE FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

*\** *Non-income producing security.* 

*(a)* *There is currently no rate available.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

*INV-QH-001-1100* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 97.5%** |

---

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **AUSTRIA — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank | 33509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270181 |
|  **BRAZIL — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cyrela Brazil Realty SA | 261636 | 781087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porto Seguro | 614904 | 3137654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale ADR, Cl B | 302471 | 5650158 |
|  |  | 9568899 |
|  **CHILE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile ADR | 22984 | 2241859 |
|  **CHINA — 25.8%** |  |  |
|  **Communication Services — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase | 316500 | 8369783 |
|  |  | 8369783 |
|  **Consumer Discretionary — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding \* | 5947021 | 17514255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home, Cl H | 864800 | 3190545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Cl B \* | 287810 | 6436380 |
|  |  | 27141180 |
|  **Consumer Staples — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group, Cl A | 211578 | 2852174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery, Cl H | 340000 | 3283734 |
|  |  | 6135908 |
|  **Financials — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; East Money Information, Cl A | 928862 | 3112533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl H | 781000 | 6068588 |
|  |  | 9181121 |
|  **Industrials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology, Cl A | 356165 | 4085065 |
|  |  | 4085065 |
|  **Materials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group, Cl H | 3030000 | 5013440 |
|  **Utilities — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China Longyuan Power Group, Cl H | 2916000 | 4026702 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings | 242900 | 3660922 |
|  |  | 7687624 |
|  |  | 67614121 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **HONG KONG — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group | 484800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing | 67000 | 3014498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Basin Shipping | 4858000 | 1714906 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group | 4129623 | 2544132 |
|  |  | 12757302 |
|  **HUNGARY — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 52920 | 1192351 |
|  **INDIA — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank | 236643 | 4656814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics | 66195 | 2071582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys ADR | 321482 | 6043862 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC | 963459 | 4157923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kotak Mahindra Bank | 98305 | 2087142 |
| &nbsp;&nbsp;&nbsp;&nbsp; LIC Housing Finance | 312550 | 1537226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macrotech Developers \* | 149248 | 1868525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra | 160291 | 2709490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute \* | 420349 | 2274943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance | 123671 | 1582990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries | 109511 | 3159109 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPL | 202431 | 1877545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zomato \* | 1249565 | 765694 |
|  |  | 34792845 |
|  **INDONESIA — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia | 6113200 | 3469297 |
|  **MALAYSIA — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings | 2142800 | 2894179 |
|  **MEXICO — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arca Continental | 260014 | 2297251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste, Cl B | 72247 | 1960776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico | 732008 | 3260940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ternium ADR | 59123 | 2385613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico | 1306515 | 5111393 |
|  |  | 15015973 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **NETHERLANDS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI | 70338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391909 |
|  **POLAND — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki | 25953 | 553498 |
|  **PORTUGAL — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS | 68604 | 1487932 |
|  **QATAR — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar National Bank QPSC | 370245 | 1835302 |
|  **RUSSIA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Moscow Exchange MICEX-RTS PJSC (a) | 491250 |  |
|  **SAUDI ARABIA — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil | 285099 | 2515285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi British Bank | 127010 | 1230646 |
|  |  | 3745931 |
|  **SOUTH AFRICA — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American | 111916 | 4820141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bidcorp | 171289 | 3530634 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstRand | 736562 | 2732450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers, Cl N | 46539 | 8983605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netcare | 627707 | 516412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanlam | 64624 | 209092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoprite Holdings | 59934 | 828367 |
|  |  | 21620701 |
|  **SOUTH KOREA — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LG | 30219 | 2035075 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Energy Solution \* | 7231 | 3075709 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI | 3951 | 290163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics | 298891 | 14887836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance | 34890 | 2008694 |
|  |  | 22297477 |
|  **TAIWAN — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fubon Financial Holding | 1717997 | 3460191 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **TAIWAN (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry | 1092000 | $3641530 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek | 219000 | 5291253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing | 1281000 | 22605547 |
|  |  | 34998521 |
|  **THAILAND — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank | 841600 | 4057257 |
|  **TURKEY — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAV Havalimanlari Holding \* | 111467 | 489012 |
|  **UNITED ARAB EMIRATES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | 818385 | 1876956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 1855323 | 2209606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 1559935 | 2370379 |
|  |  | 6456941 |
|  **UNITED KINGDOM — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi | 157272 | 2961609 |
|  **UNITED STATES — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic | 44689 | 2213893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $247,620,477) |  | 255926990 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**PREFERRED STOCK — 0.9%** |
|  **BRAZIL — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Electricas Brasileiras SA (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,537,906) | 285493 | 2394879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 98.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $250,158,383) |  | $258321869 |

---

*Percentages are based on Net Assets of* $262,611,316*.* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **EMERGING MARKETS EQUITY FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

*\** *Non-income producing security.* 

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

*(b)* *There is currently no rate available.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

*MICEX-RTS — Moscow Interbank Currency Exchange-Russian Trading System* 

*Nyrt — Hungarian Public Limited Company* 

*PJSC — Public Joint-Stock Company* 

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

*INV-QH-001-1100* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **GLOBAL ENVIRONMENT FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 98.0%** |

---

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **AUSTRALIA — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles | 75649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642194 |
|  **CHINA — 19.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology, Cl A | 17417 | 1208140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sungrow Power Supply, Cl A | 47786 | 925199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuxi Lead Intelligent Equipment, Cl A | 234263 | 1610543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyi Solar Holdings | 1346000 | 1751677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls, Cl A | 366880 | 1395338 |
|  |  | 6890897 |
|  **DENMARK — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novozymes, Cl B | 27788 | 1444493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted | 14319 | 1273814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems | 28724 | 839639 |
|  |  | 3557946 |
|  **GERMANY — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies | 44675 | 1607135 |
|  **SPAIN — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola | 152810 | 1790914 |
|  **TAIWAN — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voltronic Power Technology | 31000 | 1568733 |
|  **UNITED KINGDOM — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International | 19230 | 1636780 |
|  **UNITED STATES — 48.0%** |  |  |
|  **Consumer Discretionary — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv \* | 14986 | 1694767 |
|  **Industrials — 19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 6531 | 1841938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric | 10130 | 1641578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies | 11044 | 1978201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 8459 | 1308861 |
|  |  | 6770578 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NINETY ONE** |
|  | **GLOBAL ENVIRONMENT FUND** |
|  | **JANUARY 31, 2023 (Unaudited)** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **Information Technology — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices | 8824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513051 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS \* | 6598 | 1757443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk \* | 8509 | 1830797 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity | 14651 | 1862875 |
|  |  | 6964166 |
|  **Utilities — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 20988 | 1566334 |
|  |  | 16995845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $36,029,192) |  | 34690444 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**RIGHTS — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**RIGHTS — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**RIGHTS — 0.1%** |
|  **Spain** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola (a) \* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $–) | 152308 | 31098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments— 98.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $36,029,192) |  | $34721542 |

---

*Percentages are based on Net Assets of* $35,400,068*.* 

*\** *Non-income producing security.* 

*(a)* *Expiration date not available.* 

*Cl — Class* 

*INV-QH-001-1100*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Ninety One International Franchise Fund

- **b. EDGAR series identifier (if any):** S000072934

- **c. LEI of Series:** 549300OOIRX2IEPPXQ39

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1696944.56

**Total Liabilities:** $9167.93

**Net Assets:** $1687776.63

**Cash Not Reported:** $57272.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229635 | 9.57%                | -2.67%               | 12.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $147603.62                                 |
| Month 2  | $2.26                    | $-44567.92                                 |
| Month 3  | $0.00                    | $175089.77                                 |

