# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-044351
**Filing Date:** 2023-2
**Character Count:** 21053
**Document Hash:** 3bcde360598037689aa727c127dbe074
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044351.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044351

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23679332

**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   |
|:---|:---|:---|
| C000226875 | Institutional Shares | ARMIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** ARGA Emerging Markets Value Fund

- **b. EDGAR series identifier (if any):** S000071562

- **c. LEI of Series:** 54930048ZFLXP7RHY777

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $433505029.20

**Total Liabilities:** $506483.61

**Net Assets:** $432998545.59

**Cash Not Reported:** $28476318.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226875 | 1.96%                | 19.00%               | -3.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-436684.54              | $7342552.06                                |
| Month 2  | $1147427.18              | $61896859.55                               |
| Month 3  | $397195.59               | $-12357270.03                              |

### Schedule of Portfolio Investments

| Name                                                    | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABSA GROUP LIMITED                                      | ABSA GROUP LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               |  | ZA        |    513918 | NS      | $5864706.85   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LIMITED                                  | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT       | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               |  | US        |    251144 | NS      | $8639353.60   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA            | POWSZECHNY ZAKLAD UBEZPIECZE COMMON STOCK       | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               |  | PL        |   1676621 | NS      | $13554250.59  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AK ALROSA PAO                                           | ALROSA PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               |  | RU        |    506080 | NS      | $0.69         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     80501 | NS      | $5996519.49   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                   | HYUNDAI MOBIS CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               |  | KR        |     38418 | NS      | $6093799.72   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Limited                                    | LENOVO GROUP LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               |  | HK        |   5536000 | NS      | $4546279.84   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Mechanical & Electrical Industry Co., Ltd.     | SHANGHAI MECHANICAL AND EL-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |   2413714 | NS      | $3895719.19   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIBO CORPORATION                                       | WEIBO CORP-SPON ADR DEPOSITARY RECEIPT          | CUSIP: 948596101<br>LEI: 549300Q9ID4640FE0422 | Long             | EC               |  | US        |    403370 | NS      | $7712434.40   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                           | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |    184721 | NS      | $16272072.89  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS S.A.                                                | JBS SA COMMON STOCK                             | CUSIP: N/A<br>LEI: 529900RM0MTMZL9O5050       | Long             | EC               |  | BR        |   1134300 | NS      | $4724325.39   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                 | KB FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |    142479 | NS      | $5458748.44   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| NASPERS LIMITED                                         | NASPERS LTD-N SHS COMMON STOCK                  | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               |  | ZA        |     61288 | NS      | $10187487.67  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd.                                        | SANDS CHINA LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               |  | HK        |   3716000 | NS      | $12330410.16  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                             | BAIDU INC - SPON ADR DEPOSITARY RECEIPT         | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               |  | US        |    166261 | NS      | $19016933.18  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni banka, a.s.                                    | KOMERCNI BANKA AS COMMON STOCK                  | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               |  | CZ        |    121142 | NS      | $3511144.79   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | BANCO BRADESCO S.A. COMMON STOCK                | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               |  | BR        |   5241640 | NS      | $13372771.59  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Power Holdings Company Limited          | CHINA RESOURCES POWER HOLDIN COMMON STOCK       | CUSIP: N/A<br>LEI: 529900K60FC0AI053735       | Long             | EC               |  | HK        |   2628000 | NS      | $5373537.72   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                    | HON HAI PRECISION INDUSTRY COMMON STOCK         | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               |  | TW        |     68000 | NS      | $221021.29    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                          | OTP BANK PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |    294201 | NS      | $7974241.41   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED         | IND & COMM BK OF CHINA-A COMMON STOCK           | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               |  | CN        |  10559100 | NS      | $6592127.68   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                    | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |   1390338 | NS      | $14807099.70  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                            | FX Forward Contract: USD/BRL SETTLE 2023-01-04  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-47.08       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hello Group Inc.                                        | HELLO GROUP INC -SPN ADR DEPOSITARY RECEIPT     | CUSIP: 423403104<br>LEI: 549300YMGLID32W48529 | Long             | EC               |  | US        |    745212 | NS      | $6692003.76   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc.                                     | POSCO HOLDINGS INC COMMON STOCK                 | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               |  | KR        |     56932 | NS      | $12459677.83  | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Gree Electric Appliances, Inc. of Zhuhai                | GREE ELECTRIC APPLIANCES I-A COMMON STOCK       | CUSIP: N/A<br>LEI: 655600UY069MU9JRAN62       | Long             | EC               |  | CN        |   3502000 | NS      | $16281577.17  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ZHEN DING TECHNOLOGY HOLDING LIMITED                    | ZHEN DING TECHNOLOGY HOLDING COMMON STOCK       | CUSIP: N/A<br>LEI: 549300H7R4K33675UP38       | Long             | EC               |  | TW        |   1119000 | NS      | $3822778.22   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property and Casualty Company Limited              | PICC PROPERTY & CASUALTY-H COMMON STOCK         | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               |  | HK        |  10486000 | NS      | $9954744.44   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPOLKA AKCYJNA | PKO BANK POLSKI SA COMMON STOCK                 | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               |  | PL        |   1231733 | NS      | $8515455.87   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                   | BANK OF CHINA LTD-A COMMON STOCK                | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | CN        |   7903630 | NS      | $3592714.13   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS LAND & INVESTMENT LTD.                   | CHINA OVERSEAS LAND & INVEST COMMON STOCK       | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               |  | HK        |   3086500 | NS      | $8145834.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WH GROUP LIMITED                                        | WH GROUP LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |  13739806 | NS      | $7991687.76   | 1.85%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MELCO RESORTS & ENTERTAINMENT LIMITED                   | MELCO RESORTS & ENTERT-ADR DEPOSITARY RECEIPT   | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               |  | US        |   1338151 | NS      | $15388736.50  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KUNLUN ENERGY COMPANY LIMITED                           | KUNLUN ENERGY CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               |  | HK        |   8088000 | NS      | $5771628.80   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                     | STATE BANK OF INDIA COMMON STOCK                | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               |  | IN        |    771807 | NS      | $5725346.98   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                           | SAMSUNG ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |    338586 | NS      | $14861637.72  | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| WONIK IPS CO., LTD.                                     | WONIK IPS CO LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |    179917 | NS      | $3540890.20   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL S.A.                                    | BANCO DO BRASIL S.A. COMMON STOCK               | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               |  | BR        |   1786400 | NS      | $11750873.05  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank Public Company Limited                  | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK       | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        |  17869700 | NS      | $9132198.35   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                           | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    503300 | NS      | $5561450.65   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Limited                      | GALAXY ENTERTAINMENT GROUP L COMMON STOCK       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               |  | HK        |   1185000 | NS      | $7833757.18   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Huaxiang Electronic Co.,Ltd.                     | NINGBO HUAXIANG ELECTRONIC-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |   3127156 | NS      | $6252782.54   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DONGFENG MOTOR GROUP COMPANY LIMITED                    | DONGFENG MOTOR GRP CO LTD-H COMMON STOCK        | CUSIP: N/A<br>LEI: 3003002JNYOYPX54GE50       | Long             | EC               |  | HK        |   5780000 | NS      | $3317476.89   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank Public Company Limited                     | BANGKOK BANK PCL-FOREIGN REG COMMON STOCK       | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               |  | TH        |    395700 | NS      | $1690879.17   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                           | SK HYNIX INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |    267089 | NS      | $15935611.72  | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Port Holdings Company Limited           | CHINA MERCHANTS PORT HOLDING COMMON STOCK       | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               |  | HK        |   4991482 | NS      | $7315728.64   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                               | HANA FINANCIAL GROUP COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |    185145 | NS      | $6165164.46   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| DB INSURANCE CO.,LTD                                    | DB INSURANCE CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               |  | KR        |     75158 | NS      | $3895812.26   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    592000 | NS      | $8638610.08   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank Public Company Limited                     | BANGKOK BANK PUBLIC CO-NVDR DEPOSITARY RECEIPT  | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               |  | TH        |    503100 | NS      | $2149813.77   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CP All Public Company Limited                           | CP ALL PCL-FOREIGN COMMON STOCK                 | CUSIP: N/A<br>LEI: 894500LSBZLM09TY1A91       | Long             | EC               |  | TH        |   4754400 | NS      | $9368783.02   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CATCHER TECHNOLOGY CO., LTD.                            | CATCHER TECHNOLOGY CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5299006PRSCU66N5JF55       | Long             | EC               |  | TW        |    794000 | NS      | $4365831.04   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO