# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-160762
**Filing Date:** 2025-6
**Character Count:** 24973
**Document Hash:** 0a6085165db52a53f7900324c6773445
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160762.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-160762

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**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:** 251082547

**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, 2025**  |
|  | **(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 — 1.7% | Austria — 1.7% |  |
| Industrials — 1.7% | Industrials — 1.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ANDRITZ  | 12036 | $864903 |
| Brazil — 2.6% | Brazil — 2.6% |  |
| Utilities — 2.6% | Utilities — 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR \* | 44385 | 902347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento de Minas Gerais Copasa MG  | 119800 | 451956 |
|  |  | 1354303 |
| Canada — 1.6% | Canada — 1.6% |  |
| Industrials — 1.6% | Industrials — 1.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stantec  | 9432 | 827849 |
| China — 1.4% | China — 1.4% |  |
| Utilities — 1.4% | Utilities — 1.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group  | 543355 | 171619 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Water Affairs Group  | 393730 | 303139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangdong Investment  | 331125 | 267952 |
|  |  | 742710 |
| France — 6.3% | France — 6.3% |  |
| Utilities — 6.3% | Utilities — 6.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement  | 88353 | 3227010 |
| Germany — 0.7% | Germany — 0.7% |  |
| Industrials — 0.7% | Industrials — 0.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norma Group  | 26394 | 331722 |
| Japan — 6.7% | Japan — 6.7% |  |
| Industrials — 6.7% | Industrials — 6.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kubota  | 51400 | 597288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kurita Water Industries  | 64410 | 2132465 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTO  | 28300 | 746228 |
|  |  | 3475981 |
| Mexico — 0.3% | Mexico — 0.3% |  |
| Materials — 0.3% | Materials — 0.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orbia Advance  | 239080 | 161414 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KBI GLOBAL INVESTORS** |
|  | **AQUARIUS FUND** |
|  | **APRIL 30, 2025**  |
|  | **(UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued | COMMON STOCK — continued | COMMON STOCK — continued |
|  | **Shares** | **Value** |
| Netherlands — 4.6% | Netherlands — 4.6% |  |
| Industrials — 4.6% | Industrials — 4.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aalberts  | 37777 | $1254446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcadis  | 23075 | 1118931 |
|  |  | 2373377 |
| South Korea — 3.2% | South Korea — 3.2% |  |
| Consumer Discretionary — 3.2% | Consumer Discretionary — 3.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coway  | 26794 | 1649719 |
| Switzerland — 1.7% | Switzerland — 1.7% |  |
| Industrials — 1.7% | Industrials — 1.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Georg Fischer  | 11842 | 856233 |
| United Kingdom — 15.7% | United Kingdom — 15.7% |  |
| Industrials — 3.2% | Industrials — 3.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costain Group  | 241798 | 355111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weir Group  | 43297 | 1305118 |
|  |  | 1660229 |
| Information Technology — 2.6% | Information Technology — 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma  | 37242 | 1374657 |
| Utilities — 9.9% | Utilities — 9.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennon Group  | 276202 | 1848980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severn Trent  | 28759 | 1069751 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Utilities Group  | 143466 | 2156909 |
|  |  | 5075640 |
|  |  | 8110526 |
| United States — 51.3% | United States — 51.3% |  |
| Industrials — 35.3% | Industrials — 35.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A O Smith  | 14693 | 997067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems  | 12099 | 1373116 |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM  | 15673 | 1546141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Cl A \* | 19180 | 1010402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises  | 7949 | 1348627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations  | 25412 | 1367674 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX  | 10717 | 1864437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindsay  | 1874 | 241858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco  | 7863 | 476576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair  | 16100 | 1460753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech  | 39389 | 1228543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toro  | 10145 | 692701 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **KBI GLOBAL INVESTORS** |
|  | **AQUARIUS FUND** |
|  | **APRIL 30, 2025**  |
|  | **(UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK — continued | COMMON STOCK — continued | COMMON STOCK — continued |
|  | **Shares** | **Value** |
| United States — continued | United States — continued |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries  | 1730 | $507271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto  | 14661 | 1406022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem  | 22304 | 2689193 |
|  |  | 18210381 |
| Information Technology — 3.8% | Information Technology — 3.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron \* | 9791 | 1089640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies  | 1542 | 863643 |
|  |  | 1953283 |
| Materials — 2.2% | Materials — 2.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab  | 4543 | 1142247 |
| Utilities — 10.0% | Utilities — 10.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works  | 11586 | 1703258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities  | 42589 | 1751686 |
| &nbsp;&nbsp;&nbsp;&nbsp;SJW Group  | 29965 | 1700214 |
|  |  | 5155158 |
|  |  | 26461069 |
| &nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $40,461,726)  |  | 50436816 |
| TOTAL INVESTMENTS — 97.8% |  |  |
| &nbsp;&nbsp;(Cost $40,461,726) |  | $50436816 |

---

*Percentages are based on Net Assets of $51,587,418.*

 

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

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

KBI-QH-001-1400

## 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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $51702413.41

