# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-048621
**Filing Date:** 2023-3
**Character Count:** 50032
**Document Hash:** 8cdc997348dc3948f55af6b480c843c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048621.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048621

**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:** 23690134

**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 International Equity Fund (Series ID: S000069244)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000221184 | Class X Shares       | AFOEX           |
| C000221185 | Institutional Shares | AFORX           |

## 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000069244

- **c. LEI of Series:** 549300W2VQXDY0HONN78

**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:** $354480511.25

**Total Liabilities:** $87434531.34

**Net Assets:** $267045979.91

**Cash Not Reported:** $19441074.25

**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 C000221185 | -1.47%               | 13.56%               | 4.29%                |
| Class ID C000221184 | -1.52%               | 13.56%               | 4.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-363552.90              | $-932289.65                                |
| Month 2  | $-1697938.46             | $21183396.04                               |
| Month 3  | $51.63                   | $5011911.05                                |

**Designated Index Information**

- **Index Name:** MSCI ACWI ex-US Index

- **Index Identifier:** R008.R

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRK: MORGAN STANLEY                                                                         | BRK: MORGAN STANLEY  PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |    146840 | NC      | $411688.72    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings, Ltd.                                                                  | ASAHI GROUP HOLDINGS LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               |  | JP        |     33200 | NS      | $1041990.25   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: JPMORGAN CHASE BANK, N.A.                                                              | BRK: JPMORGAN CHASE BANK, N.A. PAY: 1MLIBOR     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     31384 | NC      | $-470457.81   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      3943 | NC      | $108866.83    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                                                                    | TENCENT HOLDINGS LTD-UNS ADR DEPOSITARY RECEIPT | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               |  | US        |     53894 | NS      | $2282949.84   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      5457 | NC      | $-39055.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Straumann Holding AG                                                                        | STRAUMANN HOLDING AG-REG COMMON STOCK           | CUSIP: N/A<br>LEI: 50670046ML5FVIM60Z37       | Long             | EC               |  | CH        |     10921 | NS      | $1247236.90   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: MORGAN STANLEY                                                                         | BRK: MORGAN STANLEY PAY: 1MLIBOR                | CUSIP: TRS233001<br>LEI: N/A                  | N/A              | DE               |  | US        |     41000 | NC      | $-148199.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |       154 | NC      | $-2335.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     15659 | NC      | $232011.98    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA EUROPACIFIC PARTNERS PLC                                                          | COCA-COLA EUROPACIFIC PARTNERS PLC COMMON STOCK | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               |  | US        |    139679 | NS      | $7727042.28   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: UBS                                                                                    | BRK: UBS PAY: 1MLIBOR                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |    768084 | NC      | $-9415.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH STERLING POUND                                                                      | FX Forward Contract: GBP/USD SETTLE 2023-03-15  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | GB        |         1 | NC      | $-130596.71   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: UBS                                                                                    | BRK: UBS PAY: 1MLIBOR                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4971 | NC      | $-89746.08    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4761 | NC      | $-97170.19    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4737 | NC      | $16605.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |    128772 | NC      | $188857.90    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: CREDIT SUISSE SECURITIES                                                               | BRK: CREDIT SUISSE SECURITIES PAY: 1MLIBOR      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     11933 | NC      | $-78146.59    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Euronext N.V.                                                                               | EURONEXT NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               |  | FR        |     15032 | NS      | $1112849.76   | 0.42%             |  |  |  | Yes           |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2270 | NC      | $137982.71    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                                                    | INFINEON TECHNOLOGIES AG COMMON STOCK           | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               |  | DE        |     58088 | NS      | $1767779.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      7745 | NC      | $-173684.23   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      7834 | NC      | $39962.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     11256 | NC      | $-162138.10   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |      5895 | NC      | $-101331.77   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: JP MORGAN                                                                              | BRK: JP MORGAN PAY: 1MLIBOR                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4880 | NC      | $35856.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   1248586 | NC      | $-42211.35    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                                                      | SAP SE COMMON STOCK                             | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               |  | DE        |     49279 | NS      | $5084621.77   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen                   | MUENCHENER RUECKVER AG-REG COMMON STOCK         | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               |  | DE        |     25323 | NS      | $8240499.26   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: JP MORGAN CHASE BANK N.A.                                                              | BRK: JP MORGAN CHASE BANK N.A. PAY: 1MLIBOR     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      7613 | NC      | $-14299.63    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4399 | NC      | $23056.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS BANK USA                                                                 | BRK: GOLDMAN SACHS BANK USA PAY: 1MLIBOR        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     14588 | NC      | $-435977.17   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                                                                         | BRK: MORGAN STANLEY PAY: 1MLIBOR                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |    298577 | NC      | $-870364.46   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                         | N/A                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      2925 | NC      | $414551.64    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: UBS                                                                                    | BRK: UBS PAY: 1MLIBOR                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     12538 | NC      | $-50951.20    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                                                                | LINDE PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 8945002PAZHZLBGKGF02       | Long             | EC               |  | DE        |     15787 | NS      | $5161839.83   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                         | TOPIX INDX FUTR   MAR23 PHYSICAL INDEX FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |       112 | NC      | $16142029.87  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     29251 | NC      | $-961266.66   | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      3241 | NC      | $-39306.