### Schedule of Portfolio Investments

| Name                                         | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wolters Kluwer N.V.                          | WOLTERS KLUWER COMMON STOCK                    | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               |  | NL        |       412 | NS      | $44871.92     | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPERIAN PLC                                 | EXPERIAN PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               |  | GB        |      1203 | NS      | $43930.76     | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                       | SAP SE COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               |  | DE        |       634 | NS      | $75078.16     | 4.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                             | ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |       144 | NS      | $44793.52     | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| REA GROUP LTD                                | REA GROUP LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |       438 | NS      | $39209.58     | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY             | ACCENTURE PLC-CL A COMMON STOCK                | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               |  | US        |       177 | NS      | $49391.85     | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ESTEE LAUDER COMPANIES INC.              | ESTEE LAUDER COMPANIES-CL A COMMON STOCK       | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               |  | US        |       110 | NS      | $30478.80     | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |       481 | NS      | $44603.13     | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                     | MASTERCARD INC - A COMMON STOCK                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |       294 | NS      | $108956.40    | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| L'OREAL SA                                   | L'OREAL COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               |  | FR        |       109 | NS      | $44961.73     | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| HERMES INTERNATIONAL S.C.A.                  | HERMES INTERNATIONAL COMMON STOCK              | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               |  | FR        |        27 | NS      | $50479.49     | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf Aktiengesellschaft                | BEIERSDORF AG COMMON STOCK                     | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               |  | DE        |       409 | NS      | $49674.84     | 2.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                  | CONSTELLATION SOFTWARE INC COMMON STOCK        | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               |  | CA        |        42 | NS      | $73992.84     | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML HOLDING NV COMMON STOCK                   | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |       138 | NS      | $91214.77     | 5.40%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Limited                            | AIA GROUP LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               |  | HK        |      4400 | NS      | $49770.15     | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| NETEASE, INC.                                | NETEASE INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               |  | HK        |      2300 | NS      | $40820.41     | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co., Ltd        | HANGZHOU TIGERMED CONSULTI-H COMMON STOCK      | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               |  | HK        |      2500 | NS      | $32805.08     | 1.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nestle S.A.                                  | NESTLE SA-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |       627 | NS      | $76229.07     | 4.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co., Ltd.                    | KWEICHOW MOUTAI CO LTD-A COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |       146 | NS      | $40028.84     | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken N.V.                                | HEINEKEN NV COMMON STOCK                       | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               |  | NL        |       348 | NS      | $34743.46     | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                 | Sartorius AG PREFERRED STOCK                   | CUSIP: N/A<br>LEI: 529900EQV2DY4FOAMU38       | Long             | EP               |  | DE        |        59 | NS      | $26429.49     | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.       | CHECK POINT SOFTWARE TECH COMMON STOCK         | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               |  | US        |       241 | NS      | $30655.20     | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LIMITED                                  | CSL LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               |  | AU        |       241 | NS      | $50800.93     | 3.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                               | LONZA GROUP AG-REG COMMON STOCK                | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               |  | CH        |        66 | NS      | $37515.96     | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PUBLIC LIMITED COMPANY                  | ICON PLC COMMON STOCK                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               |  | US        |       224 | NS      | $51679.04     | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                     | ALCON INC COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               |  | CH        |       772 | NS      | $58047.95     | 3.44%             |  |  |  | No            |                  2 | On Loan: No      |
| ESSILORLUXOTTICA SA                          | ESSILORLUXOTTICA COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300M3VH1A3ER1TB49       | Long             | EC               |  | FR        |       433 | NS      | $79365.99     | 4.70%             |  |  |  | No            |                  2 | On Loan: No      |
| LONDON STOCK EXCHANGE GROUP PLC              | LONDON STOCK EXCHANGE GROUP COMMON STOCK       | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               |  | GB        |       544 | NS      | $49729.88     | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP PLC                  | RECKITT BENCKISER GROUP PLC COMMON STOCK       | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               |  | GB        |       689 | NS      | $49029.20     | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.             | PHILIP MORRIS INTERNATIONAL COMMON STOCK       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |       538 | NS      | $56081.12     | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                      | SIEMENS HEALTHINEERS AG COMMON STOCK           | CUSIP: N/A<br>LEI: 529900QBVWXMWANH7H45       | Long             | EC               |  | DE        |       773 | NS      | $41412.92     | 2.45%             |  |  |  | Yes           |                  2 | On Loan: No      |
| INTERCONTINENTAL HOTELS GROUP PLC            | INTERCONTINENTAL HOTELS GROU COMMON STOCK      | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               |  | GB        |       434 | NS      | $30087.15     | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO