# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-074595
**Filing Date:** 2023-3
**Character Count:** 53316
**Document Hash:** dea800902a0cb5aa282ec99e8a92177d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074595.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074595

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 23783429

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### Ninety One Emerging Markets Equity Fund (Series ID: S000063565)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205962 | I Shares     | ZEMIX           |
| C000205963 | A Shares     | ZEMAX           |

## Nport-Ex

---

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

---

---

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

---

---

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

---

------

---

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

---

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

---

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

---

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

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

*ADR — American Depositary Receipt* 

*Cl — Class*

*GDR — Global Depositary Receipt* 

*INV-QH-001-1100* 

------

---

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

---

---

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

---

---

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

---

------

---

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

---

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

---

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

---

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

------

---

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

---

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

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

*ADR — American Depositary Receipt* 

*Cl — Class* 

*INV-QH-001-1100* 

------

---

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

---

---

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

---

---

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

---

------

---

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

---

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

---

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

---

------

---

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

---

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

---

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

---

------

---

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

---

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

---

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

---

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

------

---

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

---

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

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

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

*ADR — American Depositary Receipt* 

*Cl — Class* 

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

*Nyrt — Hungarian Public Limited Company* 

*PJSC — Public Joint-Stock Company* 

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

*INV-QH-001-1100* 

------

---

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

---

---

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

---

---

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

---

------

---

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

---

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

---

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

---

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

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

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

*Cl — Class* 

*INV-QH-001-1100*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Ninety One Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000063565

