# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-23-044066
**Filing Date:** 2023-2
**Character Count:** 36665
**Document Hash:** 07eb73257793f5391794bad8eeea2215
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044066.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044066

**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:** 23678861

**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

### Redwheel Global Emerging Equity Fund (Series ID: S000055328)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174121 | Class I Shares             | RWCIX           |
| C000174122 | Institutional Class Shares | RWCEX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL CAPITAL GLOBAL EMERGING**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022 (UNAUDITED)** |

---

---

| |
|:---|
| **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 98.2%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Brazil — 7.7%** | | |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 279800 | $2232147 |
| &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos \* | 3525002 | 3391640 |
| &nbsp;&nbsp;&nbsp;MercadoLibre\* | 4359 | 3688760 |
| &nbsp;&nbsp;&nbsp;Rumo | 440400 | 1552317 |
| &nbsp;&nbsp;&nbsp;Sendas Distribuidora | 179200 | 660831 |
| &nbsp;&nbsp;&nbsp;Vale ADR, Cl B | 141584 | 2402680 |
|  |  | 13928375 |
| **Burkina Faso — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Endeavour Mining | 77829 | 1640240 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining | 11003 | 235335 |
|  |  | 1875575 |
| **Canada — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Cl A \* | 705832 | 5573934 |
| **Chile — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR | 8598 | 686464 |
| **China — 41.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Akeso, Cl B \* | 292000 | 1608723 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR \* | 38306 | 3374376 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding \* | 536303 | 5926513 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 213512 | 3055662 |
| &nbsp;&nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology, Cl A | 219000 | 1057559 |
| &nbsp;&nbsp;&nbsp;CALB \* | 101300 | 234659 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings | 1327856 | 3307327 |
| &nbsp;&nbsp;&nbsp;Fujian Sunner Development, Cl A | 597733 | 2036954 |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR \* | 447995 | 3583960 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 3666000 | 5354602 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 868864 | 7909440 |
| &nbsp;&nbsp;&nbsp;Li Auto ADR \* | 44294 | 903598 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 227600 | 2239563 |
| &nbsp;&nbsp;&nbsp;Lizhong Sitong Light Alloys Group, Cl A | 407500 | 1450814 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 267800 | 5994229 |
| &nbsp;&nbsp;&nbsp;Pinduoduo ADR \* | 115885 | 9450422 |
| &nbsp;&nbsp;&nbsp;QuakeSafe Technologies, Cl A | 247766 | 1666220 |
| &nbsp;&nbsp;&nbsp;Shandong Head Group, Cl A | 202200 | 652117 |
| &nbsp;&nbsp;&nbsp;Shenzhen Senior Technology Material, Cl A | 719557 | 2200581 |
| &nbsp;&nbsp;&nbsp;Silergy | 29000 | 411853 |
| &nbsp;&nbsp;&nbsp;Skshu Paint, Cl A | 107600 | 1761887 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 205995 | 8815217 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL CAPITAL GLOBAL EMERGING**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022 (UNAUDITED)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — (continued)** | | |
| &nbsp;&nbsp;&nbsp;Trip.com Group ADR \* | 43728 | $1504243 |
|  |  | 74500519 |
| **Ghana — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kosmos Energy \* | 276182 | 1756517 |
| &nbsp;&nbsp;&nbsp;Tullow Oil \* | 2526480 | 1122043 |
|  |  | 2878560 |
| **Greece — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings \* | 1035973 | 1166450 |
| **India — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 474816 | 5112895 |
| &nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 245886 | 947076 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation \* | 133400 | 3237365 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 37076 | 3762096 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 84283 | 2595016 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 504005 | 3738763 |
|  |  | 19393211 |
| **Indonesia — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 3483500 | 2220892 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 10716200 | 3400548 |
|  |  | 5621440 |
| **Macao — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sands China \* | 748000 | 2482168 |
| **Mexico — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cemex ADR \* | 489523 | 1982568 |
| **Peru — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hochschild Mining | 234079 | 197807 |
| **Philippines — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 1819100 | 1009798 |
| **Russia — –%** |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC (A) | 292949 |  |
| **Saudi Arabia — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil | 199971 | 1716538 |
| &nbsp;&nbsp;&nbsp;Saudi Basic Industries | 37122 | 888007 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | 97001 | 1305589 |
|  |  | 3910134 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL CAPITAL GLOBAL EMERGING**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022 (UNAUDITED)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Africa — 3.9%** | | |
| &nbsp;&nbsp;&nbsp;Gold Fields ADR | 429844 | $4448886 |
| &nbsp;&nbsp;&nbsp;MTN Group | 336179 | 2515168 |
|  |  | 6964054 |
| **South Korea — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Fuel Cell \* | 53751 | 1259805 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics \* | 2838 | 1845311 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 35576 | 2122608 |
|  |  | 5227724 |
| **Taiwan — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Globalwafers | 85000 | 1182265 |
| &nbsp;&nbsp;&nbsp;MediaTek | 276660 | 5625823 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 33256 | 2477239 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 217304 | 3170954 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology | 357000 | 1393828 |
|  |  | 13850109 |
| **United Arab Emirates — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 1042305 | 1257242 |
| **Vietnam — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Hoa Phat Group JSC  | 2667019 | 2036324 |
| &nbsp;&nbsp;&nbsp;Vincom Retail JSC \* | 1122993 | 1252798 |
|  |  | 3289122 |
| **Zambia — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals | 528728 | 11039312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>TOTAL COMMON STOCK<br> (Cost $168,116,506). |  | 176834566 |

---

**PREFERRED STOCK — 2.1%**

---

| | | |
|:---|:---|:---|
| **Brazil — 0.9%** | | |
| &nbsp;&nbsp;&nbsp;Banco Bradesco (B) | 578201 | 1659121 |
| **Chile — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chilen, Cl B (B) | 27802 | 2238649 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,429,192) |  | 3897770 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 100.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $171,545,698) |  | $180732336 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL CAPITAL GLOBAL EMERGING**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022 (UNAUDITED)** |

---

*Percentages are based on Net Assets of $180,141,489*.

\* Non-income producing security. <br> (A) Level 3 security in accordance with fair value hierarchy. <br> (B) There is currently no rate available.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| Cl | Class |
| JSC | Joint Stock Company |
| PJSC | Public Joint Stock Company |

---

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

RWC-QH-001-1100

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Redwheel Global Emerging Equity Fund

- **b. EDGAR series identifier (if any):** S000055328

- **c. LEI of Series:** 5493002VZUBN8A0SY772

**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:** $185916334.05

**Total Liabilities:** $5779555.51

**Net Assets:** $180136778.54

**Cash Not Reported:** $193566.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174122 | -4.05%               | 18.63%               | -4.73%               |
| Class ID C000174121 | -4.08%               | 18.67%               | -4.74%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-979837.45              | $-6540087.45                               |
| Month 2  | $-2386927.62             | $31680671.86                               |
| Month 3  | $-1701589.49             | $-5659767.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KUAISHOU TECHNOLOGY                                     | KUAISHOU TECHNOLOGY COMMON STOCK                      | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               |  | HK        |    868864 | NS      | $7909440.44   | 4.39%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Interglobe Aviation Ltd                                 | INTERGLOBE AVIATION LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               |  | IN        |    133400 | NS      | $3237364.68   | 1.80%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                 | Sociedad Quimica y Minera de Chile SA PREFERRED STOCK | CUSIP: N/A<br>LEI: TJ88LXZZW5PWIN93ZC81       | Long             | EP               |  | CL        |     27802 | NS      | $2238649.22   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Head Group Co Ltd                              | SHANDONG HEAD GROUP CO LTD-A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    202200 | NS      | $652117.32    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| The Saudi National Bank SJSC                            | THE SAUDI NATIONAL BANK COMMON STOCK                  | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               |  | SA        |     97001 | NS      | $1305588.57   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                               | SAUDI ARABIAN OIL CO COMMON STOCK                     | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |    199971 | NS      | $1716537.97   | 0.95%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MERCADOLIBRE, INC.                                      | MERCADOLIBRE INC COMMON STOCK                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |      4359 | NS      | $3688760.16   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujian Sunner Development Co., Ltd.                     | FUJIAN SUNNER DEVELOPMENT-A COMMON STOCK              | CUSIP: N/A<br>LEI: 300300O2MSF659DM5M44       | Long             | EC               |  | CN        |    597733 | NS      | $2036954.24   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                           | SK HYNIX INC COMMON STOCK                             | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |     35576 | NS      | $2122608.28   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Auto Inc.                                            | LI AUTO INC - ADR DEPOSITARY RECEIPT                  | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               |  | US        |     44294 | NS      | $903597.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A.            | EUROBANK ERGASIAS SERVICES A COMMON STOCK             | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | EC               |  | GR        |   1035973 | NS      | $1166449.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Senior Technology Material Co., Ltd.           | SHENZHEN SENIOR TECHNOLOGY-A COMMON STOCK             | CUSIP: N/A<br>LEI: 836800ECUYIXOTXAMW45       | Long             | EC               |  | CN        |    719557 | NS      | $2200581.41   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Rakyat Indonesia (Persero) Tbk                  | BANK RAKYAT INDONESIA PERSER COMMON STOCK             | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               |  | ID        |  10716200 | NS      | $3400547.81   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc                                               | AKESO INC - B COMMON STOCK                            | CUSIP: N/A<br>LEI: 254900ECWYGR3QW5GF30       | Long             | EC               |  | HK        |    292000 | NS      | $1608722.67   | 0.89%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                 | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT       | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |      8598 | NS      | $686464.32    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDEAVOUR MINING PLC                                    | ENDEAVOUR MINING PLC COMMON STOCK                     | CUSIP: G3042J956<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               |  | CA        |     11003 | NS      | $235334.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN VINCOM RETAIL                           | VINCOM RETAIL JSC COMMON STOCK                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | VN        |   1122993 | NS      | $1252798.13   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                      | ICICI BANK LTD COMMON STOCK                           | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    474816 | NS      | $5112895.37   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc.                                            | LI AUTO INC-CLASS A COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549003R73Q70J5H4I65       | Long             | EC               |  | HK        |    227600 | NS      | $2239563.35   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Full Truck Alliance Co Ltd                              | FULL TRUCK ALLIANCE -SPN ADR DEPOSITARY RECEIPT       | CUSIP: 35969L108<br>LEI: N/A                  | Long             | EC               |  | US        |    447995 | NS      | $3583960.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUTI SUZUKI INDIA LIMITED                             | MARUTI SUZUKI INDIA LTD COMMON STOCK                  | CUSIP: Y7565Y100<br>LEI: 335800D27PBEESKKD357 | Long             | EC               |  | IN        |     37076 | NS      | $3762095.85   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CALB Co., Ltd.                                          | CALB CO LTD COMMON STOCK                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    101300 | NS      | $234659.29    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WTAX FEE 10%                                            | WTAX FEE 10%                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | US        |         1 | PA      | $0.00         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEITUAN                                                 | MEITUAN-CLASS B COMMON STOCK                          | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               |  | HK        |    267800 | NS      | $5994229.30   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN HOA PHAT                       | HOA PHAT GROUP JSC COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300ODJEFGL5CWKD32       | Long             | EC               |  | VN        |   2667019 | NS      | $2036324.16   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Fuel Cell Co., Ltd.                              | DOOSAN FUEL CELL CO LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     53751 | NS      | $1259804.72   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| AYALA LAND INC.                                         | AYALA LAND INC COMMON STOCK                           | CUSIP: N/A<br>LEI: 254900EWT10TQ6DKTV34       | Long             | EC               |  | PH        |   1819100 | NS      | $1009798.46   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| RUMO S.A.                                               | RUMO SA COMMON STOCK                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    440400 | NS      | $1552316.68   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                           | BANK MANDIRI PERSERO TBK PT COMMON STOCK              | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        |   3483500 | NS      | $2220892.08   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                     | Banco Bradesco SA PREFERRED STOCK                     | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EP               |  | BR        |    578201 | NS      | $1659121.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Lizhong Sitong Light Alloys Group Co., Ltd.             | LIZHONG SITONG LIGHT ALLOY-A COMMON STOCK             | CUSIP: N/A<br>LEI: 300300XSPKYWPIWS3N43       | Long             | EC               |  | CN        |    407500 | NS      | $1450814.19   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. | BEIJING ORIENTAL YUHONG-A COMMON STOCK                | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               |  | CN        |    219000 | NS      | $1057558.58   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Basic Industries Corporation SJSC                 | SAUDI BASIC INDUSTRIES CORP COMMON STOCK              | CUSIP: N/A<br>LEI: 213800ZCTFZZZJSK8645       | Long             | EC               |  | SA        |     37122 | NS      | $888007.26    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH AFRICAN RAND                                      | FX Forward Contract: ZAR/USD SETTLE 2023-01-04        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |         1 | NC      | $-329.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIMICRON TECHNOLOGY CORP.                              | UNIMICRON TECHNOLOGY CORP COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |    357000 | NS      | $1393827.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX, S.A.B. de C.V.                                   | CEMEX SAB-SPONS ADR PART CER DEPOSITARY RECEIPT       | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               |  | US        |    489523 | NS      | $1982568.15   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED        | COUNTRY GARDEN SERVICES HOLD COMMON STOCK             | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               |  | HK        |   1254856 | NS      | $3125503.77   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                           | MEDIATEK INC COMMON STOCK                             | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |    276660 | NS      | $5625823.56   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |     33256 | NS      | $2477239.44   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TULLOW OIL PLC                                          | TULLOW OIL PLC COMMON STOCK                           | CUSIP: N/A<br>LEI: 2138003EYHWO75RKS857       | Long             | EC               |  | GB        |   2526480 | NS      | $1122042.56   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG DOLLAR                                        | FX Forward Contract: HKD/USD SETTLE 2023-01-03        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HK        |         1 | NC      | $-1074.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hapvida Participacoes e Investimentos S/A               | HAPVIDA PARTICIPACOES E INVE COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |   3525002 | NS      | $3391639.79   | 1.88%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                       | MTN GROUP LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |    336179 | NS      | $2515168.19   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CHILEAN PESO                                            | FX Forward Contract: CLP/USD SETTLE 2023-01-03        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CL        |         1 | NC      | $168.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NK ROSNEFT' PAO                                         | ROSNEFT OIL CO PJSC COMMON STOCK                      | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |    292949 | NS      | $0.40         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GEELY AUTOMOBILE HOLDINGS LIMITED                       | GEELY AUTOMOBILE HOLDINGS LT COMMON STOCK             | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               |  | HK        |   3666000 | NS      | $5354601.89   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| QuakeSafe Technologies Co., Ltd.                        | QUAKESAFE TECHNOLOGIES CO-A COMMON STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    247766 | NS      | $1666219.85   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| HOCHSCHILD MINING PLC                                   | HOCHSCHILD MINING PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300JK10TVQ3CCJQ89       | Long             | EC               |  | GB        |    234079 | NS      | $197806.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                             | RELIANCE INDUSTRIES LTD COMMON STOCK                  | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               |  | IN        |     84283 | NS      | $2595015.81   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd.                                        | SANDS CHINA LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300EVO6UZDGY05787       | Long             | EC               |  | HK        |    748000 | NS      | $2482168.37   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLAR                                         | FX Forward Contract: CAD/USD SETTLE 2023-01-03        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | CA        |         1 | NC      | $-251.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LIMITED                                  | TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT             | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               |  | US        |     43728 | NS      | $1504243.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                             | BAIDU INC-CLASS A COMMON STOCK                        | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               |  | HK        |    213512 | NS      | $3055662.16   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE INDIAN HOTELS COMPANY LIMITED                       | INDIAN HOTELS CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 33580076CH5SBY5HWA22       | Long             | EC               |  | IN        |    245886 | NS      | $947075.71    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAZILIAN REAL                                          | FX Forward Contract: BRL/USD SETTLE 2023-01-03        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | BR        |         1 | NC      | $-902.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SENDAS DISTRIBUIDORA S/A                                | SENDAS DISTRIBUIDORA SA COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    179200 | NS      | $660831.29    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG BIOLOGICS CO.,LTD.                              | SAMSUNG BIOLOGICS CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      2838 | NS      | $1845311.06   | 1.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ENDEAVOUR MINING PLC                                    | ENDEAVOUR MINING PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               |  | GB        |     77829 | NS      | $1640239.72   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.            | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK             | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    217304 | NS      | $3170953.59   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                                | TENCENT HOLDINGS LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |    205995 | NS      | $8815217.27   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| KOSMOS ENERGY LTD.                                      | KOSMOS ENERGY LTD COMMON STOCK                        | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               |  | US        |    276182 | NS      | $1756517.52   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALWAFERS CO., LTD.                                  | GLOBALWAFERS CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900V6RTNF3U5EGX67       | Long             | EC               |  | TW        |     85000 | NS      | $1182264.81   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                       | IVANHOE MINES LTD-CL A COMMON STOCK                   | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |    705832 | NS      | $5573934.39   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                     | STATE BANK OF INDIA COMMON STOCK                      | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               |  | IN        |    504005 | NS      | $3738763.07   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDAR PROPERTIES PJSC                                   | ALDAR PROPERTIES PJSC COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AE        |   1042305 | NS      | $1257242.36   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                           | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT       | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     38306 | NS      | $3374375.54   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PINDUODUO INC.                                          | PINDUODUO INC-ADR DEPOSITARY RECEIPT                  | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               |  | US        |    115885 | NS      | $9450421.75   | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2947996 | PA      | $2947995.85   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                             | FIRST QUANTUM MINERALS LTD COMMON STOCK               | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               |  | CA        |    528728 | NS      | $11039311.50  | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                           | ALIBABA GROUP HOLDING LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    536303 | NS      | $5926512.50   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Skshu Paint Co Ltd                                      | SKSHU PAINT CO LTD-A COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |    107600 | NS      | $1761886.73   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                                     | GOLD FIELDS LTD-SPONS ADR DEPOSITARY RECEIPT          | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               |  | US        |    429844 | NS      | $4448885.40   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SILERGY CORP.                                           | SILERGY CORP COMMON STOCK                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     29000 | NS      | $411852.74    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Eletricas Brasileiras S.A.                     | CENTRAIS ELETRICAS BRASILIER COMMON STOCK             | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |    279800 | NS      | $2232146.60   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                               | VALE SA-SP ADR DEPOSITARY RECEIPT                     | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               |  | US        |    141584 | NS      | $2402680.48   | 1.33%             |  |  |  | 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