# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001193125-23-067467
**Filing Date:** 2023-3
**Character Count:** 159516
**Document Hash:** 04611aea2422073860601cdfa121bf35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067467.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001193125-23-067467

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23723268

**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

### ARGA EMERGING MARKETS VALUE FUND (Series ID: S000071562)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226874 | Investor Shares      | ARMVX           |
| C000226875 | Institutional Shares | ARMIX           |

### ARGA INTERNATIONAL VALUE FUND (Series ID: S000071563)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226876 | Investor Shares      | ARVVX           |
| C000226877 | Institutional Shares | ARVIX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

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## The Advisors' Inner Circle Fund III
**(Exact name of registrant as specified in charter)** 

------

**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Address of principal executive offices) (Zip code)** 

------

**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Name and address of agent for service)** 

------

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

Date of fiscal year end: December 31, 2022

Date of reporting period: December 31, 2022

------

**Item 1.** **Reports to Stockholders.** <br>

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

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**The Advisors' Inner Circle Fund III**![LOGO](g472352g01a01.jpg)

**ARGA FUNDS** 

**Emerging Markets Value Fund** 

**International Value Fund** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**ANNUAL REPORT** | **DECEMBER 31, 2022** |

---

Investment Adviser:

ARGA Investment Management, LP

------

---

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

---

------

**TABLE OF CONTENTS** 

------

---

| | |
|:---|:---|
| [Letter to Shareholders](#tx472352_1) | 1 |
| [Schedules of Investments](#tx472352_2) | 10 |
| [Statements of Assets and Liabilities](#tx472352_3) | 19 |
| [Statements of Operations](#tx472352_4) | 20 |
| [Statements of Changes in Net Assets](#tx472352_5) | 21 |
| [Financial Highlights](#tx472352_6) | 23 |
| [Notes to Financial Statements](#tx472352_7) | 25 |
| [Report of Independent Registered Public Accounting Firm](#tx472352_8) | 38 |
| [Trustees and Officers of the Advisors' Inner Circle Fund III](#tx472352_9) | 40 |
| [Disclosure of Fund Expenses](#tx472352_10) | 48 |
| [Notice to Shareholders](#tx472352_11) | 50 |

---

The Funds file their complete schedules of investments with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov, and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-392-2626; and (ii) on the SEC's website at http://www.sec.gov.

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

Dear Shareholders,

The ARGA Emerging Markets Value Fund (Fund) had a good year in a tough market environment that was 2022. The Fund declined 1.2% (net), compared to a 20.1% decline in the MSCI Emerging Markets Index and a 15.8% decrease in the MSCI Emerging Markets Value Index.

The Fund's performance reflects ARGA's core belief that fear and uncertainty create opportunity. As news accentuates if not proliferates global uncertainties, market reactions are increasingly immediate and dramatic. For value investors such as ARGA, news-led noise creates price anomalies that can be exploited for long-term gain. That exploitation requires understanding and managing the role of bias in investment decisions. Common investor biases include loss aversion, availability, recency and anchoring.

The Fund strategy seeks to remove bias from investment decisions through a disciplined approach based on valuation. The goal is to own highly undervalued businesses with long term upside potential. Industry and company research are paramount. Research differentiates business stress as temporary or permanent. It measures the degree of undervaluation. It forecasts a business' path to normalization and long-term earnings power.

Empirical research confirms that long-term value outperformance is largely due to exploitable pricing anomalies reflecting behavioral biases. Value investing works - just not all the time.

In 2022, the Fund showed how value investing plays out. Uncertainties were high stemming from multiple news-laden events: surging inflation, high interest rates, Russia's Ukraine invasion, supply chain disruptions, recession fears, and China's COVID lockdowns and property market concerns. Investor reactions, possibly overreactions, drove broad declines in emerging markets equities. Partial fourth quarter market recovery was led by China COVID policy easing and expectations for moderating inflation.

In this down environment, the Fund outperformed. Outperformance largely reflected recovery in valuations of businesses that others previously shunned. With the Fund's singular focus on long-term results, annual performance often varies from indices. What is consistent across periods and market environments is the Fund's strict adherence to ARGA's disciplined valuation approach.

Fund valuations rose across a broad range of sectors and geographies in 2022. Largest sector contributors were Financial Services and Consumer Discretionary. Examples of large valuation increases include:

• Banks & insurance holdings (Financial Services) - All 19 of the Fund's Financial Services holdings
positively contributed to results across geographies (Brazil, China, Czech Republic, Hungary, India, Indonesia, Korea, Poland, South Africa, Thailand). While prior sector valuations had reflected the low rate environment and macro concerns, the 2022
period's high interest rates, benign credit, continued capital return and company-specific factors drove valuation recovery.

*1* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

• Macau gaming holdings (Consumer Discretionary) - Two of the Fund's three Macau gaming holdings (Melco Resorts and
Sands China) were among the Fund's top five company contributors. Sharp valuation recovery took place after China's license renewals and lifting of COVID restrictions.

• China holdings (Consumer Discretionary, Communication Services) - China's lifting of COVID restrictions sparked
hopes for economic recovery, raising valuations of Chinese internet holdings and an online travel agency.

The Fund took advantage of share appreciation in these and other sectors to exit positions to fund more attractively valued opportunities. Many such investment opportunities arose during 2022. Market reactions and overreactions to geopolitics, recession fears, and other current events created many underpriced companies. ARGA research confirms strong value opportunities across sectors and geographies. Examples include:

• Travel - China's COVID policy reversal is expected to unleash a wave of travel related demand. Likely benefits may
accrue to the Fund's aerospace, airline, lodging, gaming and other travel-related holdings, where strong business models are well positioned for normalization.

• Financial Services - Select banks and other Financial Services companies with leading, well-capitalized franchises and
experience in navigating stress appear poised to emerge the current downturn competitively stronger.

• China - Chinese holdings with strong franchises and free cash flow are expected to benefit from reduced delisting
probability and expected economic recovery from China's COVID policy reversal.

Emerging markets valuation spreads continue to exceed long term averages. Historically, wide spreads have signaled subsequent value outperformance. The Fund appears well positioned to benefit long term.

Thank you for investing with ARGA.

ARGA Portfolio Construction Team

*The material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice regarding any stock. Neither this material nor any accompanying oral presentation or remarks by a representative is intended to constitute a recommendation of the Fund or a determination of suitability.* 

*Portfolio holdings are subject to change and should not be considered investment advice or a recommendation to buy securities.* 

*Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.* 

*2* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

Dear Shareholders,

The ARGA International Value Fund (Fund) had a good year in a tough market environment that was 2022. The Fund declined 3.9% (net), compared to a 16% decline in the MSCI ACWI ex US Index and 8.6% decrease in the MSCI ACWI ex US Value Index.

The Fund's performance reflects ARGA's core belief that fear and uncertainty create opportunity. As news accentuates if not proliferates global uncertainties, market reactions are increasingly immediate and dramatic. For value investors such as ARGA, news-led noise creates price anomalies that can be exploited for long-term gain. That exploitation requires understanding and managing the role of bias in investment decisions. Common investor biases include loss aversion, availability, recency and anchoring.

The Fund strategy seeks to remove bias from investment decisions through a disciplined approach based on valuation. The goal is to own highly undervalued businesses with long term upside potential. Industry and company research are paramount. Research differentiates business stress as temporary or permanent. It measures the degree of undervaluation. It forecasts a business' path to normalization and long-term earnings power.

Empirical research confirms that long-term value outperformance is largely due to exploitable pricing anomalies reflecting behavioral biases. Value investing works - just not all the time.

In 2022, the Fund showed how value investing plays out. Uncertainties were high stemming from multiple news-laden events: surging inflation, high interest rates, Russia's Ukraine invasion, supply chain disruptions, recession fears, and China COVID lockdowns. Investor reactions, possibly overreactions, drove broad declines in international equity markets. Partial fourth quarter market recovery was led by China COVID policy easing and expectations for moderating inflation.

In this down environment, the Fund outperformed. Outperformance largely reflected recovery in valuations of businesses that others previously shunned. With the Fund's singular focus on long-term results, annual performance often varies from indices. What is consistent across periods and market environments is the Fund's strict adherence to ARGA's disciplined valuation approach.

Fund valuations rose across a broad range of sectors and geographies in 2022. Largest sector contributors were Consumer Discretionary, Energy and Materials. Examples of large valuation increases include:

• Macau gaming holdings (Consumer Discretionary) - Sands China and Melco Resorts were the top two company contributors to
2022 results. Sharp valuation recovery took place after China's license renewals and lifting of COVID restrictions.

• Oil & oil services holdings (Energy) - Three of the top ten company contributors to results were energy related.
Valuations rose sharply on oil price rebound and recovery in industry capex.

• Mining, steel & cement holdings (Materials) - The largest sector contributor was Boliden, a Nordic-based
mine/smelter of zinc, copper and lead. Shares rose on higher zinc prices and company cost advantage.

*3* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

The Fund took advantage of share appreciation in these and other sectors to exit positions to fund more attractively valued opportunities. Many such investment opportunities arose during 2022. Market reactions and overreactions to geopolitics, recession fears, and other current events created many underpriced companies. ARGA research confirms strong value opportunities across sectors and geographies. Examples include:

• Travel - China's COVID policy reversal is expected to unleash a wave of travel related demand. Likely benefits may
accrue to the Fund's aerospace, airline, lodging, gaming and other travel-related holdings, where strong business models are well positioned for normalization.

• China - Chinese holdings with strong franchises and free cash flow are expected to benefit from reduced delisting
probability and expected economic recovery from China's COVID policy reversal.

• Materials - Higher energy costs from the Russia/Ukraine war pressured valuations of chemical, steel and other
energy-intensive materials companies. As energy prices slowly return to pre-invasion levels, select materials holdings should benefit.

International valuation spreads continue to exceed long term averages. Historically, wide spreads have signaled subsequent value outperformance. The Fund appears well positioned to benefit long term.

Thank you for investing with ARGA.

ARGA Portfolio Construction Team

*The material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice regarding any stock. Neither this material nor any accompanying oral presentation or remarks by a representative is intended to constitute a recommendation of the Fund or a determination of suitability.* 

*Portfolio holdings are subject to change and should not be considered investment advice or a recommendation to buy securities.* 

*Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.* 

*4* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA FUNDS** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

**<u>Definition of the Comparative Indices</u>**

**MSCI Emerging Markets Index** captures large and mid-cap representation across 25 Emerging Markets (EM) countries. With 1,422 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

**MSCI Emerging Markets Value Index** captures large and mid-cap securities exhibiting overall value style characteristics across 25 Emerging Markets (EM) countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

**MSCI ACWI ex U.S. Index** captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 25 Emerging Markets (EM) countries. With 2,336 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

**MSCI ACWI ex U.S. Value Index** captures large and mid-cap securities exhibiting overall value style characteristics across 22 Developed and 25 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

*5* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

Comparison of Change in the Value of a $10,000 Investment in the ARGA Emerging Markets Value Fund, Institutional Class Shares, versus the MSCI Emerging Markets Index and MSCI Emerging Markets Value Index.

---

| | | |
|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIOD ENDED<br> DECEMBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIOD ENDED<br> DECEMBER 31, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year <br> Return | Annualized to <br> Inception Date\* |
|  ARGA Emerging Markets Value Fund, Institutional Class Shares | -1.19%  | -6.16% |
|  MSCI Emerging Markets Index | -20.09% | -18.65% |
|  MSCI Emerging Markets Value Index | -15.83% | -14.09% |

---

![LOGO](g472352g05m01.jpg)

*\* The ARGA Emerging Markets Value Fund commenced operations on June 3, 2021.* 

*Fee waivers were in effect previously, if they had not been in effect, performance would have been lower.* 

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

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower.* 

*Please note that one cannot invest directly in an unmanaged index.* 

*6* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

*There are no assurances that the Fund will meet its stated objectives.* 

*The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

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

*See definition of comparative indices on page 5.* 

*7* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

Comparison of Change in the Value of a $10,000 Investment in the ARGA Emerging Markets Value Fund, Institutional Class Shares, versus the MSCI ACWI ex U.S. Index and MSCI ACWI ex U.S. Value Index.

---

| | | |
|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIOD ENDED<br> DECEMBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIOD ENDED<br> DECEMBER 31, 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year <br> Return | Annualized to <br> Inception Date\* |
|  ARGA International Value Fund, Institutional Class Shares | -3.88%  | -6.99% |
|  MSCI ACWI ex U.S. Index | -16.00% | -11.81% |
|  MSCI ACWI ex U.S. Value Index | -8.59% | -7.76% |

---

![LOGO](g472352g09m01.jpg)

*\* The ARGA International Value Fund commenced operations on June 3, 2021.* 

*Fee waivers were in effect previously, if they had not been in effect, performance would have been lower.* 

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

*The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower.* 

*Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives.* 

*8* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |
|  | **(Unaudited)** |

---

------

*The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

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

*See definition of comparative indices on page 5.* 

*9* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

 <br> **SECTOR WEIGHTINGS (Unaudited)†**<br>

![LOGO](g472352g10m01.jpg)

*† Percentages are based on total investments* 

---

| | | |
|:---|:---|:---|
|  <br> **SCHEDULE OF INVESTMENTS** | <br> **SCHEDULE OF INVESTMENTS** | <br> **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — 94.0%** | **COMMON STOCK — 94.0%** | **COMMON STOCK — 94.0%** |
|  | **Shares** | **Value** |
|  **BRAZIL — 9.3%** | **BRAZIL — 9.3%** | **BRAZIL — 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco | 5241640 | $13372771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil | 1786400 | 11750873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro ADR | 1390338 | 14807100 |
|  |  | 39930744 |
|  **CHINA — 33.9%** | **CHINA — 33.9%** | **CHINA — 33.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding \* | 503300 | 5561451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | 184721 | 16272073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu ADR \* | 166261 | 19016933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of China, Cl A | 7903630 | 3592714 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Merchants Port Holdings | 4991482 | 7315729 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Overseas Land & Investment | 3086500 | 8145834 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Power Holdings | 2628000 | 5373538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongfeng Motor Group, Cl H | 5780000 | 3317477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gree Electric Appliances of Zhuhai, Cl A | 3502000 | 16281577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hello Group ADR | 745212 | 6692004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China, Cl A | 10559100 | 6592128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy | 8088000 | 5771629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group | 5536000 | 4546280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ningbo Huaxiang Electronic, Cl A | 3127156 | 6252782 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty, Cl H | 10486000 | 9954745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Mechanical and Electrical Industry, Cl A | 2413714 | 3895719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group ADR \* | 251144 | 8639353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weibo ADR \* | 403370 | 7712434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;144934400 |

---

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

*10* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  | **Shares** | **Value** |
|  **CZECH REPUBLIC — 0.8%** | **CZECH REPUBLIC — 0.8%** | **CZECH REPUBLIC — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Komercni Banka | 121142 | $3511145 |
|  **HONG KONG — 5.5%** | **HONG KONG — 5.5%** | **HONG KONG — 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts & Entertainment ADR \* | 1338151 | 15388736 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group | 13739806 | 7991688 |
|  |  | 23380424 |
|  **HUNGARY — 1.9%** | **HUNGARY — 1.9%** | **HUNGARY — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 294201 | 7974242 |
|  **INDIA — 1.3%** | **INDIA — 1.3%** | **INDIA — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India | 771807 | 5725347 |
|  **MACAO — 4.7%** | **MACAO — 4.7%** | **MACAO — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group | 1185000 | 7833757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China \* | 3716000 | 12330410 |
|  |  | 20164167 |
|  **POLAND — 5.2%** | **POLAND — 5.2%** | **POLAND — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski | 1231733 | 8515456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen | 1676621 | 13554251 |
|  |  | 22069707 |
|  **RUSSIA — 0.0%** | **RUSSIA — 0.0%** | **RUSSIA — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alrosa PJSC (A) | 506080 |  |
|  **SOUTH AFRICA — 3.7%** | **SOUTH AFRICA — 3.7%** | **SOUTH AFRICA — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Absa Group | 513918 | 5864707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers, Cl N | 61288 | 10187488 |
|  |  | 16052195 |
|  **SOUTH KOREA — 16.0%** | **SOUTH KOREA — 16.0%** | **SOUTH KOREA — 16.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DB Insurance (B) | 75158 | 3895812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group (B) | 185145 | 6165164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis (B) | 38418 | 6093800 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group (B) | 142479 | 5458748 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO (B) | 56932 | 12459678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics (B) | 338586 | 14861638 |

---

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

*11* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix (B) | 267089 | $15935612 |
| &nbsp;&nbsp;&nbsp;&nbsp; WONIK IPS (B) | 179917 | 3540890 |
|  |  | 68411342 |
|  **TAIWAN — 5.4%** | **TAIWAN — 5.4%** | **TAIWAN — 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology | 794000 | 4365831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry | 68000 | 221021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing | 592000 | 8638610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 80501 | 5996520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding | 1119000 | 3822778 |
|  |  | 23044760 |
|  **THAILAND — 5.2%** | **THAILAND — 5.2%** | **THAILAND — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank | 395700 | 1690879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank NVDR | 503100 | 2149814 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP ALL | 4754400 | 9368783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank | 17869700 | 9132198 |
|  |  | 22341674 |
|  **UNITED STATES — 1.1%** | **UNITED STATES — 1.1%** | **UNITED STATES — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS | 1134300 | 4724325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br> (Cost $416,743,387) |  | 402264472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS— 94.0%<br> (Cost $416,743,387) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402264472 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $427,811,216.*  |

---

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

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

*(B)* *Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2022 was $68,411 ($ Thousands) and represented 16.0% of the Net Assets of the Fund.* 

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

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

*12* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

The following is a summary of the inputs used as of December 31, 2022, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3† | Total |
|  *Common Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Brazil* | $*39930744* | $*—* | $*—* | $*39930744* |
| &nbsp;&nbsp;&nbsp;&nbsp; *China* | *144934400* | *—* | *—* | *144934400* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Czech Republic* | *3511145* | *—* | *—* | *3511145* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Hong Kong* | *23380424* | *—* | *—* | *23380424* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Hungary* | *7974242* | *—* | *—* | *7974242* |
| &nbsp;&nbsp;&nbsp;&nbsp; *India* | *5725347* | *—* | *—* | *5725347* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Macao* | *20164167* | *—* | *—* | *20164167* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Poland* | *22069707* | *—* | *—* | *22069707* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Russia* | *—* | *—* | *—^* | *—^* |
| &nbsp;&nbsp;&nbsp;&nbsp; *South Africa* | *16052195* | *—* | *—* | *16052195* |
| &nbsp;&nbsp;&nbsp;&nbsp; *South Korea* | *—* | *68411342* | *—* | *68411342* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Taiwan* | *23044760* | *—* | *—* | *23044760* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Thailand* | *22341674* | *—* | *—* | *22341674* |
| &nbsp;&nbsp;&nbsp;&nbsp; *United States* | *4724325* | *—* | *—* | *4724325* |
|  *Total Common Stock* | *333853130* | *68411342* | *—^* | *402264472* |
|  *Total Investments in Securities* | $*333853130* | $*68411342* | $*—^* | $*402264472* |

---

† A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

^ Includes Securities in which the fair value is $0 or has been rounded to $0.

Amounts designated as "–" are $0.

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

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

*13* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

 <br> **SECTOR WEIGHTING (Unaudited)†**<br>

![LOGO](g472352g14m01.jpg)

*† Percentages are based on total investments* 

---

| |
|:---|
|  <br> **SCHEDULE OF INVESTMENTS** |
|  **COMMON STOCK — 90.1%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AUSTRALIA — 0.5%** | **AUSTRALIA — 0.5%** | **AUSTRALIA — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group | 1728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15801 |
|  **BERMUDA — 1.9%** | **BERMUDA — 1.9%** | **BERMUDA — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings | 326 | 60059 |
|  **BRAZIL — 1.3%** | **BRAZIL — 1.3%** | **BRAZIL — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro ADR | 3735 | 39778 |
|  **CHINA — 14.4%** | **CHINA — 14.4%** | **CHINA — 14.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding \* | 5100 | 56355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | 1290 | 113636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu ADR \* | 1146 | 131079 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors | 150 | 23705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl H | 6000 | 39703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus | 516 | 35599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group ADR \* | 649 | 22326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weibo ADR \* | 1395 | 26672 |
|  |  | 449075 |
|  **FINLAND — 0.3%** | **FINLAND — 0.3%** | **FINLAND — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia | 1844 | 8541 |
|  **FRANCE — 8.4%** | **FRANCE — 8.4%** | **FRANCE — 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor \* | 1574 | 39342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus | 832 | 98876 |

---

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

*14* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe | 245 | &nbsp;&nbsp;&nbsp;&nbsp;$| 15584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran | 272 |  | 34042 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies | 1203 |  | 75526 |
|  |  |  | 263370 |
|  **GERMANY — 6.3%** | **GERMANY — 6.3%** | **GERMANY — 6.3%** | **GERMANY — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro | 1700 |  | 66512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius & KGaA | 3520 |  | 98909 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines | 145 |  | 31385 |
|  |  |  | 196806 |
|  **HONG KONG — 6.0%** | **HONG KONG — 6.0%** | **HONG KONG — 6.0%** | **HONG KONG — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings | 5500 |  | 33858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts & Entertainment ADR \* | 7839 |  | 90149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential | 3492 |  | 47599 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29456 |  | 17133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;188739 |
|  **IRELAND — 0.3%** | **IRELAND — 0.3%** | **IRELAND — 0.3%** | **IRELAND — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings \* | 142 |  | 8281 |
|  **JAPAN — 13.1%** | **JAPAN — 13.1%** | **JAPAN — 13.1%** | **JAPAN — 13.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction | 200 |  | 20634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group | 10000 |  | 44422 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU | 1800 |  | 56864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power | 6700 |  | 65295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric | 9200 |  | 92077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec | 1100 |  | 57322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings | 8000 |  | 29783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru | 1000 |  | 15449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiheiyo Cement | 1700 |  | 26645 |
|  |  |  | 408491 |
|  **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** | **LUXEMBOURG — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal | 3 |  | 79 |
|  **MACAO — 6.6%** | **MACAO — 6.6%** | **MACAO — 6.6%** | **MACAO — 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group | 7000 |  | 46276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China \* | 48000 |  | 159273 |
|  |  |  | 205549 |

---

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

*15* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  | **Shares** | **Value** |
|  **NETHERLANDS — 4.5%** | **NETHERLANDS — 4.5%** | **NETHERLANDS — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank | 2815 | $38947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon | 12970 | 65781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell | 1313 | 36922 |
|  |  | 141650 |
|  **SOUTH KOREA — 8.6%** | **SOUTH KOREA — 8.6%** | **SOUTH KOREA — 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO (A) | 320 | 70033 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO ADR | 441 | 24021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics (A) | 1863 | 81773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics GDR | 19 | 20995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group ADR | 1097 | 30639 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix (A) | 690 | 41168 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Square \*(A) | 66 | 1757 |
|  |  | 270386 |
|  **SPAIN — 1.0%** | **SPAIN — 1.0%** | **SPAIN — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil | 1204 | 32027 |
|  **SWITZERLAND — 5.2%** | **SWITZERLAND — 5.2%** | **SWITZERLAND — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group | 2600 | 85650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis | 476 | 43031 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group | 1768 | 32897 |
|  |  | 161578 |
|  **TAIWAN — 1.7%** | **TAIWAN — 1.7%** | **TAIWAN — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 722 | 53782 |
|  **UNITED KINGDOM — 6.6%** | **UNITED KINGDOM — 6.6%** | **UNITED KINGDOM — 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abrdn | 3868 | 8850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings | 293 | 13365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Line Insurance Group | 356 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; easyJet \* | 6889 | 27034 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings | 11586 | 72234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group | 28995 | 15918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Wimpey | 34803 | 42769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread | 850 | 26410 |
|  |  | 207532 |

---

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

*16* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  | **Shares** | **Value** |
|  **UNITED STATES — 3.4%** | **UNITED STATES — 3.4%** | **UNITED STATES — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings \* | 316 | $18113 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK | 2016 | 35038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim | 1025 | 53076 |
|  |  | 106227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br> (Cost $3,035,083) |  | 2817751 |

---

 <br> **PREFERRED STOCK — 6.8%**<br>

---

| | | |
|:---|:---|:---|
|  **BRAZIL — 4.2%** | **BRAZIL — 4.2%** | **BRAZIL — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau (B) | 12100 | 67310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro (B) | 14200 | 65893 |
|  |  | 133203 |
|  **GERMANY — 2.6%** | **GERMANY — 2.6%** | **GERMANY — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel & KGaA (B) | 382 | 26587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding (B) | 981 | 53808 |
|  |  | 80395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCK<br> (Cost $217,628) |  | 213598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS— 96.9%<br> (Cost $3,252,711) |  | $&nbsp;&nbsp;&nbsp;&nbsp;3031349 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $3,126,790.*  |

---

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

*(A)* *Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2022 was $195 ($ Thousands) and represented 6.2% of the Net Assets of the Fund.* 

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

ADR — American Depositary Receipt

Cl — Class

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

*17* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |
|  | **DECEMBER 31, 2022** |

