# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-003631
**Filing Date:** 2025-12
**Character Count:** 27021
**Document Hash:** 2c14f244bd93ee16d8761e14b89a16fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003631.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002048251-25-003631

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251608480

**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

### KBI GLOBAL INVESTORS AQUARIUS FUND (Series ID: S000063187)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000204809 | Institutional Shares | KBIWX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KBI GLOBAL INVESTORS**<br> **AQUARIUS FUND** <br>**OCTOBER 31, 2025**<br> **(UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| COMMON STOCK — 95.9% | COMMON STOCK — 95.9% | COMMON STOCK — 95.9% |
|  | **Shares** | **Value** |
| Austria — 1.5% | Austria — 1.5% |  |
| Industrials — 1.5% | Industrials — 1.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ANDRITZ  | 11036 | $834382 |
| Brazil — 3.1% | Brazil — 3.1% |  |
| Utilities — 3.1% | Utilities — 3.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR  | 48424 | 1188325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento de Minas Gerais Copasa MG  | 76200 | 533405 |
|  |  | 1721730 |
| Canada — 1.0% | Canada — 1.0% |  |
| Industrials — 1.0% | Industrials — 1.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stantec  | 5021 | 556031 |
| China — 0.5% | China — 0.5% |  |
| Utilities — 0.5% | Utilities — 0.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China Water Affairs Group  | 383730 | 309559 |
| France — 5.9% | France — 5.9% |  |
| Utilities — 5.9% | Utilities — 5.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement  | 101443 | 3352385 |
| Germany — 0.7% | Germany — 0.7% |  |
| Industrials — 0.7% | Industrials — 0.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norma Group  | 24029 | 389903 |
| Japan — 5.4% | Japan — 5.4% |  |
| Industrials — 5.4% | Industrials — 5.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kurita Water Industries  | 61310 | 2322667 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTO  | 28300 | 717818 |
|  |  | 3040485 |
| Mexico — 0.4% | Mexico — 0.4% |  |
| Materials — 0.4% | Materials — 0.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orbia Advance  | 239080 | 216450 |
| Netherlands — 5.2% | Netherlands — 5.2% |  |
| Industrials — 5.2% | Industrials — 5.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aalberts  | 46901 | 1485876 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KBI GLOBAL INVESTORS**<br> **AQUARIUS FUND** <br>**OCTOBER 31, 2025**<br> **(UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued | COMMON STOCK — continued | COMMON STOCK — continued |
|  | **Shares** | **Value** |
| Netherlands — continued | Netherlands — continued |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcadis  | 30616 | $1462115 |
|  |  | 2947991 |
| South Korea — 2.3% | South Korea — 2.3% |  |
| Consumer Discretionary — 2.3% | Consumer Discretionary — 2.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coway  | 20675 | 1292804 |
| Switzerland — 1.6% | Switzerland — 1.6% |  |
| Industrials — 1.6% | Industrials — 1.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Georg Fischer  | 12622 | 891232 |
| United Kingdom — 13.0% | United Kingdom — 13.0% |  |
| Industrials — 2.3% | Industrials — 2.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costain Group  | 78088 | 157477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group  | 29538 | 1149851 |
|  |  | 1307328 |
| Information Technology — 2.1% | Information Technology — 2.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma  | 25431 | 1185044 |
| Utilities — 8.6% | Utilities — 8.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennon Group  | 272500 | 1857119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severn Trent  | 28759 | 1051284 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Utilities Group  | 122729 | 1936231 |
|  |  | 4844634 |
|  |  | 7337006 |
| United States — 55.3% | United States — 55.3% |  |
| Industrials — 38.3% | Industrials — 38.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A O Smith  | 11725 | 773733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems  | 7889 | 1104854 |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM  | 3421 | 459611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 16027 | 836289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Recovery \* | 21761 | 372331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises  | 3674 | 912989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations  | 25601 | 1300531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric  | 5991 | 567767 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX  | 15547 | 2665688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions  | 5439 | 847450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindsay  | 1874 | 208464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco  | 9809 | 635231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A  | 17701 | 454208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair  | 14259 | 1516445 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KBI GLOBAL INVESTORS**<br> **AQUARIUS FUND** <br>**OCTOBER 31, 2025**<br> **(UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued | COMMON STOCK — continued | COMMON STOCK — continued |
|  | **Shares** | **Value** |
| United States — continued | United States — continued |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply \* | 7043 | $913970 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies \* | 1663 | 372329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech  | 38851 | 1242455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toro  | 16631 | 1242835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries  | 2322 | 959984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto  | 14444 | 1425367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem  | 18587 | 2803849 |
|  |  | 21616380 |
| Information Technology — 3.4% | Information Technology — 3.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Badger Meter  | 3001 | 541530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron \* | 7960 | 798627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies  | 1333 | 594718 |
|  |  | 1934875 |
| Materials — 4.5% | Materials — 4.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours  | 11413 | 931871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab  | 6170 | 1581988 |
|  |  | 2513859 |
| Utilities — 9.1% | Utilities — 9.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works  | 12063 | 1549251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities  | 38773 | 1513310 |
| &nbsp;&nbsp;&nbsp;&nbsp;SJW Group  | 45437 | 2101462 |
|  |  | 5164023 |
|  |  | 31229137 |
| &nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,751,472)  |  | 54119095 |
| TOTAL INVESTMENTS — 95.9% |  |  |
| &nbsp;&nbsp;(Cost $42,751,472) |  | $54119095 |

---

*Percentages are based on Net Assets of $56,428,308.* 

*\** *Non-income producing security.*

*ADR* *American Depositary Receipt* <br> *Cl* *Class*

KBI-QH-001-1500

## 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:** KBI GLOBAL INVESTORS AQUARIUS FUND

- **b. EDGAR series identifier (if any):** S000063187

- **c. LEI of Series:** 549300MI2S21D82YVV14

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $56533472.16

**Total Liabilities:** $105163.86

**Net Assets:** $56428308.30

**Cash Not Reported:** $604.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204809 | -0.91%               | 0.08%                | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $135595.52               | $-664907.79                                |
| Month 2  | $395560.85               | $-387546.83                                |
| Month 3  | $240430.53               | $807326.81                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOTO LTD.                                                      | TOTO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     28300 | NS      | $717818.59    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                              | MASCO CORP COMMON STOCK                         | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               |  | US        |      9809 | NS      | $635230.84    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                          | AECOM COMMON STOCK                              | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |      3421 | NS      | $459611.35    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                                 | PENTAIR PLC COMMON STOCK                        | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               |  | US        |     14259 | NS      | $1516444.65   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAIN GROUP PLC                                              | COSTAIN GROUP PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 213800PKIJBZ2EDTKC88       | Long             | EC               |  | GB        |     78088 | NS      | $157476.87    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                                   | MUELLER WATER PRODUCTS INC-A COMMON STOCK       | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               |  | US        |     17701 | NS      | $454207.66    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.                             | AMERICAN WATER WORKS CO INC COMMON STOCK        | CUSIP: N/A<br>LEI: 549300DXHIJQMD5WFW18       | Long             | EC               |  | US        |     12063 | NS      | $1549251.09   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | CIA SANEAMENTO BASICO DE-ADR DEPOSITARY RECEIPT | CUSIP: 20441A102<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               |  | US        |     48424 | NS      | $1188324.96   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY, INC.                                 | SITEONE LANDSCAPE SUPPLY INC COMMON STOCK       | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               |  | US        |      7043 | NS      | $913970.11    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY, INC.                                          | ENERGY RECOVERY INC COMMON STOCK                | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               |  | US        |     21761 | NS      | $372330.71    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O AMERICA                                                    | H2O AMERICA COMMON STOCK                        | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               |  | US        |     45437 | NS      | $2101461.25   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                                               | IDEX CORP COMMON STOCK                          | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |     15547 | NS      | $2665688.62   | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                                   | KURITA WATER INDUSTRIES LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 52990086GS2ON69UMX34       | Long             | EC               |  | JP        |     61310 | NS      | $2322666.80   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                                                    | ECOLAB INC COMMON STOCK                         | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               |  | US        |      6170 | NS      | $1581988.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN ELECTRIC CO., INC.                                    | FRANKLIN ELECTRIC CO INC COMMON STOCK           | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               |  | US        |      5991 | NS      | $567767.07    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                                      | FERGUSON ENTERPRISES INC COMMON STOCK           | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |      3674 | NS      | $912989.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCADIS N.V.                                                   | ARCADIS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 7245000UZH70GO047N03       | Long             | EC               |  | NL        |     30616 | NS      | $1462115.35   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2186868 | PA      | $2186867.92   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NORMA Group SE                                                 | NORMA GROUP SE COMMON STOCK                     | CUSIP: N/A<br>LEI: 5299000LM9HC76W5XD46       | Long             | EC               |  | DE        |     24029 | NS      | $389902.51    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Georg Fischer AG                                               | FISCHER (GEORG)-REG COMMON STOCK                | CUSIP: H26091274<br>LEI: 529900CMRQYW4U1W2456 | Long             | EC               |  | CH        |     12622 | NS      | $891232.36    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECH, INC.                                               | TETRA TECH INC COMMON STOCK                     | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               |  | US        |     38851 | NS      | $1242454.98   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento de Minas Gerais - COPASA MG            | CIA SANEAMENTO MINAS GERAIS COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     76200 | NS      | $533404.96    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIR GROUP PLC(THE)                                            | WEIR GROUP PLC/THE COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               |  | GB        |     29538 | NS      | $1149851.12   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aalberts N.V.                                                  | AALBERTS NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300EMP9DT6Q35HZ31       | Long             | EC               |  | NL        |     46901 | NS      | $1485875.55   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED UTILITIES GROUP PLC                                     | UNITED UTILITIES GROUP PLC COMMON STOCK         | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               |  | GB        |    122729 | NS      | $1936231.39   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                                               | TORO CO COMMON STOCK                            | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               |  | US        |     16631 | NS      | $1242834.63   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.                                       | VALMONT INDUSTRIES COMMON STOCK                 | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               |  | US        |      2322 | NS      | $959984.46    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| JACOBS SOLUTIONS INC.                                          | JACOBS SOLUTIONS INC COMMON STOCK               | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               |  | US        |      5439 | NS      | $847450.59    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc.                                                   | STANTEC INC COMMON STOCK                        | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               |  | CA        |      5021 | NS      | $556031.31    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERN TRENT PLC                                               | SEVERN TRENT PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               |  | GB        |     28759 | NS      | $1051283.72   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                       | ROPER TECHNOLOGIES INC COMMON STOCK             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               |  | US        |      1333 | NS      | $594717.95    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| COWAY Co., Ltd.                                                | COWAY CO LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     20675 | NS      | $1292804.09   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN, INC.                                              | CORE & MAIN INC-CLASS A COMMON STOCK            | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               |  | US        |     16027 | NS      | $836288.86    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Orbia Advance Corporation S.A.B. de CV                         | ORBIA ADVANCE CORP SAB DE CV COMMON STOCK       | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | EC               |  | MX        |    239080 | NS      | $216450.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS, INC.                                | ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               |  | US        |      7889 | NS      | $1104854.45   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS, INC.                                        | DUPONT DE NEMOURS INC COMMON STOCK              | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               |  | US        |     11413 | NS      | $931871.45    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                                      | ESSENTIAL UTILITIES INC COMMON STOCK            | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               |  | US        |     38773 | NS      | $1513310.19   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                                         | SPX TECHNOLOGIES INC COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      1663 | NS      | $372329.07    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                                    | ITRON INC COMMON STOCK                          | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |      7960 | NS      | $798626.80    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HALMA PUBLIC LIMITED COMPANY                                   | HALMA PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               |  | GB        |     25431 | NS      | $1185043.51   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Andritz AG                                                     | ANDRITZ AG COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300VZKC61IR5U8G96       | Long             | EC               |  | AT        |     11036 | NS      | $834382.08    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA WATER AFFAIRS GROUP LIMITED                              | CHINA WATER AFFAIRS GROUP COMMON STOCK          | CUSIP: N/A<br>LEI: 529900XTSVH0DH4CEX74       | Long             | EC               |  | HK        |    383730 | NS      | $309558.56    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                                            | VERALTO CORP COMMON STOCK                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |     14444 | NS      | $1425366.81   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNON GROUP PLC                                               | PENNON GROUP PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               |  | GB        |    272500 | NS      | $1857118.96   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                                     | XYLEM INC COMMON STOCK                          | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |     18587 | NS      | $2803848.95   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUNE BRANDS INNOVATIONS, INC.                               | FORTUNE BRANDS INNOVATIONS I COMMON STOCK       | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               |  | US        |     25601 | NS      | $1300530.80   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                                             | BADGER METER INC COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493002JENE20OGTUG20       | Long             | EC               |  | US        |      3001 | NS      | $541530.45    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                                        | SMITH (A.O.) CORP COMMON STOCK                  | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     11725 | NS      | $773732.75    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDSAY CORPORATION                                            | LINDSAY CORP COMMON STOCK                       | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               |  | US        |      1874 | NS      | $208463.76    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                                        | VEOLIA ENVIRONNEMENT COMMON STOCK               | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               |  | FR        |    101443 | NS      | $3352384.74   | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer