# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-044065
**Filing Date:** 2023-2
**Character Count:** 31822
**Document Hash:** 3ac35e9dd1ed54c2abb0a549615a55e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044065.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044065

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**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:** 23678860

**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

### NICHOLAS PARTNERS SMALL CAP GROWTH FUND (Series ID: S000064409)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000208376 | Institutional Shares | NPSGX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |
|  | **DECEMBER 31, 2022** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**<br> **COMMON STOCK\*\* — 98.2%** | | |
|  |<br> **Shares** |<br> **Value** |
|  **Communication Services — 2.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications | 34287 | $1762352 |
|  **Consumer Discretionary — 10.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors | 11568 | 607783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings \* | 11195 | 699911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods | 4886 | 587737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Cl A \* | 72398 | 789862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home, Cl A \* | 30035 | 911562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Cl A | 8983 | 817004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands \* | 91478 | 1806691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters \* | 15724 | 375017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop | 13794 | 1898330 |
|  |  | 8493897 |
|  **Consumer Staples — 7.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings \* | 38822 | 2568464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings \* | 18943 | 1970830 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients | 12183 | 1296028 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods \* | 17547 | 866471 |
|  |  | 6701793 |
|  **Energy — 8.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX | 73515 | 2131200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy | 24250 | 2288473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviva | 14940 | 791372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources | 31352 | 1794589 |
|  |  | 7005634 |
|  **Financials — 4.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. | 10204 | 635301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis, Cl A | 25848 | 991788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial | 29611 | 2502722 |
|  |  | 4129811 |
|  **Health Care — 28.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals \* | 11630 | 601387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx ADR \* | 4792 | 1815353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascendis Pharma ADR \* | 4516 | 551539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics \* | 12372 | 954252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics \* | 44207 | 1158223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cutera \* | 17568 | 776857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics \* | 28299 | 1296660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals \* | 39712 | 854602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Establishment Labs Holdings \* | 22203 | 1457627 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |
|  | **DECEMBER 31, 2022** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | | |
|  |<br> **Shares** |<br> **Value** |
|  **Health Care — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inari Medical \* | 15454 | $982256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems \* | 5919 | 1490878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet \* | 3735 | 1099547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intra-Cellular Therapies \* | 24208 | 1281087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karuna Therapeutics \* | 6495 | 1276268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech \* | 18290 | 1448934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings \* | 17124 | 872639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech ADR \* | 18161 | 906597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prometheus Biosciences \* | 16898 | 1858780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen \* | 5543 | 938485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shockwave Medical \* | 3893 | 800440 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group \* | 17529 | 1081890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte \* | 7263 | 348261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals \* | 14452 | 569842 |
|  |  | 24422404 |
|  **Industrials — 23.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Cl A \* | 19011 | 1086289 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Cl A \* | 11126 | 3344364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Cl A \* | 16047 | 1272688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors \* | 7638 | 871649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings, Cl A \* | 7959 | 661950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery \* | 27113 | 555545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage-Crystal Clean \* | 9515 | 309047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kornit Digital \* | 34074 | 782680 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings \* | 1842 | 385623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord | 14337 | 1720153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International | 5957 | 610056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Cl A \* | 79305 | 946902 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International | 28556 | 2862453 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings, Cl A \* | 89502 | 4042805 |
|  |  | 19452204 |
|  **Information Technology — 12.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings \* | 20157 | 2196307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Cl A \* | 14242 | 443353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield \* | 5181 | 487739 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software \* | 3712 | 481261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group \* | 15839 | 1103186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic \* | 24722 | 1273183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor \* | 31145 | 2020688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems | 5899 | 2085945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com \* | 4753 | 365173 |
|  |  | 10456835 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **NICHOLAS PARTNERS** |
|  | **SMALL CAP GROWTH FUND** |
|  | **DECEMBER 31, 2022** |
| | **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK\*\* — continued** | | |
|  |<br> **Shares** |<br> **Value** |
|  **Materials — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LSB Industries \* | 30474 | $405304 |
|  **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $71,021,708) |  | 82830234 |
|  **Total Investments - 98.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $71,021,708) |  | $82830234 |

---

Percentages are based on Net Assets of $84,382,019.

\* Non-income producing security.

\*\* More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

For more information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements.

NIC-QH-001-0800

## 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:** NICHOLAS PARTNERS SMALL CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000064409

- **c. LEI of Series:** 549300T01T43XTO9WP29

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

- **a. Date of fiscal year-end:** 2023-09-30

- **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:** $84728313.92

**Total Liabilities:** $347221.09

**Net Assets:** $84381092.83

**Cash Not Reported:** $495.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000208376 | -6.09%               | 1.99%                | 4.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-900295.82              | $-4537054.13                               |
| Month 2  | $-1143645.72             | $2843983.42                                |
| Month 3  | $-1157366.13             | $4841902.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DICK'S SPORTING GOODS, INC.         | DICK'S SPORTING GOODS INC COMMON STOCK       | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               |  | US        |      4886 | NS      | $587736.94    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.  | BJ'S WHOLESALE CLUB HOLDINGS COMMON STOCK    | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               |  | US        |     38822 | NS      | $2568463.52   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADEMY SPORTS AND OUTDOORS, INC.   | ACADEMY SPORTS & OUTDOORS IN COMMON STOCK    | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               |  | US        |     11568 | NS      | $607782.72    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Karuna Therapeutics Inc             | KARUNA THERAPEUTICS INC COMMON STOCK         | CUSIP: 48576A100<br>LEI: N/A                  | Long             | EC               |  | US        |      6495 | NS      | $1276267.50   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CUTERA, INC.                        | CUTERA INC COMMON STOCK                      | CUSIP: 232109108<br>LEI: 529900NPKPEWJWR21Z42 | Long             | EC               |  | US        |     17568 | NS      | $776856.96    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDEX INTERNATIONAL CORPORATION   | STANDEX INTERNATIONAL CORP COMMON STOCK      | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               |  | US        |      5957 | NS      | $610056.37    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation           | REGAL REXNORD CORP COMMON STOCK              | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               |  | US        |     14337 | NS      | $1720153.26   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.           | AXSOME THERAPEUTICS INC COMMON STOCK         | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |     12372 | NS      | $954252.36    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc.              | TFI INTERNATIONAL INC COMMON STOCK           | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               |  | US        |     28556 | NS      | $2862453.44   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT MOBILE MINI HOLDINGS CORP. | WILLSCOT MOBILE MINI HOLDING COMMON STOCK    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               |  | US        |     89502 | NS      | $4042805.34   | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION      | WINTRUST FINANCIAL CORP COMMON STOCK         | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               |  | US        |     29611 | NS      | $2502721.72   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc         | INSPIRE MEDICAL SYSTEMS INC COMMON STOCK     | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               |  | US        |      5919 | NS      | $1490877.72   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY, INC.               | ENERGY RECOVERY INC COMMON STOCK             | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               |  | US        |     27113 | NS      | $555545.37    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS, INC.              | CELSIUS HOLDINGS INC COMMON STOCK            | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               |  | US        |     18943 | NS      | $1970829.72   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERESCO, INC.                      | AMERESCO INC-CL A COMMON STOCK               | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               |  | US        |     19011 | NS      | $1086288.54   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY           | MATADOR RESOURCES CO COMMON STOCK            | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               |  | US        |     31352 | NS      | $1794588.48   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| IRIDIUM COMMUNICATIONS INC.         | IRIDIUM COMMUNICATIONS INC COMMON STOCK      | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               |  | US        |     34287 | NS      | $1762351.80   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INCORPORATED           | RBC BEARINGS INC COMMON STOCK                | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               |  | US        |      1842 | NS      | $385622.70    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| URBAN OUTFITTERS, INC.              | URBAN OUTFITTERS INC COMMON STOCK            | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               |  | US        |     15724 | NS      | $375017.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                       | WINGSTOP INC COMMON STOCK                    | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               |  | US        |     13794 | NS      | $1898330.28   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MOELIS & COMPANY                    | MOELIS & CO - CLASS A COMMON STOCK           | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               |  | US        |     25848 | NS      | $991787.76    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB INDUSTRIES, INC.                | LSB INDUSTRIES INC COMMON STOCK              | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               |  | US        |     30474 | NS      | $405304.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                 | LEGEND BIOTECH CORP-ADR DEPOSITARY RECEIPT   | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               |  | US        |     18161 | NS      | $906597.12    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Descartes Systems Group Inc.    | DESCARTES SYSTEMS GRP/THE COMMON STOCK       | CUSIP: 249906108<br>LEI: N/A                  | Long             | EC               |  | US        |     15839 | NS      | $1103186.35   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP INGREDIENTS, INC.               | MGP INGREDIENTS INC COMMON STOCK             | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               |  | US        |     12183 | NS      | $1296027.54   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                        | ELASTIC NV COMMON STOCK                      | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               |  | US        |     24722 | NS      | $1273183.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE-CRYSTAL CLEAN, INC.        | HERITAGE-CRYSTAL CLEAN INC COMMON STOCK      | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               |  | US        |      9515 | NS      | $309047.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS, INCORPORATED          | CYTOKINETICS INC COMMON STOCK                | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               |  | US        |     28299 | NS      | $1296660.18   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc           | XENON PHARMACEUTICALS INC COMMON STOCK       | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               |  | US        |     14452 | NS      | $569842.36    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVIVA INC.                         | ENVIVA INC COMMON STOCK                      | CUSIP: 29415B103<br>LEI: 549300WH5VXDEFM5KR81 | Long             | EC               |  | US        |     14940 | NS      | $791371.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TOPGOLF CALLAWAY BRANDS CORP.       | TOPGOLF CALLAWAY BRANDS CORP COMMON STOCK    | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               |  | US        |     91478 | NS      | $1806690.50   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WIX.COM LTD                         | WIX.COM LTD COMMON STOCK                     | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               |  | US        |      4753 | NS      | $365172.99    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chinook Therapeutics Inc            | CHINOOK THERAPEUTICS INC COMMON STOCK        | CUSIP: 16961L106<br>LEI: 549300X0O3003W5QYQ48 | Long             | EC               |  | US        |     44207 | NS      | $1158223.40   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CASELLA WASTE SYSTEMS, INC.         | CASELLA WASTE SYSTEMS INC-A COMMON STOCK     | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               |  | US        |     16047 | NS      | $1272687.57   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                        | SYMBOTIC INC COMMON STOCK                    | CUSIP: 87151X101<br>LEI: N/A                  | Long             | EC               |  | US        |     79305 | NS      | $946901.70    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.            | BOOT BARN HOLDINGS INC COMMON STOCK          | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               |  | US        |     11195 | NS      | $699911.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Bill.com Holdings Inc               | BILL.COM HOLDINGS INC COMMON STOCK           | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               |  | US        |     20157 | NS      | $2196306.72   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Prometheus Biosciences Inc          | PROMETHEUS BIOSCIENCES INC COMMON STOCK      | CUSIP: 74349U108<br>LEI: N/A                  | Long             | EC               |  | US        |     16898 | NS      | $1858780.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.              | CYBERARK SOFTWARE LTD/ISRAEL COMMON STOCK    | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               |  | US        |      3712 | NS      | $481260.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Shockwave Medical Inc               | SHOCKWAVE MEDICAL INC COMMON STOCK           | CUSIP: 82489T104<br>LEI: 549300LDXO56IC5Y1538 | Long             | EC               |  | US        |      3893 | NS      | $800439.73    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield, Inc.                    | CLEARFIELD INC COMMON STOCK                  | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               |  | US        |      5181 | NS      | $487739.34    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR MORRISON HOME CORPORATION    | TAYLOR MORRISON HOME CORP COMMON STOCK       | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               |  | US        |     30035 | NS      | $911562.25    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| INARI MEDICAL, INC.                 | INARI MEDICAL INC COMMON STOCK               | CUSIP: 45332Y109<br>LEI: N/A                  | Long             | EC               |  | US        |     15454 | NS      | $982256.24    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                 | ASCENDIS PHARMA A/S - ADR DEPOSITARY RECEIPT | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               |  | US        |      4516 | NS      | $551539.08    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                 | BROWN BROTHERS HARRIMAN SWEEP INTEREST       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1522710 | PA      | $1522709.56   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY LTD.               | ASSURED GUARANTY LTD COMMON STOCK            | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               |  | US        |     10204 | NS      | $635301.04    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FUNKO, INC.                         | FUNKO INC-CLASS A COMMON STOCK               | CUSIP: 361008105<br>LEI: 529900NG9F0KL5P6NK67 | Long             | EC               |  | US        |     72398 | NS      | $789862.18    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION   | LATTICE SEMICONDUCTOR CORP COMMON STOCK      | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               |  | US        |     31145 | NS      | $2020687.60   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORPORATION                 | INSULET CORP COMMON STOCK                    | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               |  | US        |      3735 | NS      | $1099546.65   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS, INC.       | APELLIS PHARMACEUTICALS INC COMMON STOCK     | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               |  | US        |     11630 | NS      | $601387.30    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Transmedics Group Inc               | TRANSMEDICS GROUP INC COMMON STOCK           | CUSIP: 89377M109<br>LEI: N/A                  | Long             | EC               |  | US        |     17529 | NS      | $1081889.88   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| argenx SE                           | ARGENX SE - ADR DEPOSITARY RECEIPT           | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               |  | US        |      4792 | NS      | $1815353.36   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX, INC.                           | BOX INC - CLASS A COMMON STOCK               | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               |  | US        |     14242 | NS      | $443353.46    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                 | KRYSTAL BIOTECH INC COMMON STOCK             | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               |  | US        |     18290 | NS      | $1448933.80   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                         | VAXCYTE INC COMMON STOCK                     | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               |  | US        |      4643 | NS      | $222631.85    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd                  | KORNIT DIGITAL LTD COMMON STOCK              | CUSIP: M6372Q113<br>LEI: 5299006DPCQWP3VTFK34 | Long             | EC               |  | US        |     34074 | NS      | $782679.78    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                 | CLEAN HARBORS INC COMMON STOCK               | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               |  | US        |      7638 | NS      | $871648.56    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPIONX CORPORATION               | CHAMPIONX CORP COMMON STOCK                  | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               |  | US        |     73515 | NS      | $2131199.85   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.             | LANTHEUS HOLDINGS INC COMMON STOCK           | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               |  | US        |     17124 | NS      | $872639.04    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORPORATION       | CHESAPEAKE ENERGY CORP COMMON STOCK          | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               |  | US        |     24250 | NS      | $2288472.50   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Day One Biopharmaceuticals Inc      | DAY ONE BIOPHARMACEUTICALS I COMMON STOCK    | CUSIP: 23954D109<br>LEI: N/A                  | Long             | EC               |  | US        |     39712 | NS      | $854602.24    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intra-Cellular Therapies Inc        | INTRA-CELLULAR THERAPIES INC COMMON STOCK    | CUSIP: 46116X101<br>LEI: 5299002U2KGF193IJA20 | Long             | EC               |  | US        |     24208 | NS      | $1281087.36   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings, S.A.                 | COPA HOLDINGS SA-CLASS A COMMON STOCK        | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               |  | US        |      7959 | NS      | $661950.03    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.             | CACI INTERNATIONAL INC -CL A COMMON STOCK    | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               |  | US        |     11126 | NS      | $3344364.34   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TREEHOUSE FOODS, INC.               | TREEHOUSE FOODS INC COMMON STOCK             | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               |  | US        |     17547 | NS      | $866470.86    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORPORATION                | REPLIGEN CORP COMMON STOCK                   | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               |  | US        |      5543 | NS      | $938485.33    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.      | MONOLITHIC POWER SYSTEMS INC COMMON STOCK    | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               |  | US        |      5899 | NS      | $2085945.39   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings Inc     | ESTABLISHMENT LABS HOLDINGS COMMON STOCK     | CUSIP: G31249108<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               |  | US        |     22203 | NS      | $1457626.95   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE, INC.               | TEXAS ROADHOUSE INC COMMON STOCK             | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               |  | US        |      8983 | NS      | $817003.85    | 0.97%             |  |  |  | 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