---

------

The following is a summary of the inputs used as of December 31, 2022, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | Total |
| &nbsp;&nbsp; *Common Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Australia* | $*15801* | $*—* | $*—* | $*15801* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Bermuda* | *60059* |  |  | *60059* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Brazil* | *39778* |  |  | *39778* |
| &nbsp;&nbsp;&nbsp;&nbsp; *China* | *449075* |  |  | *449075* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Finland* | *8541* |  |  | *8541* |
| &nbsp;&nbsp;&nbsp;&nbsp; *France* | *263370* |  |  | *263370* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Germany* | *196806* |  |  | *196806* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Hong Kong* | *188739* |  |  | *188739* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Ireland* | *8281* |  |  | *8281* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Japan* | *408491* |  |  | *408491* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Luxembourg* | *79* |  |  | *79* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Macao* | *205549* |  |  | *205549* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Netherlands* | *141650* |  |  | *141650* |
| &nbsp;&nbsp;&nbsp;&nbsp; *South Korea* | *75655* | *194731* |  | *270386* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Spain* | *32027* |  |  | *32027* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Switzerland* | *161578* |  |  | *161578* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Taiwan* | *53782* |  |  | *53782* |
| &nbsp;&nbsp;&nbsp;&nbsp; *United Kingdom* | *207532* |  |  | *207532* |
| &nbsp;&nbsp;&nbsp;&nbsp; *United States* | *106227* |  |  | *106227* |
| &nbsp;&nbsp; *Total Common Stock* | *2623020* | *194731* |  | *2817751* |
| &nbsp;&nbsp; *Preferred Stock* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Brazil* | *133203* |  |  | *133203* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Germany* | *80395* |  |  | *80395* |
| &nbsp;&nbsp; *Total Preferred Stock* | *213598* |  |  | *213598* |
|  *Total Investments in Securities* | $*2836618* | $*194731* | $*—* | $*3031349* |

---

Amounts designated as "–" are $0.

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

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

*18* 

------

---

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

---

------

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** | **STATEMENTS OF ASSETS AND LIABILITIES** | |
|  | **ARGA Emerging<br>Markets Value<br>Fund** | <br>**ARGA<br>International<br>Value Fund** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value (Cost $416,743,387 and $3,252,711) | $402264472 | $3031349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value (Cost $1,916,231 and $6) | 1918290 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 26558028 | 102504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend and Interest Receivable | 1693507 | 7488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 1054791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim Receivable | 50276 | 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Gain on Foreign Spot Currency Contracts |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement/Receivable due from Investment Adviser |  | 13310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Prepaid Expenses | 9063 | 6679 |
|  **Total Assets** | 433548427 | 3166599 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 5200802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Investment Adviser | 269596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Foreign Capital Gains Tax | 126335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 26380 | 26380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Administrator | 25819 | 6370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 11591 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 5767 | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 2812 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Loss on Foreign Spot Currency Contracts | 67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses and Other Payables | 68042 | 2156 |
|  **Total Liabilities** | 5737211 | 39809 |
|  **Net Assets** | $427811216 | $3126790 |
|  **Net Assets Consist of:** |  |  |
|  Paid-in Capital | $465730656 | $3453561 |
|  Total Accumulated Losses | (37919440) | (326771) |
|  **Net Assets** | $427811216 | $3126790 |
|  **Institutional Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $427811216 | $3126790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 49691598 | 365075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $8.61 | $8.56 |

---

*Amounts designated as "—" are $0.* 

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

*19* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA FUNDS** |
|  | **FOR THE YEAR ENDED** |
|  | **DECEMBER 31, 2022** |

---

------

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF OPERATIONS** | **STATEMENTS OF OPERATIONS** | |
|  | **ARGA Emerging<br>Markets Value<br>Fund** | <br>**ARGA<br>International<br>Value Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $20905067 | $140934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 177729 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (1881535) | (7756) |
|  **Total Investment Income** | 19201261 | 133579 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 2514287 | 19122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 261383 | 74971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 27557 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 9486 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 70944 | 8016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | 61392 | 19826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 46075 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 36133 | 20725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 28254 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 26990 | 26990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering Costs | 24839 | 24839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing Fees | 1669 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 43413 | 3044 |
|  **Total Expenses** | 3152422 | 203495 |
|  **Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver - Reimbursement from Adviser | (24839) | (179590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Waiver Recapture - Note 5 | 105071 |  |
|  **Net Expenses** | 3232654 | 23905 |
|  **Net Investment Income** | 15968607 | 109674 |
|  **Net Realized Loss on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (22639480) | (106930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (277137) | (456) |
|  **Net Realized Loss** | (22916617) | (107386) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (6144172) | (149225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Gains Tax | (126335) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation | 8442 | 114 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (6262065) | (149111) |
|  **Net Realized and Unrealized Loss** | (29178682) | (256497) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(13210075) | $(146823) |

---

*Amounts designated as "—" are $0.* 

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

*20* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |

---

------

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** |
|  | **Year**<br>**Ended**<br>**December 31,<br>2022** | **Period**<br>**Ended**<br>**December 31,<br>2021\*** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $15968607 | $2186058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (22916617) | (251885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation)  | (6262065) | (8336710) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | (13210075) | (6402537) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (16259011) | (2047817) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 366965682 | 186918785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 15880186 | 2047817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (105003742) | (1078072) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets From Capital Share Transactions** | 277842126 | 187888530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 248373040 | 179438176 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 179438176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $427811216 | $179438176 |
|  **Shares Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 40661505 | 19715877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 1835860 | 226927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (12629176) | (119395) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Shares Outstanding From Share Transactions** | 29868189 | 19823409 |

---

*\* Commenced operations on June 3, 2021.* 

*Amounts designated as "—" are $0.* 

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

*21* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |

---

------

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** |
|  | **Year**<br>**Ended<br>December 31,<br>2022** | **Period<br>Ended<br>December 31,<br>2021\*** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $109674 | $17923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (107386) | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (149111) | (72124) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations** | (146823) | (51395) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (110290) | (18263) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 3525058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 110290 | 18263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (200000) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets From Capital Share Transactions** | (89710) | 3543271 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (346823) | 3473613 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 3473613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473613 |
|  **Shares Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 374164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 12824 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (23895) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding From Share Transactions** | (11071) | 376146 |

---

*\* Commenced operations on June 3, 2021.* 

*Amounts designated as "—" are $0.* 

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

*22* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA EMERGING MARKETS** |
|  | **VALUE FUND** |

