# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-004249
**Filing Date:** 2026-5
**Character Count:** 25161
**Document Hash:** aa8fce9cf34f738de1544a64312fbbea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004249.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002048251-26-004249

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**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:** 261029190

**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

### GQG Partners International Quality Value Fund (Series ID: S000072428)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000228652 | Investor Shares      | GQJPX           |
| C000228653 | Institutional Shares | GQJIX           |

## 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:** GQG Partners International Quality Value Fund

- **b. EDGAR series identifier (if any):** S000072428

- **c. LEI of Series:** 5493006ERGZ234NSGS26

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $687307363.29

**Total Liabilities:** $1412905.43

**Net Assets:** $685894457.86

**Cash Not Reported:** $470998.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228653 | -5.46%               | 5.90%                | 5.55%                |
| Class ID C000228652 | -5.51%               | 5.90%                | 5.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7185676.37              | $-52102537.81                              |
| Month 2  | $4580271.88              | $35123920.29                               |
| Month 3  | $-107514.68              | $36516405.56                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMBEV S.A.                                              | AMBEV SA-ADR DEPOSITARY RECEIPT                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               |  | US        |   2857026 | NS      | $8342515.92   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/GBP SETTLE 2026-04-01     | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $356.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Company Limited                   | TAKEDA PHARMACEUTICAL CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               |  | JP        |    183400 | NS      | $6737890.62   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                         | ASTRAZENECA PLC COMMON STOCK                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               |  | GB        |     50327 | NS      | $9804543.52   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank, S.A.                                         | CAIXABANK SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |    598864 | NS      | $7156347.52   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENI S.P.A.                                              | ENI SPA COMMON STOCK                               | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               |  | IT        |    377255 | NS      | $10692976.31  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTRAND LIMITED                                       | FIRSTRAND LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               |  | ZA        |   1161404 | NS      | $5877423.37   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                           | FX Forward Contract: USD/EUR SETTLE 2026-04-01     | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $-590.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                     | DEUTSCHE TELEKOM AG-REG COMMON STOCK               | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |    301261 | NS      | $11208600.69  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                                         | IBERDROLA SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               |  | ES        |    892808 | NS      | $20375663.35  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                           | FIRST ABU DHABI BANK PJSC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |   2321433 | NS      | $11014794.81  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                        | ROCHE HOLDING AG COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               |  | CH        |     22820 | NS      | $9062484.64   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                       | ROSNEFT OIL CO PJSC COMMON STOCK                   | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |     98129 | NS      | $12.07        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GAZPROM PAO                                             | GAZPROM PJSC COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    141071 | NS      | $17.35        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TOTALENERGIES SE                                        | TOTALENERGIES SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |    268321 | NS      | $24547303.87  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                             | NOVARTIS AG-REG COMMON STOCK                       | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               |  | CH        |    140863 | NS      | $21515401.47  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPOLKA AKCYJNA | PKO BANK POLSKI SA COMMON STOCK                    | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               |  | PL        |    262198 | NS      | $6175660.92   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                               | SAUDI ARABIAN OIL CO COMMON STOCK                  | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |   1039968 | NS      | $7528538.86   | 1.10%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SAMSUNG FIRE & MARINE INSURANCE CO., LTD.               | SAMSUNG FIRE & MARINE INS COMMON STOCK             | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               |  | KR        |     18266 | NS      | $5471240.04   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                                  | MERCEDES-BENZ GROUP AG COMMON STOCK                | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               |  | DE        |    146367 | NS      | $8967781.46   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                            | NATIONAL BANK OF GREECE COMMON STOCK               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               |  | GR        |    529905 | NS      | $8160107.17   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke Aktiengesellschaft             | BAYERISCHE MOTOREN WERKE AG COMMON STOCK           | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               |  | DE        |     38550 | NS      | $3554893.73   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                               | SANOFI COMMON STOCK                                | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               |  | FR        |    182731 | NS      | $17590675.83  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                           | ENBRIDGE INC COMMON STOCK                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |    364001 | NS      | $19669173.74  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BP P.L.C.                                               | BP PLC COMMON STOCK                                | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               |  | GB        |   1486520 | NS      | $11591666.62  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                 | E.ON SE COMMON STOCK                               | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               |  | DE        |    647491 | NS      | $14136301.94  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                               | SHELL PLC COMMON STOCK                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | NL        |    245280 | NS      | $11433412.22  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                    | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |    917924 | NS      | $8539481.98   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC LIMITED                                             | ITC LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        |   3547198 | NS      | $10839251.45  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                             | NESTLE SA-REG COMMON STOCK                         | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |    190886 | NS      | $18632166.40  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                            | UNILEVER PLC COMMON STOCK                          | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | GB        |    170109 | NS      | $9304327.20   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED           | ADANI PORTS AND SPECIAL ECON COMMON STOCK          | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               |  | IN        |    849166 | NS      | $11878242.12  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK NORIL'SKIY NIKEL' PAO                               | MMC NORILSK NICKEL PJSC COMMON STOCK               | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               |  | RU        |     86600 | NS      | $10.65        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BB Seguridade Participacoes S.A.                        | BB SEGURIDADE PARTICIPACOES COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    946200 | NS      | $6312892.31   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                              | ITAU UNIBANCO H-SPON PRF ADR DEPOSITARY RECEIPT    | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               |  | US        |   1708426 | NS      | $14316609.88  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KRUNG THAI BANK PUBLIC COMPANY LIMITED                  | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK          | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        |   6923100 | NS      | $7403616.46   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| POLYUS PAO                                              | POLYUS PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               |  | RU        |      1135 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TC Energy Corporation                                   | TC ENERGY CORP COMMON STOCK                        | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               |  | CA        |    114043 | NS      | $7118545.18   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS            | AXIA ENERGIA COMMON STOCK                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |    952100 | NS      | $10669748.27  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Incorporation                            | CENOVUS ENERGY INC COMMON STOCK                    | CUSIP: 15135U109<br>LEI: 254900LJGL2N2XEMD470 | Long             | EC               |  | CA        |    223948 | NS      | $5924660.64   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                           | BANK MANDIRI PERSERO TBK PT COMMON STOCK           | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        |  26955116 | NS      | $7566364.88   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                    | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |    977165 | NS      | $20276173.75  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings, Inc.                             | TOKIO MARINE HOLDINGS INC COMMON STOCK             | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               |  | JP        |    347200 | NS      | $16258464.76  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | BROWN BROTHERS HARRIMAN SWEEP INTEREST             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  24013242 | PA      | $24013241.61  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Allwyn AG                                               | ALLWYN AG COMMON STOCK                             | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               |  | GR        |    312909 | NS      | $4718230.03   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE TELECOMMUNICATIONS LIMITED                    | SINGAPORE TELECOMMUNICATIONS COMMON STOCK          | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               |  | SG        |   2805700 | NS      | $10765872.02  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                               | VALE SA-SP ADR DEPOSITARY RECEIPT                  | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |    598762 | NS      | $9526303.42   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED                      | CANADIAN NATURAL RESOURCES COMMON STOCK            | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               |  | CA        |    202368 | NS      | $9840344.29   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                                  | DBS GROUP HOLDINGS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               |  | SG        |    184800 | NS      | $8195258.70   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RECKITT BENCKISER GROUP PLC                             | RECKITT BENCKISER GROUP PLC COMMON STOCK           | CUSIP: G7S0C8107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               |  | GB        |     42605 | NS      | $2854179.08   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                         | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK          | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |    268300 | NS      | $12485012.04  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                                       | NATIONAL GRID PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               |  | GB        |   1010943 | NS      | $17001695.75  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN AKTIENGESELLSCHAFT                           | Volkswagen AG PREFERRED STOCK                      | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               |  | DE        |     57819 | NS      | $5895806.23   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                                     | IMPERIAL BRANDS PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               |  | GB        |    536028 | NS      | $21654376.19  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD BANK GROUP LIMITED                             | STANDARD BANK GROUP LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               |  | ZA        |    347938 | NS      | $6228823.72   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                        | PHILIP MORRIS INTERNATIONAL COMMON STOCK           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |    206032 | NS      | $34065330.88  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                       | POWER FINANCE CORPORATION COMMON STOCK             | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               |  | IN        |   1673537 | NS      | $6764692.25   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL - SPA                                              | ENEL SPA COMMON STOCK                              | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               |  | IT        |   1646628 | NS      | $17945556.79  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                           | ADNOC GAS PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        |   8881184 | NS      | $7832252.66   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                                | SVENSKA HANDELSBANKEN-A SHS COMMON STOCK           | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               |  | SE        |    664540 | NS      | $8706299.04   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                            | SCB X PCL-FOREIGN COMMON STOCK                     | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |   1450800 | NS      | $6377671.14   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS            | AXIA ENERGIA COMMON STOCK                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |    243624 | NS      | $2637807.90   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO P.L.C.                         | BRITISH AMERICAN TOBACCO PLC COMMON STOCK          | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               |  | GB        |    816262 | NS      | $47215933.31  | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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