# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-26-005343
**Filing Date:** 2026-6
**Character Count:** 25941
**Document Hash:** 30a10686d2acba8a85c892714dc6a865
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-005343.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0002048251-26-005343

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 261124055

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

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

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

## Nport-Ex

**THE ADVISORS' INNER CIRCLE FUND III**

**KBI GLOBAL INVESTORS AQUARIUS FUND** 

**APRIL 30, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| COMMON STOCK — 97.8% | COMMON STOCK — 97.8% | COMMON STOCK — 97.8% |
|  | **Shares** | **Value** |
| Austria — 1.5% | Austria — 1.5% |  |
| Industrials — 1.5% | Industrials — 1.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ANDRITZ  | 10001 | $849795 |
| Brazil — 2.7% | Brazil — 2.7% |  |
| Utilities — 2.7% | Utilities — 2.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR  | 45892 | 1543348 |
| Canada — 0.5% | Canada — 0.5% |  |
| Industrials — 0.5% | Industrials — 0.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stantec  | 3417 | 312079 |
| China — 0.3% | China — 0.3% |  |
| Utilities — 0.3% | Utilities — 0.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China Water Affairs Group  | 319730 | 201884 |
| France — 6.2% | France — 6.2% |  |
| Utilities — 6.2% | Utilities — 6.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement  | 85065 | 3597343 |
| Germany — 0.6% | Germany — 0.6% |  |
| Industrials — 0.6% | Industrials — 0.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norma Group  | 21714 | 374340 |
| Japan — 2.9% | Japan — 2.9% |  |
| Industrials — 2.9% | Industrials — 2.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kurita Water Industries  | 31410 | 1697626 |
| Mexico — 0.1% | Mexico — 0.1% |  |
| Materials — 0.1% | Materials — 0.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orbia Advance \* | 69280 | 82612 |
| Netherlands — 4.8% | Netherlands — 4.8% |  |
| Industrials — 4.8% | Industrials — 4.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aalberts  | 41843 | 1589479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcadis  | 27825 | 1191682 |
|  |  | 2781161 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**KBI GLOBAL INVESTORS AQUARIUS FUND** 

**APRIL 30, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued | COMMON STOCK — continued | COMMON STOCK — continued |
|  | **Shares** | **Value** |
| South Korea — 2.6% | South Korea — 2.6% |  |
| Consumer Discretionary — 2.6% | Consumer Discretionary — 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coway  | 25932 | $1507641 |
| Switzerland — 1.6% | Switzerland — 1.6% |  |
| Industrials — 1.6% | Industrials — 1.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Georg Fischer  | 16812 | 919634 |
| United Kingdom — 12.0% | United Kingdom — 12.0% |  |
| Industrials — 1.2% | Industrials — 1.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group  | 18626 | 675105 |
| Information Technology — 2.6% | Information Technology — 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma  | 25240 | 1518883 |
| Utilities — 8.2% | Utilities — 8.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennon Group  | 220083 | 1645628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severn Trent  | 31036 | 1379666 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Utilities Group  | 89180 | 1768632 |
|  |  | 4793926 |
|  |  | 6987914 |
| United States — 62.0% | United States — 62.0% |  |
| Industrials — 44.7% | Industrials — 44.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems  | 7042 | 1051018 |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM  | 12488 | 1050241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 36613 | 1844197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Recovery \* | 49316 | 545928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises  | 3526 | 943945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations  | 33600 | 1362144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric  | 10231 | 1025044 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX  | 12483 | 2719422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand  | 12527 | 1000406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions  | 6656 | 861353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindsay  | 4806 | 538128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco  | 9763 | 701179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A  | 19904 | 555123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onterris \* | 14501 | 305246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair  | 21196 | 1710729 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply \* | 7318 | 922434 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies \* | 4483 | 981373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech  | 33072 | 1068887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toro  | 8278 | 787817 |

---

**THE ADVISORS' INNER CIRCLE FUND III**

**KBI GLOBAL INVESTORS AQUARIUS FUND** 

**APRIL 30, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued | COMMON STOCK — continued | COMMON STOCK — continued |
|  | **Shares** | **Value** |
| United States — continued | United States — continued |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries  | 1747 | $887546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto  | 23417 | 2065409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem  | 25806 | 3049237 |
|  |  | 25976806 |
| Information Technology — 2.8% | Information Technology — 2.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Badger Meter  | 5148 | 622445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron \* | 12304 | 1031075 |
|  |  | 1653520 |
| Materials — 4.1% | Materials — 4.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours  | 11964 | 546276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab  | 7079 | 1844787 |
|  |  | 2391063 |
| Utilities — 10.4% | Utilities — 10.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works  | 12406 | 1593179 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group  | 35579 | 1502857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities  | 43342 | 1655664 |
| &nbsp;&nbsp;&nbsp;&nbsp;H2O America  | 22712 | 1276187 |
|  |  | 6027887 |
|  |  | 36049276 |
| &nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $44,584,128)  |  | 56904653 |
| TOTAL INVESTMENTS — 97.8% |  |  |
| &nbsp;&nbsp;(Cost $44,584,128) |  | $56904653 |

---

*Percentages are based on Net Assets of $58,176,704.* 

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

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

KBI-QH-001-1600

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** KBI GLOBAL INVESTORS AQUARIUS FUND

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

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

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

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

- **b. Date as of which information is reported:** 2026-04-30

**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:** $58284499.72

**Total Liabilities:** $107698.46

**Net Assets:** $58176801.26

**Cash Not Reported:** $27182.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204809 | 5.08%                | -9.44%               | 3.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $291600.98               | $2458503.80                                |
| Month 2  | $105475.89               | $-6161297.44                               |
| Month 3  | $671441.43               | $1691107.32                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MASCO CORPORATION                                              | MASCO CORP COMMON STOCK                         | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               |  | US        |      9763 | NS      | $701178.66    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                          | AECOM COMMON STOCK                              | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |     12488 | NS      | $1050240.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                                 | PENTAIR PLC COMMON STOCK                        | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               |  | US        |     21196 | NS      | $1710729.16   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                                   | MUELLER WATER PRODUCTS INC-A COMMON STOCK       | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               |  | US        |     19904 | NS      | $555122.56    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.                             | AMERICAN WATER WORKS CO INC COMMON STOCK        | CUSIP: N/A<br>LEI: 549300DXHIJQMD5WFW18       | Long             | EC               |  | US        |     12406 | NS      | $1593178.52   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | CIA SANEAMENTO BASICO DE-ADR DEPOSITARY RECEIPT | CUSIP: 20441A102<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               |  | US        |     45892 | NS      | $1543347.96   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY, INC.                                 | SITEONE LANDSCAPE SUPPLY INC COMMON STOCK       | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               |  | US        |      7318 | NS      | $922433.90    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY, INC.                                          | ENERGY RECOVERY INC COMMON STOCK                | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               |  | US        |     49316 | NS      | $545928.12    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O AMERICA                                                    | H2O AMERICA COMMON STOCK                        | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               |  | US        |     22712 | NS      | $1276187.28   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                                               | IDEX CORP COMMON STOCK                          | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |     12483 | NS      | $2719421.55   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                                   | KURITA WATER INDUSTRIES LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 52990086GS2ON69UMX34       | Long             | EC               |  | JP        |     31410 | NS      | $1697625.67   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA WATER SERVICE GROUP                                 | CALIFORNIA WATER SERVICE GRP COMMON STOCK       | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               |  | US        |     35579 | NS      | $1502856.96   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                                                    | ECOLAB INC COMMON STOCK                         | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               |  | US        |      7079 | NS      | $1844787.40   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN ELECTRIC CO., INC.                                    | FRANKLIN ELECTRIC CO INC COMMON STOCK           | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               |  | US        |     10231 | NS      | $1025043.89   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                                      | FERGUSON ENTERPRISES INC COMMON STOCK           | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |      3526 | NS      | $943945.46    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCADIS N.V.                                                   | ARCADIS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 7245000UZH70GO047N03       | Long             | EC               |  | NL        |     27825 | NS      | $1191682.05   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1104525 | PA      | $1104524.85   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NORMA Group SE                                                 | NORMA GROUP SE COMMON STOCK                     | CUSIP: N/A<br>LEI: 5299000LM9HC76W5XD46       | Long             | EC               |  | DE        |     21714 | NS      | $374339.69    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Georg Fischer AG                                               | FISCHER (GEORG)-REG COMMON STOCK                | CUSIP: H26091274<br>LEI: 529900CMRQYW4U1W2456 | Long             | EC               |  | CH        |     16812 | NS      | $919634.41    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECH, INC.                                               | TETRA TECH INC COMMON STOCK                     | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               |  | US        |     33072 | NS      | $1068887.04   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIR GROUP PLC(THE)                                            | WEIR GROUP PLC/THE COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               |  | GB        |     18626 | NS      | $675104.90    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Aalberts N.V.                                                  | AALBERTS NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300EMP9DT6Q35HZ31       | Long             | EC               |  | NL        |     41843 | NS      | $1589478.92   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED UTILITIES GROUP PLC                                     | UNITED UTILITIES GROUP PLC COMMON STOCK         | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               |  | GB        |     89180 | NS      | $1768632.26   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                                               | TORO CO COMMON STOCK                            | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               |  | US        |      8278 | NS      | $787817.26    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.                                       | VALMONT INDUSTRIES COMMON STOCK                 | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               |  | US        |      1747 | NS      | $887545.88    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JACOBS SOLUTIONS INC.                                          | JACOBS SOLUTIONS INC COMMON STOCK               | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               |  | US        |      6656 | NS      | $861352.96    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc.                                                   | STANTEC INC COMMON STOCK                        | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               |  | CA        |      3417 | NS      | $312079.38    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERN TRENT PLC                                               | SEVERN TRENT PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               |  | GB        |     31036 | NS      | $1379665.81   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTROSE ENVIRONMENTAL GROUP                                   | MONTROSE ENVIRONMENTAL GROUP COMMON STOCK       | CUSIP: 615111101<br>LEI: N/A                  | Long             | EC               |  | US        |     14501 | NS      | $305246.05    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| COWAY Co., Ltd.                                                | COWAY CO LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     25932 | NS      | $1507641.33   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN, INC.                                              | CORE & MAIN INC-CLASS A COMMON STOCK            | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               |  | US        |     36613 | NS      | $1844196.81   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Orbia Advance Corporation S.A.B. de CV                         | ORBIA ADVANCE CORP SAB DE CV COMMON STOCK       | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | EC               |  | MX        |     69280 | NS      | $82611.70     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS, INC.                                | ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               |  | US        |      7042 | NS      | $1051018.50   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS, INC.                                        | DUPONT DE NEMOURS INC COMMON STOCK              | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               |  | US        |     11964 | NS      | $546276.24    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                                      | ESSENTIAL UTILITIES INC COMMON STOCK            | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               |  | US        |     43342 | NS      | $1655664.40   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                                         | SPX TECHNOLOGIES INC COMMON STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      4483 | NS      | $981373.53    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                                    | ITRON INC COMMON STOCK                          | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |     12304 | NS      | $1031075.20   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HALMA PUBLIC LIMITED COMPANY                                   | HALMA PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               |  | GB        |     25240 | NS      | $1518882.85   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Andritz AG                                                     | ANDRITZ AG COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300VZKC61IR5U8G96       | Long             | EC               |  | AT        |     10001 | NS      | $849794.62    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA WATER AFFAIRS GROUP LIMITED                              | CHINA WATER AFFAIRS GROUP COMMON STOCK          | CUSIP: N/A<br>LEI: 529900XTSVH0DH4CEX74       | Long             | EC               |  | HK        |    319730 | NS      | $201883.71    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                                            | VERALTO CORP COMMON STOCK                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |     23417 | NS      | $2065408.80   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNON GROUP PLC                                               | PENNON GROUP PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               |  | GB        |    220083 | NS      | $1645628.72   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                                     | XYLEM INC COMMON STOCK                          | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |     25806 | NS      | $3049236.96   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUNE BRANDS INNOVATIONS, INC.                               | FORTUNE BRANDS INNOVATIONS I COMMON STOCK       | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               |  | US        |     33600 | NS      | $1362144.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                                             | BADGER METER INC COMMON STOCK                   | CUSIP: N/A<br>LEI: 5493002JENE20OGTUG20       | Long             | EC               |  | US        |      5148 | NS      | $622444.68    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDSAY CORPORATION                                            | LINDSAY CORP COMMON STOCK                       | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               |  | US        |      4806 | NS      | $538127.82    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                                        | VEOLIA ENVIRONNEMENT COMMON STOCK               | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               |  | FR        |     85065 | NS      | $3597342.88   | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL RAND INC.                                            | INGERSOLL-RAND INC COMMON STOCK                 | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               |  | US        |     12527 | NS      | $1000406.22   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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