---

------

 **FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios** 

**For a Share Outstanding** 

**Throughout the Period** 

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended<br>December 31,<br>2022** | **Period**<br>**Ended<br>December<br>31, 2021<sup>(1)</sup>** |
|  **Net Asset Value, Beginning of Year** | $9.05 | $10.00 |
|  Income (Loss) from Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.38 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Loss | (0.49) | (1.08) |
|  Total from Investment Operations | (0.11) | (0.85) |
|  Dividends and Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.33) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gains |  | (0.01) |
|  Total Dividends and Distributions | (0.33) | (0.10) |
|  **Net Asset Value, End of Year** | $8.61 | $9.05 |
|  **Total Return†** | (1.19)% | (8.45)% |
|  **Ratios and Supplemental Data** |  |  |
|  Net Assets, End of Year (Thousands) | $427811 | $179438 |
|  Ratio of Net Expenses to Average Net Assets | 0.90% | 0.90%†† |
|  Ratio of Gross Expenses to Average Net Assets | 0.88% | 1.19%†† |
|  Ratio of Net Investment Income to Average Net Assets | 4.45% | 4.24%†† |
|  Portfolio Turnover Rate‡ | 35% | 17% |

---

*\** *Per share calculations were performed using average shares for the period.* 

*†* *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*††* *Annualized* 

*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

*(1)* *Commenced operations on June 3, 2021.* 

---

| | |
|:---|:---|
| | *Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.*  |

---

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

*23* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ARGA INTERNATIONAL** |
|  | **VALUE FUND** |

---

------

 **FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios** 

**For a Share Outstanding** 

**Throughout the Period** 

---

| | | |
|:---|:---|:---|
|  | **Year<br>Ended<br>December<br>31, 2022** | **Period**<br>**Ended**<br>**December**<br>**31, 2021<sup>(1)</sup>** |
|  **Net Asset Value, Beginning of Year** | $9.23 | $10.00 |
|  Income (Loss) from Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.29 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Loss | (0.65) | (0.84) |
|  Total from Investment Operations | (0.36) | (0.72) |
|  Dividends and Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.31) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gains |  |  |
|  Total Dividends and Distributions | (0.31) | (0.05) |
|  **Net Asset Value, End of Year** | $8.56 | $9.23 |
|  **Total Return†** | (3.88)% | (7.21)% |
|  **Ratios and Supplemental Data** |  |  |
|  Net Assets, End of Year (Thousands) | $3127 | $3474 |
|  Ratio of Net Expenses to Average Net Assets | 0.75% | 0.75%†† |
|  Ratio of Gross Expenses to Average Net Assets | 6.39% | 17.78%†† |
|  Ratio of Net Investment Income to Average Net Assets | 3.44% | 2.23%†† |
|  Portfolio Turnover Rate‡ | 46% | 10% |

---

\* Per share calculations were performed using average shares for the period.

† Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of
taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†† Annualized

‡ Portfolio turnover is for the period indicated and has not been annualized.

(1) Commenced operations on June 3, 2021.

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

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

*24* 

------

---

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

---

------

 **NOTES TO FINANCIAL STATEMENTS**<br>

**1. Organization:** 

The Advisors' Inner Circle Fund III (the "Trust") is organized as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 65 funds. The financial statements herein are those of the ARGA Funds (the "Funds"). The investment objective of each of the ARGA Emerging Markets Value Fund (the "Emerging Markets Value Fund") and the ARGA International Value Fund (the "International Value Fund") is to seek to provide long-term capital appreciation. Each of the Emerging Markets Value Fund and the International Value Fund (collectively, the "Funds") is classified as a non-diversified investment company. ARGA Investment Management, LP (the "Adviser") serves as each Fund's investment adviser. Each Fund offers two classes of shares to investors, Investor Shares and Institutional Shares. The financial statements of the remaining funds of the Trust are presented separately. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. Please refer to a current prospectus for additional information on each share class. Investor Shares of the Funds are currently not available for purchase.

**2. Significant Accounting Policies:** 

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

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

*Security Valuation —* Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using

*25* 

------

---

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

---

------

currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

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

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

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

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

In accordance with U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

*26* 

------

---

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

---

------

Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser's pricing
procedures, etc.); and

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

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

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

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

As of and during the year ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and

*27* 

------

---

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

---

------

penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis from settlement date. Certain dividends and expenses from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date.

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

*Classes —* Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on basis of relative daily net assets.

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

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

*28* 

------

---

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

---

------

*Dividends and Distributions to Shareholders —* Each Fund distributes its net investment income and makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution. 

*Redemption Fees —* A redemption fee of 2.00% of the value of the shares sold will be imposed on shares redeemed within 60 days or less after their date of purchase. 

*Deferred Offering Costs —* Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Fund. During the period ended December 31, 2022, the ARGA Emerging Markets Value Fund and ARGA International Value Fund amortized offering costs of $24,839 and $24,839, respectively. As of December 31, 2022, the ARGA Emerging Markets Value Fund and ARGA International Value Fund have no deferred offering costs remaining to be amortized.

**3. Transactions with Affiliates:** 

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

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

**4. Administration, Custodian and Transfer Agent Agreements:** 

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the year ended December 31, 2022, ARGA Emerging Markets Value Fund and ARGA International Value Fund each paid $261,383 and $74,971 for these services, respectively.

Brown Brothers Harriman & Co. acts as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. For the year ended December 31, 2022, the ARGA Emerging Markets Value Fund and ARGA International Value Fund each paid $70,944 and $8,016 for these services, respectively.

*29* 

------

---

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

---

------

Atlantic Shareholder Services LLC serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. For the year ended December 31, 2022, the ARGA Emerging Markets Value Fund and ARGA International Value Fund each paid $36,133 and $20,725 for these services, respectively.

**5. Investment Advisory Agreement:** 

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the ARGA Emerging Markets Value Fund and ARGA International Value Fund at a fee, which is calculated daily and paid monthly, at an annual rate of 0.70% and 0.60%, respectively of each Fund's average daily net assets.

For each Fund, the Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep the Funds' total annual Fund operating expenses (excluding distribution and/or service (12b-1) fees, shareholder servicing fees, interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, "excluded expenses")) for Investor Shares and Institutional Shares from exceeding certain levels as set forth below until April 30, 2023. Refer to Waiver - Reimbursement from Adviser on the Statement of Operations for fees waived for the period ended December 31, 2022.

Accordingly, the contractual expense limitations for each Fund are as follows:

---

| | |
|:---|:---|
|  | **Contractual Expense**<br>**Limitations Institutional<br>Shares** |
|  ARGA Emerging Markets Value Fund | 0.90% |
|  ARGA International Value Fund | 0.75% |

---

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the Fund's contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2023.

