# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048618
**Filing Date:** 2023-3
**Character Count:** 17080
**Document Hash:** 080933f37d80f6e86ff8dbd68add69cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048618.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048618

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**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:** 23690131

**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

### Aperture Discover Equity Fund (Series ID: S000067439)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000216812 | Class X Shares       | ADSRX           |
| C000216813 | Institutional Shares | ADISX           |

## 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:** Aperture Discover Equity Fund

- **b. EDGAR series identifier (if any):** S000067439

- **c. LEI of Series:** 549300BDKNX25UW0P190

**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:** $385589899.89

**Total Liabilities:** $25275360.96

**Net Assets:** $360314538.93

**Cash Not Reported:** $71993.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216813 | -7.92%               | 2.55%                | 13.55%               |
| Class ID C000216812 | -7.94%               | 2.65%                | 13.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1077013.30              | $-29837103.96                              |
| Month 2  | $-1596275.85             | $11543594.26                               |
| Month 3  | $-5455783.19             | $51566266.31                               |

**Designated Index Information**

- **Index Name:** Russell 2000

- **Index Identifier:** RU2000

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EnPro Industries, Inc.              | ENPRO INDUSTRIES INC COMMON STOCK                   | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               |  | US        |    128982 | NS      | $14019053.58  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| The Descartes Systems Group Inc.    | DESCARTES SYSTEMS GRP/THE COMMON STOCK              | CUSIP: 249906108<br>LEI: N/A                  | Long             | EC               |  | CA        |    300281 | NS      | $20933178.43  | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY REC: RH                         | CUSIP: TRSRH0004<br>LEI: N/A                  | N/A              | DE               |  | US        |      3262 | NC      | $-1012.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH, INC.            | OPTION CARE HEALTH INC COMMON STOCK                 | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               |  | US        |    519585 | NS      | $15634312.65  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America            | TREASURY BILL 0.000000% 02/16/2023                  | CUSIP: 912796YA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11940324.96  | 3.31%             | 2023-02-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREX COMPANY, INC.                  | TREX COMPANY INC COMMON STOCK                       | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               |  | US        |    363672 | NS      | $15394235.76  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                         | PROGYNY INC COMMON STOCK                            | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               |  | US        |    536353 | NS      | $16707395.95  | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America            | TREASURY BILL 0.000000% 03/21/2023                  | CUSIP: 912796Z77<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15500000 | PA      | $15359868.69  | 4.26%             | 2023-03-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| YETI HOLDINGS, INC.                 | YETI HOLDINGS INC COMMON STOCK                      | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               |  | US        |    220363 | NS      | $9103195.53   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM014<br>LEI: N/A                  | N/A              | DE               |  | US        |    968154 | NC      | $-321660.86   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| THE NEW YORK TIMES COMPANY          | NEW YORK TIMES CO-A COMMON STOCK                    | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               |  | US        |    416060 | NS      | $13505307.60  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDBLAD EXPEDITIONS HOLDINGS, INC. | LINDBLAD EXPEDITIONS HOLDING COMMON STOCK           | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               |  | US        |   1297591 | NS      | $9991450.70   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: MSAISCHB                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    722481 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY REF: BOOT BARN HOLDINGS INC     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    736076 | NC      | $-13663.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                        | FX Forward Contract: USD/CAD SETTLE 2023-03-15      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-102484.03   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| DoubleVerify Holdings Inc           | DOUBLEVERIFY HOLDINGS INC COMMON STOCK              | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               |  | US        |    964240 | NS      | $21174710.40  | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| VAIL RESORTS, INC.                  | VAIL RESORTS INC COMMON STOCK                       | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               |  | US        |     91151 | NS      | $21725840.85  | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY REC: RH                         | CUSIP: TRSRH0001<br>LEI: N/A                  | N/A              | DE               |  | US        |     35275 | NC      | $-4585.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                 | E-MINI RUSS 2000  MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       200 | NC      | $17709000.00  | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY REC: RH                         | CUSIP: TRSRH0002<br>LEI: N/A                  | N/A              | DE               |  | US        |     10617 | NC      | $-33431.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY REF: BOOT BARN HOLDINGS INC     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    367269 | NC      | $-64807.21    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM015<br>LEI: N/A                  | N/A              | DE               |  | US        |    987808 | NC      | $-209622.60   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| SKYLINE CHAMPION CORPORATION        | SKYLINE CHAMPION CORP COMMON STOCK                  | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               |  | US        |    359208 | NS      | $18502804.08  | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM017<br>LEI: N/A                  | N/A              | DE               |  | US        |    586490 | NC      | $-20252.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY, INC.      | SITEONE LANDSCAPE SUPPLY INC COMMON STOCK           | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               |  | US        |    143962 | NS      | $16889621.84  | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY REC: RH                         | CUSIP: TRSRH0003<br>LEI: N/A                  | N/A              | DE               |  | US        |      3757 | NC      | $7922.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM013<br>LEI: N/A                  | N/A              | DE               |  | US        |    997306 | NC      | $-306622.60   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| MONTROSE ENVIRONMENTAL GROUP, INC.  | MONTROSE ENVIRONMENTAL GROUP COMMON STOCK           | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               |  | US        |    577059 | NS      | $25615649.01  | 7.11%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                | INGEVITY CORP COMMON STOCK                          | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               |  | US        |    302442 | NS      | $21304014.48  | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMERS MARKET INC | CUSIP: TRSSFM012<br>LEI: N/A                  | N/A              | DE               |  | US        |   1608787 | NC      | $-267442.46   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| DRIVEN BRANDS HOLDINGS INC.         | DRIVEN BRANDS HOLDINGS INC COMMON STOCK             | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               |  | US        |    575986 | NS      | $15730177.66  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM018<br>LEI: N/A                  | N/A              | DE               |  | US        |    563811 | NC      | $4295.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL SIGNAL CORPORATION          | FEDERAL SIGNAL CORP COMMON STOCK                    | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               |  | US        |     72402 | NS      | $3364520.94   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprout Social Inc                   | SPROUT SOCIAL INC - CLASS A COMMON STOCK            | CUSIP: 85209W109<br>LEI: N/A                  | Long             | EC               |  | US        |    332167 | NS      | $18754148.82  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM016<br>LEI: N/A                  | N/A              | DE               |  | US        |   1008674 | NC      | $-241164.31   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| MALIBU BOATS, INC.                  | MALIBU BOATS INC - A COMMON STOCK                   | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               |  | US        |    222783 | NS      | $11874333.90  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLMAN SOLUTIONS CORP.             | HILLMAN SOLUTIONS CORP COMMON STOCK                 | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               |  | US        |   1295232 | NS      | $9338622.72   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                 | BRK: MORGAN STANLEY PAY: SPROUTS FARMER MARKETS INC | CUSIP: TRSSFM011<br>LEI: N/A                  | N/A              | DE               |  | US        |    842977 | NC      | $-86786.55    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| WESCO INTERNATIONAL, INC.           | WESCO INTERNATIONAL INC COMMON STOCK                | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               |  | US        |    128804 | NS      | $16126260.80  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ATKORE INC                          | Atkore Inc COMMON STOCK                             | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               |  | US        |     78990 | NS      | $8959045.80   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMETRY, INC.                       | XOMETRY INC-A COMMON STOCK                          | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               |  | US        |    312594 | NS      | $10074904.62  | 2.80%             |  |  |  | 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