# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-211660
**Filing Date:** 2025-8
**Character Count:** 38940
**Document Hash:** 859139b79aa86d00e6624a4420e5d0be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211660.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211660

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251272851

**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

### Redwheel Global Emerging Equity Fund (Series ID: S000055328)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174121 | Class I Shares             | RWCIX           |
| C000174122 | Institutional Class Shares | RWCEX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 97.1%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Argentina — 0.4%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;YPF ADR \* | 9986 | $314060 |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia ADR | 8491 | 427861 |
| Total Argentina |  | 741921 |
| **Brazil — 8.6%** |  |  |
| **Consumer Discretionary — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 1631 | 4262831 |
| **Consumer Staples — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 1334200 | 3248810 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 246500 | 684239 |
|  |  | 3933049 |
| **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 404285 | 5057605 |
| **Financials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 471800 | 3652272 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Embraer ADR | 24400 | 1388604 |
| Total Brazil |  | 18294361 |
| **Chile — 0.6%** |  |  |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile ADR | 34818 | 1228031 |
| Total Chile |  | 1228031 |
| **China — 32.7%** |  |  |
| **Communication Services — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 976764 | 7928919 |
| &nbsp;&nbsp;&nbsp;NetEase | 211384 | 5696629 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 123195 | 7938095 |
|  |  | 21563643 |
| **Consumer Discretionary** — **11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 228403 | 3233241 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **China — (continued)** |  |  |
| **Consumer Discretionary — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR | 33821 | $3835640 |
| &nbsp;&nbsp;&nbsp;BYD | 414000 | 6445953 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding | 797000 | 1519524 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 213700 | 2916774 |
| &nbsp;&nbsp;&nbsp;Li Auto ADR \* | 116505 | 3158451 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 244700 | 3936229 |
|  |  | 25045812 |
| **Financials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;China International Capital | 2389997 | 5418768 |
| **Industrials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 114440 | 4034279 |
| &nbsp;&nbsp;&nbsp;SF Holding | 165200 | 952618 |
|  |  | 4986897 |
| **Materials — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group | 1430000 | 3677667 |
| **Real Estate — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Land | 578723 | 1970416 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings | 2593856 | 2173951 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 3909500 | 4632630 |
|  |  | 8776997 |
| Total China |  | 69469784 |
| **Congo, Democratic Republic — 1.3%** |  |  |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Cl A \* | 366993 | 2751439 |
| Total Congo, Democratic Republic |  | 2751439 |
| **Ghana — 0.4%** |  |  |
| **Energy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kosmos Energy \* | 199709 | 343500 |
| &nbsp;&nbsp;&nbsp;Tullow Oil \* | 2532590 | 551444 |
| Total Ghana |  | 894944 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **Greece — 2.4%** |  |  |
| **Financials — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 748153 | $5164986 |
| Total Greece |  | 5164986 |
| **India — 12.9%** |  |  |
| **Communication Services — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 226483 | 5309683 |
| **Financials — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 287216 | 4853877 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance | 112941 | 2421068 |
|  |  | 7274945 |
| **Industrials — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;GMR Airports Infrastructure \* | 1973166 | 1961577 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation \* | 62324 | 4346729 |
|  |  | 6308306 |
| **Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 66565 | 1817836 |
| **Real Estate — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DLF | 364932 | 3567544 |
| &nbsp;&nbsp;&nbsp;Macrotech Developers | 186523 | 3015647 |
|  |  | 6583191 |
| Total India |  | 27293961 |
| **Luxembourg — 1.0%** |  |  |
| **Consumer Staples — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Zabka Group \* | 366799 | 2198875 |
| Total Luxembourg |  | 2198875 |
| **Mexico — 3.7%** |  |  |
| **Consumer Staples — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 1216600 | 3997805 |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 417400 | 3804367 |
| Total Mexico |  | 7802172 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Russia — –%** |  |  |
| **Energy — –%** |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC (A) | 292949 | $— |
| Total Russia |  | – |
| **South Africa — 9.9%** |  |  |
| **Communication Services — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 570914 | 4527346 |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 22541 | 4489862 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 177571 | 2271286 |
|  |  | 6761148 |
| **Materials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 49030 | 2174868 |
| &nbsp;&nbsp;&nbsp;Gold Fields ADR | 169770 | 4018456 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings \* | 397191 | 3555306 |
|  |  | 9748630 |
| Total South Africa |  | 21037124 |
| **South Korea — 9.0%** |  |  |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 36814 | 1102948 |
| **Financials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 75371 | 6193708 |
| **Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai Electric | 1776 | 665799 |
| **Information Technology — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 250574 | 11080788 |
| Total South Korea |  | 19043243 |
| **Taiwan — 6.7%** |  |  |
| **Information Technology — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 168660 | 7226856 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 193904 | 7090944 |
| Total Taiwan |  | 14317800 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **United Arab Emirates — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 252078 | $1139146 |
| Total United Arab Emirates |  | 1139146 |
| **United Kingdom — 1.4%** |  |  |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 63906 | 2912196 |
| Total United Kingdom |  | 2912196 |
| **Vietnam — 2.5%** |  |  |
| **Consumer Staples — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Masan Group \* | 524000 | 1541318 |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Hoa Phat Group JSC \* | 3356868 | 2925012 |
| **Real Estate — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Vincom Retail JSC \* | 959593 | 905925 |
| Total Vietnam |  | 5372255 |
| **Zambia — 3.1%** |  |  |
| **Materials — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals \* | 373443 | 6620437 |
| Total Zambia |  | 6620437 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $160,478,037) |  | 206282675 |
| **PREFERRED STOCK — 1.8%** |  |  |
| **Brazil — 1.8%** |  |  |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (B) | 580600 | 3922189 |
| Total Brazil |  | 3922189 |
| TOTAL PREFERRED STOCK |  |  |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **REDWHEEL GLOBAL EMERGING** |
|  | **EQUITY FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — continued** | | |
|  | <br>**Shares** | <br>**Value** |
| Brazil — (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,917,918) |  | $3922189 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $163,395,955) |  | $210204864 |

