# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002655
**Filing Date:** 2025-11
**Character Count:** 40357
**Document Hash:** 07200732b41c406da36dc3ebe72cfd51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002655.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**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:** 251532669

**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

### Rayliant Quantitative Developed Market Equity ETF (Series ID: S000074754)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000232917 | Rayliant Quantitative Developed Market Equity ETF | RAYD            |

## 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:** Rayliant Quantitative Developed Market Equity ETF

- **b. EDGAR series identifier (if any):** S000074754

- **c. LEI of Series:** 549300SXXPBSEESF3183

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $104338736.20

**Total Liabilities:** $116371.30

**Net Assets:** $104222364.90

**Cash Not Reported:** $225014.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232917 | 3.67%                | 0.49%                | 1.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $97328.28                | $3539766.77                                |
| Month 2  | $1268300.90              | $-812890.07                                |
| Month 3  | $1315588.16              | $-24750.10                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Altria Group, Inc.                                 | ALTRIA GROUP INC COMMON STOCK                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               |  | US        |     25936 | NS      | $1713332.16   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | SEAGATE TECHNOLOGY HOLDINGS COMMON STOCK        | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               |  | US        |      3142 | NS      | $741700.52    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCurrent, Inc.                                   | BAYCURRENT INC COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     37015 | NS      | $2180522.73   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC-CL A COMMON STOCK                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |     13063 | NS      | $3175615.30   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC.               | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK       | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               |  | US        |      1698 | NS      | $404412.66    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SAAB Aktiebolag                                    | SAAB AB-B COMMON STOCK                          | CUSIP: N/A<br>LEI: 549300ZHO4JCQQI13M69       | Long             | EC               |  | SE        |      4994 | NS      | $305052.90    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                                          | HAL TRUST COMMON STOCK                          | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               |  | NL        |      8426 | NS      | $1340540.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                   | AMAZON.COM INC COMMON STOCK                     | CUSIP: N/A<br>LEI: ZXTILKJKG63JELOEG630       | Long             | EC               |  | US        |     15186 | NS      | $3334390.02   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group Ltd                                 | GALDERMA GROUP AG COMMON STOCK                  | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               |  | CH        |      2367 | NS      | $411432.29    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                           | PALO ALTO NETWORKS INC COMMON STOCK             | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               |  | US        |      1520 | NS      | $309502.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET, INC.                       | SPROUTS FARMERS MARKET INC COMMON STOCK         | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               |  | US        |     14858 | NS      | $1616550.40   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERA INCORPORATED                                 | EMERA INC COMMON STOCK                          | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               |  | CA        |      5076 | NS      | $243585.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen N.V.                                         | ADYEN NV COMMON STOCK                           | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               |  | NL        |       230 | NS      | $368892.91    | 0.35%             |  |  |  | Yes           |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                               | APPLOVIN CORP-CLASS A COMMON STOCK              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               |  | US        |       819 | NS      | $588484.26    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE            | CAN IMPERIAL BK OF COMMERCE COMMON STOCK        | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               |  | CA        |      3835 | NS      | $306518.87    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation            | BANK OF NEW YORK MELLON CORP COMMON STOCK       | CUSIP: N/A<br>LEI: WFLLPEPC7FZXENRZV188       | Long             | EC               |  | US        |     10809 | NS      | $1177748.64   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O'REILLY AUTOMOTIVE INC COMMON STOCK            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               |  | US        |      8436 | NS      | $909485.16    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                          | NATIONAL FUEL GAS CO COMMON STOCK               | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               |  | US        |     23334 | NS      | $2155361.58   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                   | PHILIP MORRIS INTERNATIONAL COMMON STOCK        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |     12568 | NS      | $2038529.60   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank N.V.                                 | ABN AMRO BANK NV-CVA DEPOSITARY RECEIPT         | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               |  | NL        |      7185 | NS      | $230055.75    | 0.22%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                           | MASTERCARD INC - A COMMON STOCK                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |      4704 | NS      | $2675682.24   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                          | ZOOM COMMUNICATIONS INC COMMON STOCK            | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               |  | US        |      3826 | NS      | $315645.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                         | ADOBE INC COMMON STOCK                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               |  | US        |       844 | NS      | $297721.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN N.V.                               | KONINKLIJKE KPN NV COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               |  | NL        |     56334 | NS      | $270529.76    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                             | MEDPACE HOLDINGS INC COMMON STOCK               | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               |  | US        |       898 | NS      | $461715.68    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INSURANCE GROUP LIMITED                        | QBE INSURANCE GROUP LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               |  | AU        |     22722 | NS      | $310065.86    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                       | BARCLAYS PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               |  | GB        |    162502 | NS      | $830449.10    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                                   | NOVO NORDISK A/S-B COMMON STOCK                 | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               |  | DK        |      4581 | NS      | $248526.89    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                    | GE VERNOVA INC COMMON STOCK                     | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |       603 | NS      | $370784.70    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                      | HOLOGIC INC COMMON STOCK                        | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               |  | US        |      3245 | NS      | $219005.05    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                          | EXLSERVICE HOLDINGS INC COMMON STOCK            | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               |  | US        |      7508 | NS      | $330577.24    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelleron Industries AG                           | ACCELLERON INDUSTRIES AG COMMON STOCK           | CUSIP: N/A<br>LEI: 254900KS0MD2PAARXD14       | Long             | EC               |  | CH        |     24020 | NS      | $2021163.83   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                                     | KROGER CO COMMON STOCK                          | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               |  | US        |      9176 | NS      | $618554.16    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                        | PFIZER INC COMMON STOCK                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               |  | US        |     82883 | NS      | $2111858.84   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                         | MANHATTAN ASSOCIATES INC COMMON STOCK           | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               |  | US        |      4682 | NS      | $959716.36    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAM S.P.A.                                        | SNAM SPA COMMON STOCK                           | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               |  | IT        |     35115 | NS      | $211170.27    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                         | AGNICO EAGLE MINES LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               |  | US        |      3774 | NS      | $636145.44    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                                 | VEEVA SYSTEMS INC-CLASS A COMMON STOCK          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               |  | US        |      2309 | NS      | $687874.19    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                                  | INPEX CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               |  | JP        |     18746 | NS      | $339290.10    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA, INC.                               | DOMINO'S PIZZA INC COMMON STOCK                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               |  | US        |       481 | NS      | $207652.51    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBRIK, INC.                                       | RUBRIK INC-A COMMON STOCK                       | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               |  | US        |     18959 | NS      | $1559377.75   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE SA                                 | CREDIT AGRICOLE SA COMMON STOCK                 | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               |  | FR        |     16783 | NS      | $329720.30    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Link Real Estate Investment Trust                  | LINK REIT REIT                                  | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               |  | HK        |     41152 | NS      | $211567.53    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VERONA PHARMA PLC.                                 | VERONA PHARMA PLC - ADR DEPOSITARY RECEIPT      | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               |  | US        |      2431 | NS      | $259412.01    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                              | TRADEWEB MARKETS INC-CLASS A COMMON STOCK       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               |  | US        |      1761 | NS      | $195435.78    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN POST HOLDINGS Co.,Ltd.                       | JAPAN POST HOLDINGS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 5299003D9N4JBS256X18       | Long             | EC               |  | JP        |     26436 | NS      | $263133.83    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HOLDINGS PLC                           | ROLLS-ROYCE HOLDINGS PLC COMMON STOCK           | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               |  | GB        |     18803 | NS      | $301232.77    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC - WARRANTS              | CONSTELLATION SOFTWARE INC - WARRANTS ISSUE 1:1 | CUSIP: 21037X134<br>LEI: N/A                  | Long             | EC               |  | CA        |       202 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Nutrien Ltd.                                       | NUTRIEN LTD COMMON STOCK                        | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               |  | CA        |      7366 | NS      | $432674.41    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE, INC.                           | GUIDEWIRE SOFTWARE INC COMMON STOCK             | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               |  | US        |      3822 | NS      | $878524.92    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE, INC.                                   | CLOUDFLARE INC - CLASS A COMMON STOCK           | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               |  | US        |      4566 | NS      | $979817.94    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                               | MCKESSON CORP COMMON STOCK                      | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               |  | US        |      1444 | NS      | $1115547.76   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.                   | ARMSTRONG WORLD INDUSTRIES COMMON STOCK         | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               |  | US        |     10472 | NS      | $2052616.72   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORPORATION                                 | ROBLOX CORP -CLASS A COMMON STOCK               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               |  | US        |      7462 | NS      | $1033636.24   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                              | ELI LILLY & CO COMMON STOCK                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               |  | US        |      1710 | NS      | $1304730.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                    | NORDEA BANK ABP COMMON STOCK                    | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               |  | SE        |     49593 | NS      | $813622.39    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                               | AMPHENOL CORP-CL A COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300D3L3G0R4U4VT04       | Long             | EC               |  | US        |     15559 | NS      | $1925426.25   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST, INC.                                        | TOAST INC-CLASS A COMMON STOCK                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               |  | US        |      6379 | NS      | $232897.29    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                 | NVIDIA CORP COMMON STOCK                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               |  | US        |     35416 | NS      | $6607917.28   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BPM SOCIETA PER AZIONI                       | BANCO BPM SPA COMMON STOCK                      | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               |  | IT        |     17126 | NS      | $256066.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group N.V.                                      | NN GROUP NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               |  | NL        |      3734 | NS      | $262809.44    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                              | CARDINAL HEALTH INC COMMON STOCK                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |      3657 | NS      | $574002.72    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE, INC.                               | HCA HEALTHCARE INC COMMON STOCK                 | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               |  | US        |       440 | NS      | $187528.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                           | SVENSKA HANDELSBANKEN-A SHS COMMON STOCK        | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               |  | SE        |     22745 | NS      | $296008.34    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                        | HALOZYME THERAPEUTICS INC COMMON STOCK          | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               |  | US        |      2994 | NS      | $219579.96    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                     | FORTINET INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300O0QJWDBAS0QX03       | Long             | EC               |  | US        |      8572 | NS      | $720733.76    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                        | VERIZON COMMUNICATIONS INC COMMON STOCK         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               |  | US        |     34575 | NS      | $1519571.25   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                             | LOWE'S COS INC COMMON STOCK                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               |  | US        |      2365 | NS      | $594348.15    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                     | VERISIGN INC COMMON STOCK                       | CUSIP: N/A<br>LEI: LMPL4N8ZOJRMF0KOF759       | Long             | EC               |  | US        |      1111 | NS      | $310602.27    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                                  | SIEMENS ENERGY AG COMMON STOCK                  | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               |  | DE        |      4547 | NS      | $531176.11    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                         | CROWDSTRIKE HOLDINGS INC - A COMMON STOCK       | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               |  | US        |       397 | NS      | $194680.86    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                         | APPLE INC COMMON STOCK                          | CUSIP: N/A<br>LEI: HWUPKR0MPOU8FGXBT394       | Long             | EC               |  | US        |     10843 | NS      | $2760953.09   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                     | TAPESTRY INC COMMON STOCK                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               |  | US        |      3075 | NS      | $348151.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC.                                        | ZOETIS INC COMMON STOCK                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               |  | US        |      6359 | NS      | $930448.88    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                         | JABIL INC COMMON STOCK                          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               |  | US        |      1652 | NS      | $358764.84    | 0.34%             |  |  |  | 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        |     10605 | NS      | $306040.47    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies N.V.                              | TECHNIP ENERGIES NV COMMON STOCK                | CUSIP: N/A<br>LEI: 724500FLODI49NSCIP70       | Long             | EC               |  | FR        |     43481 | NS      | $2047703.43   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LA BANQUE TORONTO-DOMINION                         | TORONTO-DOMINION BANK COMMON STOCK              | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               |  | CA        |     26896 | NS      | $2151061.43   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                                      | NUTANIX INC - A COMMON STOCK                    | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               |  | US        |      3809 | NS      | $283351.51    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                      | MAPLEBEAR INC COMMON STOCK                      | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               |  | US        |     14308 | NS      | $525962.08    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                       | ENCOMPASS HEALTH CORP COMMON STOCK              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               |  | US        |      9248 | NS      | $1174680.96   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                         | PALANTIR TECHNOLOGIES INC-A COMMON STOCK        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               |  | US        |      5661 | NS      | $1032679.62   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                       | DUOLINGO COMMON