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     12318 | NC      | $-164023.17   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: JP MORGAN                                                                              | BRK: JP MORGAN PAY: 1MLIBOR                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     84847 | NC      | $-376196.60   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4380 | NC      | $34959.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | AIR LIQUIDE SA COMMON STOCK                     | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               |  | FR        |      3521 | NS      | $499020.97    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PUMA SE                                                                                     | PUMA SE COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900GRZ2BQY5ZM9N49       | Long             | EC               |  | DE        |     78695 | NS      | $4776337.25   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V.                                                                  | UNIVERSAL MUSIC GROUP NV COMMON STOCK           | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               |  | NL        |     44881 | NS      | $1081440.94   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon Aktiebolag                                                                          | HEXAGON AB-B SHS COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300WJFW6ILNI4TA80       | Long             | EC               |  | SE        |    138784 | NS      | $1449705.17   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      3172 | NC      | $-23272.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |       782 | NC      | $21003.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     25595 | NC      | $-200950.86   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corporation                                                                      | SONY GROUP CORP - SP ADR DEPOSITARY RECEIPT     | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               |  | US        |     69234 | NS      | $5281169.52   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                         | NIKKEI 225  (OSE) MAR23 PHYSICAL INDEX FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |        24 | NC      | $4769277.66   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FANUC CORPORATION                                                                           | FANUC CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 529900QTSW745LOKW705       | Long             | EC               |  | JP        |     18300 | NS      | $2765776.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   1321317 | NC      | $-11674.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      7370 | NC      | $-29403.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO                                                                                        | FX Forward Contract: EUR/USD SETTLE 2023-03-15  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | XX        |         1 | NC      | $350046.38    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: CREDIT SUISSE                                                                          | BRK: CREDIT SUISSE PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      2008 | NC      | $-56558.62    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                                                                         | BRK: MORGAN STANLEY  PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     51101 | NC      | $1711605.76   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                                                    | TREASURY BILL 0.000000% 03/21/2023              | CUSIP: 912796Z77<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $59457556.20  | 22.26%            | 2023-03-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                                                               | UNICREDIT SPA COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |     86077 | NS      | $1222892.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      8275 | NC      | $60190.02     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      7425 | NC      | $-9216.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                                                                    | ALCON INC COMMON STOCK                          | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               |  | US        |     10114 | NS      | $693314.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                                                            | MEDTRONIC PLC COMMON STOCK                      | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               |  | US        |     68229 | NS      | $5302757.88   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                                                          | ICICI BANK LTD-SPON ADR DEPOSITARY RECEIPT      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | US        |    319361 | NS      | $6990812.29   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                                                                   | HOLCIM LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               |  | CH        |     71211 | NS      | $3687430.57   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                                | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     52438 | NS      | $3906106.62   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis N.V.                                                                             | STELLANTIS NV COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               |  | IT        |    274078 | NS      | $3891468.11   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                                                                 | NESTLE SA-REG COMMON STOCK                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |     22825 | NS      | $2644752.61   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corporation                                                                      | SONY GROUP CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               |  | JP        |      2100 | NS      | $160572.23    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: CREDIT SUISSE SECURITIES                                                               | BRK: CREDIT SUISSE SECURITIES PAY: 1MLIBOR      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      6927 | NC      | $-104691.19   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS BANK USA                                                                 | BRK: GOLDMAN SACHS BANK USA PAY: 1MLIBOR        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     14077 | NC      | $-478286.75   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| GSAIRNEW TOTAL RETURN EUR INDEX                                                             | GSAIRNEW TOTAL RETURN EUR INDEX GSAIRNEW INDEX  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      4327 | NC      | $-4019.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     19103 | NC      | $304420.16    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                                                     | FRESENIUS SE & CO KGAA COMMON STOCK             | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               |  | DE        |    123170 | NS      | $3460979.57   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |       996 | NC      | $-13451.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      8423 | NC      | $75236.40     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                         | SPI 200 FUTURES   MAR23 PHYSICAL INDEX FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |        20 | NC      | $2380255.32   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                         | MSCI EMGMKT       MAR23 PHYSICAL INDEX FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       131 | NC      | $6284070.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     11550 | NC      | $62329.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: CREDIT SUISSE                                                                          | BRK: CREDIT SUISSE PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      7102 | NC      | $-103830.70   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED                                             | IND & COMM BK OF CHINA-H COMMON STOCK           | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               |  | HK        |  12595000 | NS      | $6486736.83   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Brenntag SE                                                                                 | BRENNTAG SE COMMON STOCK                        | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               |  | DE        |     80065 | NS      | $5118318.33   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      3935 | NC      | $109039.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| L'OREAL SA                                                                                  | L'OREAL COMMON STOCK                            | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               |  | FR        |      3569 | NS      | $1274492.77   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     11053 | NC      | $-3656.