*30* 

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---

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

---

------

As of December 31, 2022, fees that were previously waived by the Adviser, which may be subject to possible future reimbursement to the Adviser are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Subject to Repayment until<br>December 31:** | **ARGA Emerging Markets<br>Value Fund** | **ARGA International<br>Value Fund** |
| 2021 | 2024 | $46556 | $136772 |
| 2022 | 2025 | 24839 | 179590 |
|  |  | $71395 | $316362 |

---

For the period ended December 31, 2022, the Adviser recaptured fees previously waived in 2021 of $105,071 for ARGA Emerging Markets Value Fund.

**6. Investment Transactions:** 

For the year ended December 31, 2022, the purchases and sales of investment securities other than long-term U.S. Government and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  ARGA Emerging Markets Value Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370444538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118043235 |
|  ARGA International Value Fund | 1450432 | 1623751 |

---

**7. Federal Tax Information:** 

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

The permanent differences primarily consist of foreign currency translations, reversal of former PFIC mark to market and distribution reclassification. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of December 31, 2022.

The tax character of dividends and distributions paid during the period ended December 31, 2022, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Total** |
| **ARGA Emerging Markets Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16259011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16259011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2047817 | 2047817 |
| **ARGA International Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 110290 | 110290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 18263 | 18263 |

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*31* 

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

---

------

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

---

| | | |
|:---|:---|:---|
|  | **ARGA Emerging<br>Markets Value**<br>**Fund** | **ARGA<br>International<br>Value Fund** |
|  Undistributed Ordinary Income | $4510915 | $2281 |
|  Capital Loss Carryforwards | (20961657) | (107231) |
|  Unrealized Depreciation | (21468694) | (221818) |
|  Other Temporary Differences | (4) | (3) |
|  Total Accumulated Losses | $(37919440) | $(326771) |

---

Post October losses represent losses realized on investment transactions from November 1, 2022 through December 31, 2022, that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future gains. Losses carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>Loss** | **Long-Term<br>Loss** | **Total** |
|  ARGA Emerging Markets Value Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18436176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20961657 |
|  ARGA International Value Fund | 55454 | 51777 | 107231 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br>Cost** | **Aggregate<br>Gross<br>Unrealized<br> Appreciation** | **Aggregate<br>Gross<br>Unrealized<br> Depreciation** | **Net Unrealized<br> Depreciation** |
| **ARGA Emerging Markets Value Fund** | $423613373 | $30238284 | $(51580711) | $(21342427) |
| **ARGA International Value Fund** | 3253293 | 225291 | (447121) | (221830) |

---

The book/tax difference on investment cost is primarily related to deferred wash sale losses, mark to market on Forward Contracts and investments in passive foreign investment companies.

*32* 

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

---

------

**8. Concentration of Shareholders:** 

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

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Shareholders** | **%<br> Ownership** |
|  ARGA Emerging Markets Value Fund, Institutional Shares | 2 | 80% |
|  ARGA International Value Fund, Institutional Shares | 2 | 100% |

---

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

**9. Concentration of Risks:** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency.

Equity Risk — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund's investments, regardless of how well the companies in which the Fund invests perform. Moreover, in the event of a company's bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

Market Risk — The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

*33* 

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

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------

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

Value Style Risk — The Adviser's value investment style may increase the risks of investing in the Fund. If the Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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

Sector Focus Risk — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Currency Risk — As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, resulting in the dollar value of an investment in the Fund being adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*34* 

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

---

------

Liquidity Risk — Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. Liquidity risk may be heightened in the emerging market countries in which the Fund invests, as a result of their markets being less developed.

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

Preferred Stock Risk — Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

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

Participation Notes Risk — The return on a P-Note is linked to the performance of the issuers of the underlying securities. The performance of P-Notes will not replicate exactly the performance of the issuers that they seek to replicate due to transaction costs and other expenses. P-Notes are subject to counterparty risk since the notes constitute general unsecured contractual obligations of the financial institutions issuing the notes, and the Fund is relying on the creditworthiness of such institutions and has no rights under the notes against the issuers of the underlying securities. In addition, P-Notes are subject to liquidity risk, which is described elsewhere in this section.

REITs Risk — REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's

*35* 

------

---

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

---

------

investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

ETFs Risk — ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

Stock Connect Investing Risk — Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund's investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

New Fund Risk — Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

*36* 

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

---

------

**10. Subsequent Events:** 

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

*37* 

------

---

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

---

------

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

To the Board of Trustees of The Advisors' Inner Circle Fund III and Shareholders of ARGA Emerging Markets Value Fund and ARGA International Value Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of ARGA Emerging Markets Value Fund and ARGA International Value Fund (collectively referred to as the "Funds"), (two of the series constituting The Advisors' Inner Circle Fund III (the "Trust")), including the schedules of investments, as of December 31, 2022, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (two of the series constituting The Advisors' Inner Circle Fund III) at December 31, 2022, the results of their operations, changes in net assets and the financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Individual fund constituting<br> The Advisors' Inner Circle Fund III | Statements of operations | Statements of changes in net assets | Financial highlights |
| &nbsp;&nbsp;&nbsp; ARGA Emerging Markets Value Fund<br>ARGA International Value Fund | For the year ended December 31, 2022 | For the year ended December 31, 2022 and the period from June 3, 2021 (commencement of operations) through December 31, 2021 | For the year ended December 31, 2022 and the period from June 3, 2021 (commencement of operations) through December 31, 2021 |

---

**Basis for Opinion** 

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

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

*38* 

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

---

------

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g472352g03x03.jpg)

We have served as the auditor of one or more ARGA Investment Management, LP investment companies since 2021.

Philadelphia, Pennsylvania

March 1, 2023

*39* 

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

---

------

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

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

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth**<br>| **Position with Trust and Length of<br>Time Served<sup>1</sup>**<br>| **Principal Occupations in the Past Five Years**<br>|
|  **INTERESTED TRUSTEES<sup>3,4</sup>** | **INTERESTED TRUSTEES<sup>3,4</sup>** | |
|  William M. Doran<br> (Born: 1940) | Chairman of the<br>Board of Trustees<br>(since 2014) | Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor. Secretary of SEI Investments since 1978.<br>|
|  **INDEPENDENT TRUSTEES<sup>3</sup>** | **INDEPENDENT TRUSTEES<sup>3</sup>** |  |
|  Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent Trustee (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.<br>|
|  Thomas P. Lemke<br> (Born: 1954) | Trustee<br>(since 2014) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.<br>|
|  Nichelle Maynard-Elliott<br> (Born: 1968) | Trustee<br>(since 2021) | Independent Director since 2018. Executive Director,<br>M&A at Praxair Inc. from 2011-2019.<br>|

---

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

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

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

*40* 

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

---

------

may be an "interested" persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust's Distributor. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-844-523-8637. The following chart lists Trustees and Officers as of December 31, 2022.

---

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

---

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

*41* 

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

---

------

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

------

---

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

---

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

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

*42* 

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

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---

| |
|:---|
| **Other Directorships**<br> **Held in the Past Five Years<sup>2</sup>**<br>|
| Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.<br>|
| Current Directorships: Trustee of Gallery Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund and Delaware Wilshire Private Markets Tender Fund. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd.<br>Former Directorships: Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022.<br>|
| None.<br>|
| None.<br>|
| None.<br>|

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

*43* 

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

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

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

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*44* 

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

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**Other Directorships** 

**Held in the Past Five Years** 

------

---

| |
|:---|
| None.<br>|
| None.<br>|
| None.<br>|
| None.<br>|

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*45* 

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

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

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

---

*46* 

------

---

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

---

------

---

| |
|:---|
| **Other Directorships**<br> **Held in the Past Five Years** |
| None.<br>|
| None.<br>|
| None.<br>|

---

*47* 

------

---

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

---

------

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

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

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

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

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

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

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

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

*48* 

------

---

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

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>Account<br>Value<br>7/01/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Annualized<br>Expense<br>Ratios** | **Expenses<br>Paid During<br>Period<sup>\*</sup>** | |
|  *ARGA Emerging Markets Value Fund - Institutional Class Shares* | *ARGA Emerging Markets Value Fund - Institutional Class Shares* | *ARGA Emerging Markets Value Fund - Institutional Class Shares* | *ARGA Emerging Markets Value Fund - Institutional Class Shares* | *ARGA Emerging Markets Value Fund - Institutional Class Shares* |  |
|  **Actual Fund Return** | $1000.00 | $1055.70 | 0.90% | $4.66 |  |
|  **Hypothetical 5% Return** | 1000.00 | 1020.67 | 0.90 | 4.58 |  |
|  *ARGA International Value Fund - Institutional Class Shares* | *ARGA International Value Fund - Institutional Class Shares* | *ARGA International Value Fund - Institutional Class Shares* | *ARGA International Value Fund - Institutional Class Shares* | *ARGA International Value Fund - Institutional Class Shares* |  |
|  **Actual Fund Return** | $1000.00 | $1078.00 | 0.75% | $3.93 |  |
|  **Hypothetical 5% Return** | 1000.00 | 1021.42 | 0.75 | 3.82 |  |

---

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

*49* 

------

---

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

---

------

 **NOTICE TO SHAREHOLDERS (Unaudited)**<br>

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long-Term Capital**<br> **Gain Distributions** | **Ordinary<br>Income<br>Distributions** | **Total<br>Distributions** | **Qualifying<br>For Corporate<br>Dividend<br>Received<br>Deduction <sup>(1)</sup>** | **Qualifying<br>Dividend<br>Income <sup>(2)</sup>** | **U.S.<br>Government**<br>**Interest <sup>(3)</sup>** | **Interest<br>Related<br>Dividends <sup>(4)</sup>** | **Short-Term<br>Capital Gain<br>Dividends <sup>(5)</sup>** | **Foreign Tax<br>Credits <sup>(6)</sup>** |
|  ARGA Emerging Markets Value Fund | ARGA Emerging Markets Value Fund | ARGA Emerging Markets Value Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | 100.00% | 100.00% | 0.01% | 62.57% | 0.00% | 0.68% | 0.00% | 9.49% |
|  ARGA International Value Fund | ARGA International Value Fund | ARGA International Value Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | 100.00% | 100.00% | 0.00% | 96.07% | 0.00% | 0.28% | 100.00% | 4.69% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign Source Income** | **Foreign Tax Credit Pass Through** |
|  ARGA Emerging Markets Value Fund | $18158378 | $1704226 |
|  ARGA International Value Fund | 114848 | 5424 |

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The percentage in this column represents the amount of "Qualifying Foreign Taxes" as a percentage of
ordinary distributions during the fiscal year ended December 31, 2022. Your allocable share of the foreign tax credit will be reported on form 1099-DIV.

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

*50* 

------

**ARGA Funds** 

P.O. Box 588

Portland, ME 04112

1- 866-234-2742

**Investment Adviser:** 

ARGA Investment Management, LP

1010 Washington Blvd, 6th Floor

Stamford, CT 06901

**Administrator:** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Distributor:** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm:** 

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

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

ARG-AR-001-0200

------

**Item 2.** **Code of Ethics.** <br>

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

**Item 3.** **Audit Committee Financial Expert.** <br>

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

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

**Item 4.** **Principal Accountant Fees and Services.** <br>

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

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

---

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

---

------

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

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

---

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

---

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

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

---

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

---

------

Notes:

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

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

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

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

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

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

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

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

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

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

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

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

------

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

---

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

---

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

---

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

---

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

---

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

---

(f) Not applicable.

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

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

------

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

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

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

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

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.** <br>

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

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

------

**Item 11.** **Controls and Procedures.** <br>

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

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

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

Not applicable to open-end management investment companies.

**Item 13.** **Exhibits.** <br>

[(a)(1) A copy of the Registrant's Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.](d472352dex99codeeth.htm)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](d472352dex99cert.htm)

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](d472352dex99906cert.htm)

------

**SIGNATURES** 

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

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund III |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | President |

---

Date: March 10, 2023

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | President |

---

Date: March 10, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Treasurer, Controller, and CFO |

---

Date: March 10, 2023

## Ex-99.Code

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

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

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

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

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

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

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

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

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

**FINANCIAL OFFICER CODE OF ETHICS** 

**I.** **Introduction** 

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

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

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

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

The purposes of this Code are:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.Cert

**CERTIFICATION** 

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

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

I, Michael Beattie, certify that:

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

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

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

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

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

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

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

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

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

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

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

Dated: March 10, 2023

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| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| President |

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**CERTIFICATION** 

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

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

I, Andrew Metzger, certify that:

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

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

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

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

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

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

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

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

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

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

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

Dated: March 10, 2023

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| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

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## Exhibit 99.906

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Michael Beattie, the President of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: March 10, 2023

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| |
|:---|
|  /s/ Michael Beattie |
|  Michael Beattie |
|  President |

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**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Andrew Metzger, the Treasurer, Controller, and CFO of The Advisors' Inner Circle Fund III (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: March 10, 2023

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| |
|:---|
|  /s/ Andrew Metzger |
|  Andrew Metzger |
|  Treasurer, Controller, and CFO |

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