- **c. LEI of Series:** 549300UDZCNT2L8EHU15

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $263090219.43

**Total Liabilities:** $463643.86

**Net Assets:** $262626575.57

**Cash Not Reported:** $3236020.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205963 | 2.94%                | -9.39%               | 9.51%                |
| Class ID C000205962 | 9.35%                | -3.99%               | 16.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1263097.05             | $23591189.39                               |
| Month 2  | $-581844.55              | $-5855097.61                               |
| Month 3  | $-3217315.28             | $23954708.65                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LG ENERGY SOLUTION, LTD.                                  | LG ENERGY SOLUTION COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      7231 | NS      | $3075709.03   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL LIMITED                                               | UPL LTD COMMON STOCK                              | CUSIP: Y9305P100<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               |  | IN        |    202431 | NS      | $1877545.38   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| HINDUSTAN AERONAUTICS LIMITED                             | HINDUSTAN AERONAUTICS LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 335800AKDC7T933T3I86       | Long             | EC               |  | IN        |     66195 | NS      | $2071582.04   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Fubon Financial Holding Co., Ltd.                         | FUBON FINANCIAL HOLDING CO COMMON STOCK           | CUSIP: N/A<br>LEI: 549300G7Y2TS2XNIB476       | Long             | EC               |  | TW        |   1717997 | NS      | $3460190.78   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| NETEASE, INC.                                             | NETEASE INC COMMON STOCK                          | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               |  | HK        |    227700 | NS      | $4041220.34   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTRAND LIMITED                                         | FIRSTRAND LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               |  | ZA        |    736562 | NS      | $2732450.10   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Commercial Bank P.J.S.C.                        | ABU DHABI COMMERCIAL BANK COMMON STOCK            | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               |  | AE        |    818385 | NS      | $1876956.15   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSIDENG INTERNATIONAL HOLDINGS LIMITED                   | BOSIDENG INTL HLDGS LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 254900G7F1RDM4B3S169       | Long             | EC               |  | HK        |   5026000 | NS      | $2801803.52   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Inner Mongolia Yili Industrial Group Co., Ltd.            | INNER MONGOLIA YILI INDUS-A COMMON STOCK          | CUSIP: N/A<br>LEI: 3003002Q2A863JPQFH06       | Long             | EC               |  | CN        |      8606 | NS      | $41581.92     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co., Ltd.                             | SAMSUNG ELECTRONICS CO LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |    298891 | NS      | $14887836.54  | 5.67%             |  |  |  | No            |                  2 | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                      | HON HAI PRECISION INDUSTRY COMMON STOCK           | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               |  | TW        |   1092000 | NS      | $3641529.95   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA LONGYUAN POWER GROUP CORPORATION LIMITED            | CHINA LONGYUAN POWER GROUP-H COMMON STOCK         | CUSIP: N/A<br>LEI: 5299008UYLF3O6V9T464       | Long             | EC               |  | HK        |   2916000 | NS      | $4026701.91   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNIUM S.A.                                              | TERNIUM SA-SPONSORED ADR DEPOSITARY RECEIPT       | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               |  | US        |     59123 | NS      | $2385613.05   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MUTHOOT FINANCE LIMITED                                   | MUTHOOT FINANCE LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800HAMJMBFL4RRF02       | Long             | EC               |  | IN        |    124681 | NS      | $1595918.36   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                        | ANGLO AMERICAN PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               |  | GB        |    111916 | NS      | $4820141.29   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK POLSKA KASA OPIEKI - SPOLKA AKCYJNA                  | BANK PEKAO SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 5493000LKS7B3UTF7H35       | Long             | EC               |  | PL        |     38925 | NS      | $830150.78    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| KOTAK MAHINDRA BANK LIMITED                               | KOTAK MAHINDRA BANK LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 335800E6GTTXKHXE2I75       | Long             | EC               |  | IN        |     98305 | NS      | $2087141.89   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC BANK LIMITED                                         | HDFC BANK LIMITED COMMON STOCK                    | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               |  | IN        |    236643 | NS      | $4656813.55   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| OCI Company Ltd.                                          | OCI CO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 988400XZQA7CG16LDK87       | Long             | EC               |  | KR        |      3192 | NS      | $234421.94    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Limited                                         | AIA GROUP LTD COMMON STOCK                        | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               |  | HK        |    484800 | NS      | $5483766.07   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| The Saudi British Bank SJSC                               | SAUDI BRITISH BANK COMMON STOCK                   | CUSIP: N/A<br>LEI: 558600TQS0WENZUC5190       | Long             | EC               |  | SA        |    127010 | NS      | $1230646.22   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| INFOSYS LIMITED                                           | INFOSYS LTD-SP ADR DEPOSITARY RECEIPT             | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               |  | US        |    321482 | NS      | $6043861.60   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN ENERGY HOLDINGS LIMITED                               | ENN ENERGY HOLDINGS LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               |  | HK        |    242900 | NS      | $3660921.91   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPERTIES (P.J.S.C)                                | EMAAR PROPERTIES PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               |  | AE        |   1559935 | NS      | $2370379.64   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | CYRELA BRAZIL REALTY SA EMP COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    251774 | NS      | $751645.37    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI N.V.                                                  | OCI NV COMMON STOCK                               | CUSIP: N/A<br>LEI: 549300NCMRGIBJYUOE57       | Long             | EC               |  | NL        |     70338 | NS      | $2391909.33   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| PORTO SEGURO S.A.                                         | PORTO SEGURO SA COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    614904 | NS      | $3137653.50   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LIC HOUSING FINANCE LTD                                   | LIC HOUSING FINANCE LTD COMMON STOCK              | CUSIP: Y5278Z133<br>LEI: 335800NFSMJ2ZKBCYP06 | Long             | EC               |  | IN        |    312550 | NS      | $1537225.93   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| MOSKOVSKAYA BIRZHA MMVB-RTS PAO                           | MOSCOW EXCHANGE MICEX-RTS PJ COMMON STOCK         | CUSIP: N/A<br>LEI: 253400M5M1222KPNWE87       | Long             | EC               |  | RU        |    491250 | NS      | $0.70         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Samsung Life Insurance Co., Ltd.                          | SAMSUNG LIFE INSURANCE CO LT COMMON STOCK         | CUSIP: N/A<br>LEI: 988400VYE6E0WYSM4S92       | Long             | EC               |  | KR        |     34890 | NS      | $2008693.81   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ALDAR PROPERTIES PJSC                                     | ALDAR PROPERTIES PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AE        |   1855323 | NS      | $2209605.56   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                                 | SAUDI ARABIAN OIL CO COMMON STOCK                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |    285099 | NS      | $2515284.37   | 0.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Haier Smart Home Co., Ltd.                                | HAIER SMART HOME CO LTD-H COMMON STOCK            | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               |  | HK        |    864800 | NS      | $3190545.42   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MAX HEALTHCARE INSTITUTE LIMITED                          | MAX HEALTHCARE INSTITUTE LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 3358005LALYV4GZOYF67       | Long             | EC               |  | IN        |    420349 | NS      | $2274942.99   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| WTAX FEE 10%                                              | WTAX FEE 10%                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | US        |         1 | PA      | $0.00         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LG Corp.                                                  | LG CORP COMMON STOCK                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     30219 | NS      | $2035074.63   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co., Ltd.                                 | KWEICHOW MOUTAI CO LTD-A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      4394 | NS      | $1204703.56   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongfa Technology Co., Ltd.                               | HONGFA TECHNOLOGY CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    323184 | NS      | $1797317.96   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins, SGPS, S.A.                              | JERONIMO MARTINS COMMON STOCK                     | CUSIP: N/A<br>LEI: 259400A8SZP10GB5IB19       | Long             | EC               |  | PT        |     68604 | NS      | $1487932.22   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| VALE S.A.                                                 | VALE SA-SP ADR DEPOSITARY RECEIPT                 | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               |  | US        |    302471 | NS      | $5650158.28   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges and Clearing Limited                  | HONG KONG EXCHANGES & CLEAR COMMON STOCK          | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               |  | HK        |     67000 | NS      | $3014498.13   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| WH GROUP LIMITED                                          | WH GROUP LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |   4129623 | NS      | $2544132.36   | 0.97%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ITC LIMITED                                               | ITC LTD COMMON STOCK                              | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |    963459 | NS      | $4157923.01   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| QATAR NATIONAL BANK (Q.P.S.C.)                            | QATAR NATIONAL BANK COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300FFSRVBS0SQXY75       | Long             | EC               |  | QA        |    370245 | NS      | $1835301.95   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| NASPERS LIMITED                                           | NASPERS LTD-N SHS COMMON STOCK                    | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               |  | ZA        |     46539 | NS      | $8983605.60   | 3.42%             |  |  |  | No            |                  2 | On Loan: No      |
| East Money Information Co., Ltd.                          | EAST MONEY INFORMATION CO-A COMMON STOCK          | CUSIP: N/A<br>LEI: 836800ZFB0ZEK3KKW487       | Long             | EC               |  | CN        |    364800 | NS      | $1222412.06   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.                 | CONTEMPORARY AMPEREX TECHN-A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               |  | CN        |     21181 | NS      | $1469232.61   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                                  | TENCENT HOLDINGS LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |     88800 | NS      | $4328563.33   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| MACROTECH DEVELOPERS LIMITED                              | MACROTECH DEVELOPERS LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |    149248 | NS      | $1868524.87   | 0.71%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MEITUAN                                                   | MEITUAN-CLASS B COMMON STOCK                      | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               |  | HK        |    287810 | NS      | $6436379.64   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co., Ltd.                                 | KWEICHOW MOUTAI CO LTD-A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      2400 | NS      | $658008.32    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Bank Central Asia Tbk                                  | BANK CENTRAL ASIA TBK PT COMMON STOCK             | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               |  | ID        |   6113200 | NS      | $3469296.78   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                               | RELIANCE INDUSTRIES LTD COMMON STOCK              | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               |  | IN        |    147457 | NS      | $4253752.62   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt.     | RICHTER GEDEON NYRT COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               |  | HU        |     52920 | NS      | $1192351.08   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrais Eletricas Brasileiras S.A.                       | Centrais Eletricas Brasileiras SA PREFERRED STOCK | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EP               |  | BR        |    285493 | NS      | $2394878.87   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsingtao Brewery Company Limited                          | TSINGTAO BREWERY CO LTD-H COMMON STOCK            | CUSIP: N/A<br>LEI: 300300OJ7D0Q1ESE8L15       | Long             | EC               |  | HK        |    340000 | NS      | $3283733.58   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                   | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT   | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |     22984 | NS      | $2241859.36   | 0.85%             |  |  |  | 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        |    841600 | NS      | $4057257.07   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| MAHINDRA AND MAHINDRA LIMITED                             | MAHINDRA & MAHINDRA LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               |  | IN        |    160291 | NS      | $2709489.81   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.                 | CONTEMPORARY AMPEREX TECHN-A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               |  | CN        |     11800 | NS      | $818513.99    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Zomato Ltd                                                | ZOMATO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               |  | IN        |   1478058 | NS      | $905707.92    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental, S.A.B. de C.V.                          | ARCA CONTINENTAL SAB DE CV COMMON STOCK           | CUSIP: N/A<br>LEI: 254900U2BSJCQHJCXN24       | Long             | EC               |  | MX        |    259582 | NS      | $2293434.59   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Netcare Limited                                           | NETCARE LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |    627707 | NS      | $516411.87    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China, Ltd.          | PING AN INSURANCE GROUP CO-H COMMON STOCK         | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               |  | HK        |    781000 | NS      | $6068587.36   | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                             | MEDIATEK INC COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |    219000 | NS      | $5291252.74   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC BASIN SHIPPING LIMITED                            | PACIFIC BASIN SHIPPING LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               |  | HK        |   4858000 | NS      | $1714905.51   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| THE MOSAIC COMPANY                                        | MOSAIC CO/THE COMMON STOCK                        | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               |  | US        |     44689 | NS      | $2213893.06   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BID CORPORATION LIMITED                                   | BID CORP LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |    171289 | NS      | $3530633.61   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.              | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK         | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |   1281000 | NS      | $22605547.22  | 8.61%             |  |  |  | No            |                  2 | On Loan: No      |
| East Money Information Co., Ltd.                          | EAST MONEY INFORMATION CO-A COMMON STOCK          | CUSIP: N/A<br>LEI: 836800ZFB0ZEK3KKW487       | Long             | EC               |  | CN        |    564062 | NS      | $1890121.14   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Company Limited                        | ZIJIN MINING GROUP CO LTD-H COMMON STOCK          | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               |  | HK        |   3030000 | NS      | $5013440.00   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LIMITED                                    | TRIP.COM GROUP LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               |  | HK        |     12800 | NS      | $471009.96    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SHOPRITE HOLDINGS LIMITED                                 | SHOPRITE HOLDINGS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 529900Q4O1EYP6NH5150       | Long             | EC               |  | ZA        |     59934 | NS      | $828366.92    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                             | ALIBABA GROUP HOLDING LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    832136 | NS      | $11444557.27  | 4.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MONDI PLC                                                 | MONDI PLC COMMON STOCK                            | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               |  | GB        |    157272 | NS      | $2961608.84   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CIMB GROUP HOLDINGS BERHAD                                | CIMB GROUP HOLDINGS BHD COMMON STOCK              | CUSIP: N/A<br>LEI: 549300FYDN5UD7USZW18       | Long             | EC               |  | MY        |   2142800 | NS      | $2894179.23   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TAV HAVALIMANLARI HOLDING ANONIM SIRKETI                  | TAV HAVALIMANLARI HOLDING AS COMMON STOCK         | CUSIP: N/A<br>LEI: 789000PBM9TT5D88M597       | Long             | EC               |  | TR        |    111467 | NS      | $489012.52    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V.           | GRUPO AEROPORT DEL SURESTE-B COMMON STOCK         | CUSIP: N/A<br>LEI: 5299001W7JIDXCUOUC82       | Long             | EC               |  | MX        |     72247 | NS      | $1960775.89   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIP.COM GROUP LIMITED                                    | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT         | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               |  | US        |     76085 | NS      | $2796884.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Inner Mongolia Yili Industrial Group Co., Ltd.            | INNER MONGOLIA YILI INDUS-A COMMON STOCK          | CUSIP: N/A<br>LEI: 3003002Q2A863JPQFH06       | Long             | EC               |  | CN        |    196178 | NS      | $947880.32    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.                        | WALMART DE MEXICO SAB DE CV COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |   1306515 | NS      | $5111392.46   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico, S.A.B. de C.V.                              | GRUPO MEXICO SAB DE CV-SER B COMMON STOCK         | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               |  | MX        |    732008 | NS      | $3260939.89   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO