# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048757
**Filing Date:** 2023-3
**Character Count:** 12553
**Document Hash:** dce2ea657368554d640048af91ee4294
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048757.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048757

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**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:** 23690418

**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

### Advocate Rising Rate Hedge ETF (Series ID: S000074065)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000231492 | Advocate Rising Rate Hedge ETF | RRH             |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ADVOCATE RISING**<br> **RATE HEDGE ETF**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **U.S. TREASURY OBLIGATIONS — 42.8%** |<br>**Face<br>Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.945%, 01/10/23<sup>(A)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | $4996483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.535%, 01/17/23<sup>(A)</sup>  | 5000000 | 4992847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.616%, 01/24/23<sup>(A)</sup>  | 5000000 | 4988798 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $14,975,736) |  | 14978128 |
| **EXCHANGE TRADED FUNDS — 25.3%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 52583 | 4599435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Select Sector SPDR Fund | 31326 | 4255637 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,229,540) |  | 8855072 |
|  TOTAL INVESTMENTS — 68.1%<br>(Cost $23,205,276) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23833200 |

---

Percentages are based on Net Assets of $34,972,567*.* 

(A) The rate reported is the effective yield at time of purchase.

CAD — Canadian Dollar

SPDR — Standard & Poor's Depository Receipt

The open futures contracts held by the Fund at December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number**<br> **of**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Contracts**  | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAD Currency | 534 | Mar-2023 | $39207724 | $39473280 | $265556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2-Year Treasury Note | 600 | Mar-2023 | 122973027 | 123046875 | 73848 |
|  |  |  | 162180751 | 162520155 | 339404 |
|  Short Contracts 90-Day Euro$ | (1320) | Sep-2023 | $(314596538) | $(313252500) | $1344038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Pound | (233) | Mar-2023 | (17770524) | (17597325) | 173200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro FX | (79) | Mar-2023 | (10570199) | (10619575) | (49376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese 10-Year Bond | (46) | Mar-2023 | (49826001) | (50984151) | 686331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Gilt 10-Year Bond | (34) | Mar-2023 | (4240265) | (4106340) | 207575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5-Year Treasury Note | (1642) | Mar-2023 | (177545913) | (177220547) | 325366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra 10-Year U.S. Treasury Note | (159) | Mar-2023 | (18905482) | (18806719) | 98763 |
|  |  |  | (593454922) | (592587157) | 2785897 |
|  |  |  | $(431274171) | $&nbsp;&nbsp;&nbsp;&nbsp;(430067002) | $3125301 |

---

For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.

ADV-QH-001-0300

## 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:** Advocate Rising Rate Hedge ETF

- **b. EDGAR series identifier (if any):** S000074065

- **c. LEI of Series:** 549300NMUYXCIU68EJ58

**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:** $35194104.09

**Total Liabilities:** $219735.79

**Net Assets:** $34974368.30

**Cash Not Reported:** $11124626.41

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231492 | 3.69%                | -10.11%              | 13.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $313229.93               | $-595432.43                                |
| Month 2  | $357248.34               | $69892.54                                  |
| Month 3  | $67740.03                | $1736015.85                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                  | 90DAY EURO$ FUTR  SEP23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | US        |     -1320 | NC      | $-313252500.00 | -895.66%          |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | US 10YR ULTRA FUT MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -159 | NC      | $-18806718.75  | -53.77%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | US 2YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       600 | NC      | $123046875.00  | 351.82%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | TREASURY BILL 0.000000% 01/10/2023                  | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4996482.85    | 14.29%            | 2023-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Energy Select Sector SPDR Fund                       | ENERGY SELECT SECTOR SPDR MUTUAL FUND               | CUSIP: 81369Y506<br>LEI: N/A                  | Long             | EC               | RF                | US        |     51583 | NS      | $4511965.01    | 12.90%            |  |  |  | No            |                  1 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland | LONG GILT FUTURE  MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |       -34 | NC      | $-4106339.74   | -11.74%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | EURO FX CURR FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       -79 | NC      | $-10619575.00  | -30.36%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | C$ CURRENCY FUT   MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       534 | NC      | $39473280.00   | 112.86%           |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR                       | HEALTH CARE SELECT SECTOR MUTUAL FUND               | CUSIP: 81369Y209<br>LEI: N/A                  | Long             | EC               | RF                | US        |     30826 | NS      | $4187712.10    | 11.97%            |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | US 5YR NOTE (CBT) MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     -1642 | NC      | $-177220546.88 | -506.72%          |  |  |  | No            |                  1 | On Loan: No      |
| Japan                                                | JPN 10Y BOND(OSE) MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |       -46 | NC      | $-50984151.17  | -145.78%          |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | CASH MGMT BILL 0.000000% 01/17/2023                 | CUSIP: 912796ZK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4992846.85    | 14.28%            | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | BP CURRENCY FUT   MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -233 | NC      | $-17597325.00  | -50.31%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | TREASURY BILL 0.000000% 01/24/2023                  | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4988797.80    | 14.26%            | 2023-01-24      | None          | 0.00%                 | No            |                  2 | 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