---

*Percentages are based on Net Assets of $212,518,371*.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Level
 3 security in accordance with fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(B) There
 is currently no rate available.

ADR American Depositary Receipt

Cl Class

JSC Joint Stock Company

PJSC Public Joint Stock Company

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 96.7%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Belgium — 2.7%** |  |  |
| **Utilities — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Elia Group SA/NV | 46929 | $5401154 |
| Total Belgium |  | 5401154 |
| **Brazil — 2.5%** |  |  |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Neoenergia SA | 1065570 | 4986333 |
| Total Brazil |  | 4986333 |
| **Canada — 4.3%** |  |  |
| **Utilities — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities | 1012860 | 5803688 |
| &nbsp;&nbsp;&nbsp;Northland Power | 185129 | 2899382 |
| Total Canada |  | 8703070 |
| **China — 4.8%** |  |  |
| **Energy — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;China Suntien Green Energy Corp Ltd | 6024782 | 3388938 |
| **Utilities — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp Ltd | 5820898 | 5252477 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings Ltd | 7788475 | 1141541 |
|  |  | 6394018 |
| Total China |  | 9782956 |
| **Denmark — 1.0%** |  |  |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Orsted AS \* | 48054 | 2062918 |
| Total Denmark |  | 2062918 |
| **Germany — 3.2%** |  |  |
| **Utilities — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON SE | 354540 | 6509870 |
| Total Germany |  | 6509870 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **India — 5.9%** |  |  |
| **Utilities — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Energy Global PLC, Cl A \* | 1743746 | $12049285 |
| Total India |  | 12049285 |
| **Italy — 12.8%** |  |  |
| **Utilities — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SPA | 1278616 | 12092696 |
| &nbsp;&nbsp;&nbsp;ERG SPA | 456256 | 9941562 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 381373 | 3907225 |
| Total Italy |  | 25941483 |
| **Japan — 2.2%** |  |  |
| **Utilities — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;RENOVA Inc \* | 978505 | 4397329 |
| Total Japan |  | 4397329 |
| **Portugal — 3.0%** |  |  |
| **Utilities — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP SA | 1399934 | 6060518 |
| Total Portugal |  | 6060518 |
| **Spain — 5.9%** |  |  |
| **Utilities — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 532551 | 5938331 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 319596 | 6126980 |
| Total Spain |  | 12065311 |
| **Switzerland — 5.1%** |  |  |
| **Utilities — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BKW AG | 46921 | 10254457 |
| Total Switzerland |  | 10254457 |
| **United Kingdom — 10.0%** |  |  |
| **Utilities — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Drax Group PLC | 635111 | 6043003 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 547854 | 8028296 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Shares** |<br>**Value** |
| **United Kingdom — (continued)** |  |  |
| **Utilities — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SSE | 243284 | $6115665 |
| Total United Kingdom |  | 20186964 |
| **United States — 33.3%** |  |  |
| **Utilities — 33.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Avista Corp | 202613 | 7689163 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl C | 358677 | 11477664 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | 41092 | 13262854 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc | 165826 | 9372486 |
| &nbsp;&nbsp;&nbsp;Exelon Corp | 165184 | 7172289 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc | 89731 | 6229126 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc | 67348 | 5641069 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc | 78878 | 6639950 |
| Total United States |  | 67484601 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $167,666,410) |  | 195886249 |
| **CLOSED-END FUND — 1.8%** |  |  |
| **United Kingdom — 1.8%** |  |  |
| **Energy — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencoat UK Wind PLC/Funds | 2138484 | 3531980 |
| Total United Kingdom |  | 3531980 |
| &nbsp;&nbsp;&nbsp;TOTAL CLOSED-END FUNDS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,696,960) |  | 3531980 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 98.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $171,363,370) |  | $199418229 |

---

*Percentages are based on Net Assets of $202,541,706*.

\* Non-income producing security.

Cl Class

Ltd. Limited

PLC Public Limited Company

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **ECOFIN GLOBAL RENEWABLES** |
|  | **INFRASTRUCTURE FUND** |
|  | **JUNE 30, 2025 (UNAUDITED)** |

---

RWC-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:** Redwheel Global Emerging Equity Fund

- **b. EDGAR series identifier (if any):** S000055328

- **c. LEI of Series:** 5493002VZUBN8A0SY772

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $215271343.53

**Total Liabilities:** $2753214.35

**Net Assets:** $212518129.18

**Cash Not Reported:** $448733.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174121 | 5.76%                | 3.06%                | 0.00%                |
| Class ID C000174122 | 5.84%                | 3.05%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $170872.97               | $10968827.02                               |
| Month 2  | $-270709.40              | $6194661.99                                |
| Month 3  | $-4511.85                | $346727.28                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alibaba Group Holding Limited                    | ALIBABA GROUP HOLDING LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    228403 | NS      | $3233240.75   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                    | ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               |  | US        |     33413 | NS      | $3789368.33   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV S.A.                                       | AMBEV SA COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               |  | BR        |   1318100 | NS      | $3209606.16   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                            | ANGLOGOLD ASHANTI PLC COMMON STOCK              | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               |  | US        |     63134 | NS      | $2877016.38   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ASIAN PAINTS LIMITED                             | ASIAN PAINTS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800HEHXGYRUNERD75       | Long             | EC               |  | IN        |     66565 | NS      | $1817835.74   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL S.A.                           | BANCO BTG PACTUAL SA-UNIT UNIT                  | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               |  | BR        |    466100 | NS      | $3608146.98   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                            | BHARTI AIRTEL LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |    226483 | NS      | $5309683.20   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4287272 | PA      | $4287271.84   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD COMPANY LIMITED                              | BYD CO LTD-H COMMON STOCK                       | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               |  | HK        |    414000 | NS      | $6445952.73   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITEC BANK HOLDINGS LIMITED                    | CAPITEC BANK HOLDINGS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |     22269 | NS      | $4435683.09   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| China International Capital Corporation Limited  | CHINA INTERNATIONAL CAPITA-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900OS3SVVTT56QN67       | Long             | EC               |  | HK        |   2389997 | NS      | $5418768.35   | 2.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CHINA RESOURCES LAND LIMITED                     | CHINA RESOURCES LAND LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               |  | HK        |    578723 | NS      | $1970416.09   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.        | CONTEMPORARY AMPEREX TECHN-A COMMON STOCK       | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               |  | CN        |    114440 | NS      | $4034278.73   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED | COUNTRY GARDEN SERVICES HOLD COMMON STOCK       | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               |  | HK        |   2593856 | NS      | $2173951.36   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COUPANG, INC.                                    | COUPANG INC COMMON STOCK                        | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               |  | US        |     36370 | NS      | $1089645.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DLF LIMITED                                      | DLF LTD COMMON STOCK                            | CUSIP: N/A<br>LEI: 335800PJLUEOB8914F48       | Long             | EC               |  | IN        |    364932 | NS      | $3567544.08   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                                     | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT          | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |     24106 | NS      | $1371872.46   | 0.65%             |  |  |  | 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        |    252078 | NS      | $1139145.89   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                      | FIRST QUANTUM MINERALS LTD COMMON STOCK         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               |  | CA        |    368930 | NS      | $6540429.97   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                    | FX Forward Contract: HKD/USD SETTLE 2025-07-03  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | HK        |         1 | NC      | $-397.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                    | FX Forward Contract: USD/HKD SETTLE 2025-07-02  | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | N/A              | DFE              |  | US        |         1 | NC      | $39.01        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GMR AIRPORTS LIMITED                             | GMR AIRPORTS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 3358008S2MTRWZ255P70       | Long             | EC               |  | IN        |   1973166 | NS      | $1961577.33   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                              | GOLD FIELDS LTD-SPONS ADR DEPOSITARY RECEIPT    | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               |  | US        |    167719 | NS      | $3969908.73   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.         | GRUPO FINANCIERO BANORTE-O COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    412400 | NS      | $3758795.05   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                    | GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               |  | US        |      8389 | NS      | $422721.71    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HAIDILAO INTERNATIONAL HOLDING LTD.              | HAIDILAO INTERNATIONAL HOLDI COMMON STOCK       | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               |  | HK        |    797000 | NS      | $1519524.06   | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO., LTD.                    | HD HYUNDAI ELECTRIC CO COMMON STOCK             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               |  | KR        |      1776 | NS      | $665799.34    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN HOA PHAT                | HOA PHAT GROUP JSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300ODJEFGL5CWKD32       | Long             | EC               |  | VN        |   3356868 | NS      | $2925011.97   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                               | ICICI BANK LTD COMMON STOCK                     | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    287216 | NS      | $4853876.62   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LIMITED                 | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |    392391 | NS      | $3512340.69   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERGLOBE AVIATION LIMITED                      | INTERGLOBE AVIATION LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 33580079R8SLLO23XD19       | Long             | EC               |  | IN        |     62324 | NS      | $4346729.33   | 2.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                | IVANHOE MINES LTD-CL A COMMON STOCK             | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |    362558 | NS      | $2718188.60   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                       | Itau Unibanco Holding SA PREFERRED STOCK        | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        |    573600 | NS      | $3874901.66   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                          | KB FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |     75371 | NS      | $6193708.06   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| KOSMOS ENERGY LTD.                               | KOSMOS ENERGY LTD COMMON STOCK                  | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               |  | US        |    197296 | NS      | $339349.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KUAISHOU TECHNOLOGY                              | KUAISHOU TECHNOLOGY COMMON STOCK                | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               |  | HK        |    976764 | NS      | $7928918.85   | 3.73%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Li Auto Inc.                                     | LI AUTO INC - ADR DEPOSITARY RECEIPT            | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               |  | US        |    115097 | NS      | $3120279.67   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc.                                     | LI AUTO INC-CLASS A COMMON STOCK                | CUSIP: N/A<br>LEI: 2549003R73Q70J5H4I65       | Long             | EC               |  | HK        |    213700 | NS      | $2916773.90   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                   | LONGFOR GROUP HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | EC               |  | HK        |   3909500 | NS      | $4632630.01   | 2.18%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                         | MACROTECH DEVELOPERS LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |    186523 | NS      | $3015646.95   | 1.42%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CONG TY CO PHAN TAP DOAN MASAN                   | MASAN GROUP CORP COMMON STOCK                   | CUSIP: N/A<br>LEI: 254900M1892CMJ87XD24       | Long             | EC               |  | VN        |    524000 | NS      | $1541317.72   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                    | MEDIATEK INC COMMON STOCK                       | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               |  | TW        |    168660 | NS      | $7226855.39   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITUAN                                          | MEITUAN-CLASS B COMMON STOCK                    | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               |  | HK        |    244700 | NS      | $3936229.27   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                               | MERCADOLIBRE INC COMMON STOCK                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |      1612 | NS      | $4213171.56   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LIMITED                                | MTN GROUP LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               |  | ZA        |    564015 | NS      | $4472637.13   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NETEASE, INC.                                    | NETEASE INC COMMON STOCK                        | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               |  | HK        |    211384 | NS      | $5696629.02   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)             | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |    399399 | NS      | $4996481.49   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings S.A.                  | Piraeus Financial Holdings S.A COMMON STOCK     | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | EC               |  | GR        |    748153 | NS      | $5164986.08   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.          | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |     34398 | NS      | $1213217.46   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil S/A                                | RAIA DROGASIL SA COMMON STOCK                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    243600 | NS      | $676189.34    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                | ROSNEFT OIL CO PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |    292949 | NS      | $0.37         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Samsung Electronics Co., Ltd.                    | SAMSUNG ELECTRONICS CO LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |    250574 | NS      | $11080788.58  | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI LIFE INSURANCE COMPANY LIMITED               | SBI LIFE INSURANCE CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               |  | IN        |    112941 | NS      | $2421068.06   | 1.14%             |  |  |  | Yes           |                  1 | On Loan: No      |
| S.F. Holding Co., Ltd.                           | SF HOLDING CO-H COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    165200 | NS      | $952618.33    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD BANK GROUP LIMITED                      | STANDARD BANK GROUP LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               |  | ZA        |    175425 | NS      | $2243836.37   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    193904 | NS      | $7090944.04   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                         | TENCENT HOLDINGS LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |    123195 | NS      | $7938094.89   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TULLOW OIL PLC                                   | TULLOW OIL PLC COMMON STOCK                     | CUSIP: N/A<br>LEI: 2138003EYHWO75RKS857       | Long             | EC               |  | GB        |   2501982 | NS      | $544779.55    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                        | VALTERRA PLATINUM LIMITED COMMON STOCK          | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | ZA        |     48438 | NS      | $2148608.85   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONG TY CO PHAN VINCOM RETAIL                    | VINCOM RETAIL JSC COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | VN        |    959593 | NS      | $905925.17    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.               | WALMART DE MEXICO SAB DE CV COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |   1201900 | NS      | $3949499.89   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF Sociedad Anonima                             | YPF S.A.-SPONSORED ADR DEPOSITARY RECEIPT       | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               |  | US        |      9866 | NS      | $310285.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                                   | ZABKA GROUP SA COMMON STOCK                     | CUSIP: N/A<br>LEI: 549300TU2RZ35E4ET914       | Long             | EC               |  | PL        |    362366 | NS      | $2172300.21   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Company Limited               | ZIJIN MINING GROUP CO LTD-H COMMON STOCK        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               |  | HK        |   1430000 | NS      | $3677667.44   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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