# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002491
**Filing Date:** 2025-11
**Character Count:** 30205
**Document Hash:** b91e27aa5c623cd13ade98316fb4cf9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002491.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002048251-25-002491

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251526875

**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

### MetLife Small Company Equity Fund (Series ID: S000063587)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206017 | Institutional Shares | MSVIX           |
| C000206018 | Investor Shares      | MSVVX           |

## 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:** MetLife Small Company Equity Fund

- **b. EDGAR series identifier (if any):** S000063587

- **c. LEI of Series:** 549300TPIJFQMVKOX529

**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:** $8012888.31

**Total Liabilities:** $41397.88

**Net Assets:** $7971490.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206017 | -0.22%               | 7.05%                | 0.89%                |
| Class ID C000206018 | -0.30%               | 6.96%                | 0.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $115947.14               | $-145720.86                                |
| Month 2  | $101420.95               | $413729.52                                 |
| Month 3  | $364290.55               | $-282864.64                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRUKER CORPORATION                               | BRUKER CORP COMMON STOCK                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               |  | US        |      2754 | NS      | $89477.46     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                           | KYNDRYL HOLDINGS INC COMMON STOCK         | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               |  | US        |      2673 | NS      | $80270.19     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL, INC.                             | GLOBUS MEDICAL INC - A COMMON STOCK       | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               |  | US        |      1778 | NS      | $101826.06    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC.            | BRIGHT HORIZONS FAMILY SOLUT COMMON STOCK | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               |  | US        |       933 | NS      | $101295.81    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS, INC.                                  | O-I GLASS INC COMMON STOCK                | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               |  | US        |      7224 | NS      | $93695.28     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                       | KORN FERRY COMMON STOCK                   | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               |  | US        |      1093 | NS      | $76488.14     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNEX CAPITAL, INC.                              | DYNEX CAPITAL INC REIT                    | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               |  | US        |      8347 | NS      | $102584.63    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                         | ISHARES RUSSELL 2000 ETF MUTUAL FUND      | CUSIP: 464287655<br>LEI: N/A                  | Long             | EC               | RF                | US        |       507 | NS      | $122673.72    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU MEDICAL, INC.                                | ICU MEDICAL INC COMMON STOCK              | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               |  | US        |       683 | NS      | $81932.68     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ENERGY SOLUTIONS INC.                      | ATLAS ENERGY SOLUTIONS INC COMMON STOCK   | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               |  | US        |      3672 | NS      | $41750.64     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORPORATION                      | HANCOCK WHITNEY CORP COMMON STOCK         | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               |  | US        |      1476 | NS      | $92412.36     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                               | RH COMMON STOCK                           | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               |  | US        |       404 | NS      | $82076.64     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORPORATION                      | SOUTHSTATE BANK CORP COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       923 | NS      | $91257.01     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECTIVE INSURANCE GROUP, INC.                  | SELECTIVE INSURANCE GROUP COMMON STOCK    | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               |  | US        |      1320 | NS      | $107012.40    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMAS CORPORATION                               | TRIMAS CORP COMMON STOCK                  | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               |  | US        |      2702 | NS      | $104405.28    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                            | JBT MAREL CORP COMMON STOCK               | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               |  | US        |       625 | NS      | $87781.25     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORPORATION                            | AIR LEASE CORP COMMON STOCK               | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               |  | US        |      1934 | NS      | $123099.10    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.                 | ADVANCED ENERGY INDUSTRIES COMMON STOCK   | CUSIP: N/A<br>LEI: 549300756XI3QLFT2U27       | Long             | EC               |  | US        |       659 | NS      | $112122.26    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS CORPORATION                         | UWM HOLDINGS CORP COMMON STOCK            | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               |  | US        |     13633 | NS      | $83024.97     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVI STRAUSS & CO.                               | LEVI STRAUSS & CO- CLASS A COMMON STOCK   | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               |  | US        |      3915 | NS      | $91219.50     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST, INC.                  | BLACKSTONE MORTGAGE TRU-CL A REIT         | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |      5219 | NS      | $96081.79     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTIC UNION BANKSHARES CORPORATION            | ATLANTIC UNION BANKSHARES CO COMMON STOCK | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               |  | US        |      2403 | NS      | $84801.87     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIDELORTHO CORPORATION                          | QUIDELORTHO CORP COMMON STOCK             | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               |  | US        |      2828 | NS      | $83284.60     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGIANT TRAVEL COMPANY                         | ALLEGIANT TRAVEL CO COMMON STOCK          | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               |  | US        |      1408 | NS      | $85564.16     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| POTLATCHDELTIC CORPORATION                       | POTLATCHDELTIC CORP REIT                  | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |      1910 | NS      | $77832.50     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING, INC.                               | COEUR MINING INC COMMON STOCK             | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               |  | US        |      6068 | NS      | $113835.68    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA BIOLOGICS, INC.                             | ADMA BIOLOGICS INC COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      7717 | NS      | $113131.22    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                                 | LITTELFUSE INC COMMON STOCK               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               |  | US        |       460 | NS      | $119144.60    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES CORPORATION                       | MERITAGE HOMES CORP COMMON STOCK          | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               |  | US        |      1593 | NS      | $115380.99    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                        | MATADOR RESOURCES CO COMMON STOCK         | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               |  | US        |      1505 | NS      | $67619.65     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR S&P Biotech ETF         | SPDR S&P BIOTECH ETF MUTUAL FUND          | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |      1264 | NS      | $126652.80    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKLINE, INC                                   | BLACKLINE INC COMMON STOCK                | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               |  | US        |      1901 | NS      | $100943.10    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    271533 | PA      | $271532.57    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MARZETTI COMPANY                             | MARZETTI COMPANY/THE COMMON STOCK         | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               |  | US        |       431 | NS      | $74472.49     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                           | ALASKA AIR GROUP INC COMMON STOCK         | CUSIP: N/A<br>LEI: 529900G48RT4KWLC6C27       | Long             | EC               |  | US        |      1588 | NS      | $79050.64     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| COHEN & STEERS, INC.                             | COHEN & STEERS INC COMMON STOCK           | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               |  | US        |      1332 | NS      | $87392.52     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC                 | GATES INDUSTRIAL CORP PLC COMMON STOCK    | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               |  | US        |      4897 | NS      | $121543.54    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPARFUMS INC                                 | INTERPARFUMS INC COMMON STOCK             | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               |  | US        |       844 | NS      | $83032.72     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                              | SEMTECH CORP COMMON STOCK                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               |  | US        |      1891 | NS      | $135111.95    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.                         | ENERPAC TOOL GROUP COMMON STOCK           | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |      1640 | NS      | $67240.00     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORPORATION                        | KILROY REALTY CORP REIT                   | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |       910 | NS      | $38447.50     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.                        | AXSOME THERAPEUTICS INC COMMON STOCK      | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |      1046 | NS      | $127036.70    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES, INC.                   | TEXAS CAPITAL BANCSHARES INC COMMON STOCK | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               |  | US        |      1067 | NS      | $90193.51     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                        | EXLSERVICE HOLDINGS INC COMMON STOCK      | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               |  | US        |      2711 | NS      | $119365.33    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                          | CACI INTERNATIONAL INC -CL A COMMON STOCK | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               |  | US        |       147 | NS      | $73320.66     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDINGS, INC.            | OLLIE'S BARGAIN OUTLET HOLDI COMMON STOCK | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               |  | US        |       678 | NS      | $87055.20     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CATALYST PHARMACEUTICALS, INC.                   | CATALYST PHARMACEUTICALS INC COMMON STOCK | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               |  | US        |      4750 | NS      | $93575.00     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                              | ELF BEAUTY INC COMMON STOCK               | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               |  | US        |       634 | NS      | $83992.32     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                           | HAYWARD HOLDINGS INC COMMON STOCK         | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               |  | US        |      6390 | NS      | $96616.80     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP.                          | SYNOVUS FINANCIAL CORP COMMON STOCK       | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               |  | US        |      1801 | NS      | $88393.08     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG INDUSTRIAL, INC.                            | STAG INDUSTRIAL INC REIT                  | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |      2574 | NS      | $90836.46     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST NATURAL HOLDING COMPANY                | NORTHWEST NATURAL HOLDING CO COMMON STOCK | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               |  | US        |      2541 | NS      | $114167.13    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENCE REALTY TRUST, INC                   | INDEPENDENCE REALTY TRUST IN REIT         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |      5138 | NS      | $84211.82     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHATEC HOLDINGS, INC.                          | ALPHATEC HOLDINGS INC COMMON STOCK        | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               |  | US        |      6120 | NS      | $88984.80     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKERMES PUBLIC LIMITED COMPANY                  | ALKERMES PLC COMMON STOCK                 | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               |  | US        |      3821 | NS      | $114630.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST                  | FEDERAL REALTY INVS TRUST REIT            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |       795 | NS      | $80541.45     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PL COMMON STOCK | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               |  | US        |      1308 | NS      | $89506.44     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                               | MOSAIC CO/THE COMMON STOCK                | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               |  | US        |      3266 | NS      | $113264.88    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVANATO GROUP SOCIETA PER AZIONI               | STEVANATO GROUP SPA COMMON STOCK          | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               |  | US        |      3702 | NS      | $95326.50     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                      | RAMBUS INC COMMON STOCK                   | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |       929 | NS      | $96801.80     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI HOLDINGS, INC.                              | YETI HOLDINGS INC COMMON STOCK            | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               |  | US        |      2963 | NS      | $98312.34     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                     | ANTERO RESOURCES CORP COMMON STOCK        | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               |  | US        |      2399 | NS      | $80510.44     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST WATCH RESTAURANT GROUP, INC.               | FIRST WATCH RESTAURANT GROUP COMMON STOCK | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               |  | US        |      5901 | NS      | $92291.64     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                           | PAYMENTUS HOLDINGS INC-A COMMON STOCK     | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               |  | US        |      3256 | NS      | $99633.60     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION       | ZIONS BANCORP NA COMMON STOCK             | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               |  | US        |      1825 | NS      | $103258.50    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN ENERGY GROUP, INC.                  | NORTHWESTERN ENERGY GROUP COMMON STOCK    | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               |  | US        |      1141 | NS      | $66874.01     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNER CORPORATION                               | BANNER CORPORATION COMMON STOCK           | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               |  | US        |      1155 | NS      | $75652.50     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                              | ACI WORLDWIDE INC COMMON STOCK            | CUSIP: N/A<br>LEI: 5493003BPVMZUJ6F5C02       | Long             | EC               |  | US        |      2749 | NS      | $145064.73    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HELIOS TECHNOLOGIES, INC.                        | HELIOS TECHNOLOGIES INC COMMON STOCK      | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               |  | US        |      2289 | NS      | $119325.57    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX FACTORY HOLDING CORP.                        | FOX FACTORY HOLDING CORP COMMON STOCK     | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               |  | US        |      3716 | NS      | $90261.64     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                            | MERCURY SYSTEMS INC COMMON STOCK          | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               |  | US        |      1583 | NS      | $122524.20    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC.                                         | ITT INC COMMON STOCK                      | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               |  | US        |       539 | NS      | $96351.64     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                             | KONTOOR BRANDS INC COMMON STOCK           | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               |  | US        |      1901 | NS      | $151642.77    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| RIOT PLATFORMS, INC.                             | RIOT PLATFORMS INC COMMON STOCK           | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               |  | US        |      4553 | NS      | $86643.59     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINANCIAL CORP.                       | OCEANFIRST FINANCIAL CORP COMMON STOCK    | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               |  | US        |      4332 | NS      | $76113.24     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                        | Nexstar Media Group Inc COMMON STOCK      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       464 | NS      | $91751.36     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                                     | LAZARD INC COMMON STOCK                   | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               |  | US        |      1872 | NS      | $98804.16     | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                               | FLUOR CORP COMMON STOCK                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               |  | US        |      2057 | NS      | $86537.99     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL HEALTH INVESTORS, INC.                  | NATL HEALTH INVESTORS INC REIT            | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |      1237 | NS      | $98341.50     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                      | HALOZYME THERAPEUTICS INC COMMON STOCK    | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               |  | US        |      1574 | NS      | $115437.16    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                             | LXP INDUSTRIAL TRUST REIT                 | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |      9001 | NS      | $80648.96     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD.                      | AXALTA COATING SYSTEMS LTD COMMON STOCK   | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               |  | US        |      2598 | NS      | $74354.76     | 0.93%             |  |  |  | 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