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                         | J.P. MORGAN COLLATERAL                          | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | US        |  -1720000 | PA      | $-1720000.00  | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                                                      | SAP SE-SPONSORED ADR DEPOSITARY RECEIPT         | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               |  | US        |      6589 | NS      | $679918.91    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM, INC.                                                                                | JD.COM INC-ADR DEPOSITARY RECEIPT               | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               |  | US        |     18148 | NS      | $1018647.24   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                                                                          | NINTENDO CO LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               |  | JP        |     49000 | NS      | $2065437.37   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     50000 | NC      | $72840.21     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: JP MORGAN                                                                              | BRK: JP MORGAN PAY: 1MLIBOR                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     56155 | NC      | $50117.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     12159 | NC      | $-150907.88   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                         | S&P500 EMINI FUT  MAR23 PHYSICAL INDEX FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $1158300.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                                                                  | SIEMENS AG-REG COMMON STOCK                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               |  | DE        |     38151 | NS      | $5294314.48   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   2683976 | NC      | $74791.95     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                                                    | TREASURY BILL 0.000000% 02/16/2023              | CUSIP: 912796YA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55000000 | PA      | $54726489.40  | 20.49%            | 2023-02-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      1889 | NC      | $9858.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                                                                         | BRK: MORGAN STANLEY PAY: 1MLIBOR                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      8327 | NC      | $76698.91     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S                                                                            | NOVO-NORDISK A/S-SPONS ADR DEPOSITARY RECEIPT   | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | US        |     28366 | NS      | $3839054.44   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International N.V.                                                                      | ASM INTERNATIONAL NV COMMON STOCK               | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               |  | NL        |      6709 | NS      | $1692349.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |     56076 | NC      | $81972.44     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: MORGAN STANLEY                                                                         | BRK: MORGAN STANLEY PAY: 1MLIBOR                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      6027 | NC      | $228363.91    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: UBS EQUITY LT                                                                          | BRK: UBS EQUITY LT PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     18209 | NC      | $246364.45    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BANK OF AMERICA                                                                        | BRK: BANK OF AMERICA PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     12439 | NC      | $-143965.25   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MONCLER S.P.A.                                                                              | MONCLER SPA COMMON STOCK                        | CUSIP: N/A<br>LEI: 815600EBD7FB00525B20       | Long             | EC               |  | IT        |     56344 | NS      | $2985504.02   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                                                               | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     34307 | NS      | $3022103.63   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      8097 | NC      | $-113236.07   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse Aktiengesellschaft                                                          | DEUTSCHE BOERSE AG COMMON STOCK                 | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               |  | DE        |     18319 | NS      | $3164973.51   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BUDWEISER BREWING COMPANY APAC LIMITED                                                      | BUDWEISER BREWING CO APAC LT COMMON STOCK       | CUSIP: N/A<br>LEI: 549300YF1MR4GTF18132       | Long             | EC               |  | HK        |   1088900 | NS      | $3424849.94   | 1.28%             |  |  |  | Yes           |                  1 | On Loan: No      |
| INTESA SANPAOLO SPA                                                                         | INTESA SANPAOLO COMMON STOCK                    | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               |  | IT        |   1432593 | NS      | $3186641.10   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: JPMORGAN CHASE                                                                         | BRK: JPMORGAN CHASE  PAY: 1MLIBOR               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |    114379 | NC      | $167141.50    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                                                                    | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |     28200 | NS      | $1206695.32   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPANESE YEN                                                                                | FX Forward Contract: JPY/USD SETTLE 2023-03-15  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |         1 | NC      | $845543.04    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| L'OREAL SA                                                                                  | L'OREAL-UNSPONSORED ADR DEPOSITARY RECEIPT      | CUSIP: 502117203<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               |  | US        |     24539 | NS      | $1748281.06   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE FINANCIERE RICHEMONT SA                                                           | CIE FINANCIERE RICHEMO-A REG COMMON STOCK       | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               |  | CH        |       972 | NS      | $126039.91    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                                                                                      | SGS SA-REG COMMON STOCK                         | CUSIP: N/A<br>LEI: 2138007JNS19JHNA2336       | Long             | EC               |  | CH        |       560 | NS      | $1302114.31   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                                                                           | HDFC BANK LTD-ADR DEPOSITARY RECEIPT            | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               |  | US        |     52112 | NS      | $3564981.92   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA                                                                     | ANHEUSER-BUSCH INBEV SA/NV COMMON STOCK         | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               |  | BE        |     97505 | NS      | $5873116.12   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS PAY: 1MLIBOR                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      3888 | NC      | $96945.41     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: GOLDMAN SACHS                                                                          | BRK: GOLDMAN SACHS  PAY: 1MLIBOR                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |      6044 | NC      | $318467.17    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                                         | S&P/TSX 60 IX FUT MAR23 PHYSICAL INDEX FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |        18 | NC      | $3110516.99   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BRK: JP MORGAN                                                                              | BRK: JP MORGAN PAY: 1MLIBOR                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | XX        |     24810 | NC      | $6905.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRK: BARCLAYS                                                                               | BRK: BARCLAYS PAY: 1MLIBOR                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   1279654 | NC      | $-24415.11    | -0.01%            |  |  |  | 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