STOCK                           | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               |  | US        |      3308 | NS      | $1064646.72   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASICS Corporation                                  | ASICS CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 3538002LJMRZ83SU0B85       | Long             | EC               |  | JP        |      9880 | NS      | $259033.48    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCORP GROUP LIMITED                              | SUNCORP GROUP LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 549300BVOKRTHDIWVT46       | Long             | EC               |  | AU        |     16100 | NS      | $216180.43    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                     | SCHWAB (CHARLES) CORP COMMON STOCK              | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |     22163 | NS      | $2115901.61   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                                        | PANDORA A/S COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               |  | DK        |      1266 | NS      | $165085.38    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CELESTICA INC.                                     | CELESTICA INC COMMON STOCK                      | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               |  | CA        |      2034 | NS      | $500635.32    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION                        | WESTERN DIGITAL CORP COMMON STOCK               | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               |  | US        |      5123 | NS      | $615067.38    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                          | EBAY INC COMMON STOCK                           | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               |  | US        |      7348 | NS      | $668300.60    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                    | BORGWARNER INC COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300DSFX2IE88NSX47       | Long             | EC               |  | US        |     17582 | NS      | $772904.72    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                                      | CENCORA INC COMMON STOCK                        | CUSIP: N/A<br>LEI: AI8GXW8LG5WK7E9UD086       | Long             | EC               |  | US        |      2689 | NS      | $840393.17    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC COMMON STOCK                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               |  | US        |       531 | NS      | $175182.21    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                              | GILEAD SCIENCES INC COMMON STOCK                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               |  | US        |     16104 | NS      | $1787544.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                         | UNUM GROUP COMMON STOCK                         | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               |  | US        |     10589 | NS      | $823612.42    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Swissquote Group Holding SA                        | SWISSQUOTE GROUP HOLDING-REG COMMON STOCK       | CUSIP: N/A<br>LEI: 549300O3WME82RDPEN66       | Long             | EC               |  | CH        |       538 | NS      | $375616.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER CORPORATION DU CANADA                        | POWER CORP OF CANADA COMMON STOCK               | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               |  | CA        |      8376 | NS      | $362514.53    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                          | AT&T INC COMMON STOCK                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |     75356 | NS      | $2128053.44   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                       | BRISTOL-MYERS SQUIBB CO COMMON STOCK            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               |  | US        |     12667 | NS      | $571281.70    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol S.A.                                        | REPSOL SA COMMON STOCK                          | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               |  | ES        |     18323 | NS      | $324343.76    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC HONG KONG (HOLDINGS) LIMITED                   | BOC HONG KONG HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               |  | HK        |     48160 | NS      | $226179.43    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                           | LAM RESEARCH CORP COMMON STOCK                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               |  | US        |     20397 | NS      | $2731158.30   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                       | CF INDUSTRIES HOLDINGS INC COMMON STOCK         | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               |  | US        |      3014 | NS      | $270355.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD CHARTERED PLC                             | STANDARD CHARTERED PLC COMMON STOCK             | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               |  | GB        |     32081 | NS      | $619982.18    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DANSKE BANK A/S                                    | DANSKE BANK A/S COMMON STOCK                    | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               |  | DK        |     10555 | NS      | $450092.79    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                          | VISA INC-CLASS A SHARES COMMON STOCK            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |      4089 | NS      | $1395902.82   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE SA                                | SOCIETE GENERALE SA COMMON STOCK                | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               |  | FR        |     11613 | NS      | $769051.16    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                              | MICROSOFT CORP COMMON STOCK                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               |  | US        |     10774 | NS      | $5580393.30   | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                       | MONSTER BEVERAGE CORP COMMON STOCK              | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               |  | US        |     10833 | NS      | $729169.23    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANTEST CORPORATION                              | ADVANTEST CORP COMMON STOCK                     | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               |  | JP        |     12721 | NS      | $1261892.88   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                      | ZSCALER INC COMMON STOCK                        | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               |  | US        |      1329 | NS      | $398248.14    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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