# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-075382
**Filing Date:** 2023-3
**Character Count:** 19681
**Document Hash:** 4500a5c051725ec7a79bdc9cc4f37446
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075382.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075382

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230731

**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:** 23784588

**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

### KBI GLOBAL INVESTORS AQUARIUS FUND (Series ID: S000063187)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000204809 | Institutional Shares | KBIWX           |

## 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:** KBI GLOBAL INVESTORS AQUARIUS FUND

- **b. EDGAR series identifier (if any):** S000063187

- **c. LEI of Series:** 549300MI2S21D82YVV14

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

- **a. Date of fiscal year-end:** 2023-07-31

- **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:** $74511003.62

**Total Liabilities:** $161406.93

**Net Assets:** $74349596.69

**Cash Not Reported:** $90.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204809 | 7.11%                | -1.98%               | 9.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $205637.46               | $4720232.22                                |
| Month 2  | $103480.50               | $-1676180.49                               |
| Month 3  | $113551.20               | $6092461.50                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN WATER WORKS COMPANY, INC.                | AMERICAN WATER WORKS CO INC COMMON STOCK            | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               |  | US        |     15900 | NS      | $2488191.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                             | AECOM COMMON STOCK                                  | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |     30659 | NS      | $2675610.93   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                    | PENTAIR PLC COMMON STOCK                            | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               |  | US        |     51935 | NS      | $2876160.30   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                               | DANAHER CORP COMMON STOCK                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               |  | US        |     15611 | NS      | $4127236.18   | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HALMA PUBLIC LIMITED COMPANY                      | HALMA PLC COMMON STOCK                              | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               |  | GB        |     60459 | NS      | $1609660.93   | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORPORATION            | Zurn Elkay Water Solutions Corporation COMMON STOCK | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               |  | US        |     27735 | NS      | $606287.10    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAIN GROUP PLC                                 | COSTAIN GROUP PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 213800PKIJBZ2EDTKC88       | Long             | EC               |  | GB        |    441310 | NS      | $250777.88    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| KUBOTA CORPORATION                                | KUBOTA CORP COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               |  | JP        |     52100 | NS      | $782974.51    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BEIJING ENTERPRISES WATER GROUP LIMITED           | BEIJING ENTERPRISES WATER GR COMMON STOCK           | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               |  | HK        |   2261355 | NS      | $577857.00    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                      | MUELLER WATER PRODUCTS INC-A COMMON STOCK           | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               |  | US        |     29849 | NS      | $377589.85    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIR GROUP PLC(THE)                               | WEIR GROUP PLC/THE COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               |  | GB        |     49557 | NS      | $1092434.47   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| SIIC ENVIRONMENT HOLDINGS LTD.                    | SIIC ENVIRONMENT HOLDINGS LT COMMON STOCK           | CUSIP: N/A<br>LEI: 529900ZAZ26OFOTVGA61       | Long             | EC               |  | HK        |   1202095 | NS      | $184133.94    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| FERGUSON PLC                                      | FERGUSON PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 213800DU1LGY3R2S2X42       | Long             | EC               |  | GB        |     12939 | NS      | $1823038.87   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SJW GROUP                                         | SJW GROUP COMMON STOCK                              | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               |  | US        |     17040 | NS      | $1319066.40   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                                  | IDEX CORP COMMON STOCK                              | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |      3017 | NS      | $723114.56    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                      | KURITA WATER INDUSTRIES LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 52990086GS2ON69UMX34       | Long             | EC               |  | JP        |     25410 | NS      | $1148996.53   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| WTAX FEE 10%                                      | WTAX FEE 10%                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | US        |         1 | PA      | $0.00         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ECOLAB INC.                                       | ECOLAB INC COMMON STOCK                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               |  | US        |     15580 | NS      | $2412251.40   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCADIS N.V.                                      | ARCADIS NV COMMON STOCK                             | CUSIP: N/A<br>LEI: 7245000UZH70GO047N03       | Long             | EC               |  | NL        |     34503 | NS      | $1498131.89   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | BROWN BROTHERS HARRIMAN SWEEP INTEREST              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3207520 | PA      | $3207520.30   | 4.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NORMA Group SE                                    | NORMA GROUP SE COMMON STOCK                         | CUSIP: N/A<br>LEI: 5299000LM9HC76W5XD46       | Long             | EC               |  | DE        |     30753 | NS      | $662006.16    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPANHIA DE SANEAMENTO DE MINAS GERAIS COPASA MG | CIA SANEAMENTO MINAS GERAIS COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    252000 | NS      | $728751.26    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| EVOQUA WATER TECHNOLOGIES CORP.                   | EVOQUA WATER TECHNOLOGIES CO COMMON STOCK           | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Long             | EC               |  | US        |     28243 | NS      | $1370067.93   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Aalberts N.V.                                     | AALBERTS NV COMMON STOCK                            | CUSIP: N/A<br>LEI: 549300EMP9DT6Q35HZ31       | Long             | EC               |  | NL        |     22850 | NS      | $1080402.10   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED UTILITIES GROUP PLC                        | UNITED UTILITIES GROUP PLC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               |  | GB        |    339840 | NS      | $4446825.23   | 5.98%             |  |  |  | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                        | AGILENT TECHNOLOGIES INC COMMON STOCK               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               |  | US        |     11709 | NS      | $1780704.72   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GUANGDONG INVESTMENT LIMITED                      | GUANGDONG INVESTMENT LTD COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    879125 | NS      | $955098.18    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Stantec Inc.                                      | STANTEC INC COMMON STOCK                            | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               |  | CA        |     39412 | NS      | $2054501.01   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERN TRENT PLC                                  | SEVERN TRENT PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               |  | GB        |     66690 | NS      | $2320869.47   | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                          | ROPER TECHNOLOGIES INC COMMON STOCK                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               |  | US        |      5017 | NS      | $2141004.75   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| China Everbright Environment Group Limited        | EB ENVIRONMENT COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |   1098330 | NS      | $488410.06    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| COWAY Co., Ltd.                                   | COWAY CO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     41511 | NS      | $1882455.70   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Core & Main Inc                                   | CORE & MAIN INC-CLASS A COMMON STOCK                | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               |  | US        |     91231 | NS      | $2013468.17   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Orbia Advance Corporation S.A.B. de CV            | ORBIA ADVANCE CORP SAB DE CV COMMON STOCK           | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | EC               |  | MX        |    405180 | NS      | $807326.07    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED WATER CO. LTD.                       | CONSOLIDATED WATER CO-ORD SH COMMON STOCK           | CUSIP: G23773107<br>LEI: 5299001BMEW8X9VIJA73 | Long             | EC               |  | US        |     21474 | NS      | $314594.10    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS, INC.                   | ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK           | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               |  | US        |     14376 | NS      | $1449675.84   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                         | ESSENTIAL UTILITIES INC COMMON STOCK                | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               |  | US        |     90078 | NS      | $4209344.94   | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                       | ITRON INC COMMON STOCK                              | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |     22122 | NS      | $1271351.34   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Andritz AG                                        | ANDRITZ AG COMMON STOCK                             | CUSIP: N/A<br>LEI: 549300VZKC61IR5U8G96       | Long             | EC               |  | AT        |     21683 | NS      | $1296671.03   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA WATER AFFAIRS GROUP LIMITED                 | CHINA WATER AFFAIRS GROUP COMMON STOCK              | CUSIP: N/A<br>LEI: 529900XTSVH0DH4CEX74       | Long             | EC               |  | HK        |    773730 | NS      | $672500.21    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| VA TECH WABAG LIMITED                             | VA TECH WABAG LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 335800GM4KXSX7LLLI83       | Long             | EC               |  | IN        |     96635 | NS      | $376499.50    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| HERA S.P.A.                                       | HERA SPA COMMON STOCK                               | CUSIP: N/A<br>LEI: 8156009414FD99443B48       | Long             | EC               |  | IT        |    349220 | NS      | $1003171.89   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNON GROUP PLC                                  | PENNON GROUP PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               |  | GB        |     99800 | NS      | $1132930.12   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| XYLEM INC.                                        | XYLEM INC COMMON STOCK                              | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |     11473 | NS      | $1193306.73   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUNE BRANDS INNOVATIONS, INC.                  | FORTUNE BRANDS INNOVATIONS I COMMON STOCK           | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               |  | US        |     17525 | NS      | $1130537.75   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                           | SMITH (A.O.) CORP COMMON STOCK                      | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     21611 | NS      | $1463064.70   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDSAY CORPORATION                               | LINDSAY CORP COMMON STOCK                           | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               |  | US        |      7094 | NS      | $1111062.28   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                           | VEOLIA ENVIRONNEMENT COMMON STOCK                   | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               |  | FR        |    170970 | NS      | $5074791.04   | 6.83%             |  |  |  | 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