**Total Liabilities:** $114613.32

**Net Assets:** $51587800.09

**Cash Not Reported:** $57323.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204809 | 3.95%                | -0.65%               | -0.74%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $128623.25               | $1743898.57                                |
| Month 2  | $36088.63                | $-386283.04                                |
| Month 3  | $392847.22               | $-751305.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TOTO LTD.                                                      | TOTO LTD COMMON STOCK                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     28300 | NS      | $746228.07    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                              | MASCO CORP COMMON STOCK                         | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               |  | US        |      7863 | NS      | $476576.43    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.                             | AMERICAN WATER WORKS CO INC COMMON STOCK        | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               |  | US        |     11586 | NS      | $1703257.86   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                          | AECOM COMMON STOCK                              | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |     15673 | NS      | $1546141.45   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                                 | PENTAIR PLC COMMON STOCK                        | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               |  | US        |     16100 | NS      | $1460753.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HALMA PUBLIC LIMITED COMPANY                                   | HALMA PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               |  | GB        |     37242 | NS      | $1374656.68   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAIN GROUP PLC                                              | COSTAIN GROUP PLC COMMON STOCK                  | CUSIP: N/A<br>LEI: 213800PKIJBZ2EDTKC88       | Long             | EC               |  | GB        |    241798 | NS      | $355111.41    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| KUBOTA CORPORATION                                             | KUBOTA CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               |  | JP        |     51400 | NS      | $597288.40    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BEIJING ENTERPRISES WATER GROUP LIMITED                        | BEIJING ENTERPRISES WATER GR COMMON STOCK       | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               |  | HK        |    555355 | NS      | $175409.14    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIR GROUP PLC(THE)                                            | WEIR GROUP PLC/THE COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               |  | GB        |     43297 | NS      | $1305117.84   | 2.53%             |  |  |  | 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        |     44385 | NS      | $902347.05    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW GROUP                                                      | SJW GROUP COMMON STOCK                          | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               |  | US        |     29965 | NS      | $1700214.10   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                                               | IDEX CORP COMMON STOCK                          | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |     10717 | NS      | $1864436.49   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                                   | KURITA WATER INDUSTRIES LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 52990086GS2ON69UMX34       | Long             | EC               |  | JP        |     64410 | NS      | $2132465.02   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                                                    | ECOLAB INC COMMON STOCK                         | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               |  | US        |      4543 | NS      | $1142246.49   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                                      | FERGUSON ENTERPRISES INC COMMON STOCK           | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               |  | US        |      7949 | NS      | $1348627.34   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCADIS N.V.                                                   | ARCADIS NV COMMON STOCK                         | CUSIP: N/A<br>LEI: 7245000UZH70GO047N03       | Long             | EC               |  | NL        |     23075 | NS      | $1118931.33   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    904153 | PA      | $904153.17    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NORMA Group SE                                                 | NORMA GROUP SE COMMON STOCK                     | CUSIP: N/A<br>LEI: 5299000LM9HC76W5XD46       | Long             | EC               |  | DE        |     26394 | NS      | $331721.68    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Georg Fischer AG                                               | FISCHER (GEORG)-REG COMMON STOCK                | CUSIP: N/A<br>LEI: 529900CMRQYW4U1W2456       | Long             | EC               |  | CH        |     11842 | NS      | $856232.53    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECH, INC.                                               | TETRA TECH INC COMMON STOCK                     | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               |  | US        |     39389 | NS      | $1228542.91   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento de Minas Gerais - COPASA MG            | CIA SANEAMENTO MINAS GERAIS COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |    119800 | NS      | $451955.98    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Aalberts N.V.                                                  | AALBERTS NV COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300EMP9DT6Q35HZ31       | Long             | EC               |  | NL        |     37777 | NS      | $1254446.12   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED UTILITIES GROUP PLC                                     | UNITED UTILITIES GROUP PLC COMMON STOCK         | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               |  | GB        |    143466 | NS      | $2156908.91   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                                               | TORO CO COMMON STOCK                            | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               |  | US        |     10145 | NS      | $692700.60    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.                                       | VALMONT INDUSTRIES COMMON STOCK                 | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               |  | US        |      1730 | NS      | $507270.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GUANGDONG INVESTMENT LIMITED                                   | GUANGDONG INVESTMENT LTD COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    331125 | NS      | $267952.01    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc.                                                   | STANTEC INC COMMON STOCK                        | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               |  | CA        |      9432 | NS      | $827848.54    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERN TRENT PLC                                               | SEVERN TRENT PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               |  | GB        |     28759 | NS      | $1069750.75   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                       | ROPER TECHNOLOGIES INC COMMON STOCK             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               |  | US        |      1542 | NS      | $863643.36    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COWAY Co., Ltd.                                                | COWAY CO LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     26794 | NS      | $1649718.88   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN, INC.                                              | CORE & MAIN INC-CLASS A COMMON STOCK            | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               |  | US        |     19180 | NS      | $1010402.40   | 1.96%             |  |  |  | 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        |    239080 | NS      | $161414.51    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS, INC.                                | ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               |  | US        |     12099 | NS      | $1373115.51   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                                      | ESSENTIAL UTILITIES INC COMMON STOCK            | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               |  | US        |     42589 | NS      | $1751685.57   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                                    | ITRON INC COMMON STOCK                          | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |      9791 | NS      | $1089640.39   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Andritz AG                                                     | ANDRITZ AG COMMON STOCK                         | CUSIP: N/A<br>LEI: 549300VZKC61IR5U8G96       | Long             | EC               |  | AT        |     12036 | NS      | $864902.93    | 1.68%             |  |  |  | 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        |    401730 | NS      | $309298.79    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                                            | VERALTO CORP COMMON STOCK                       | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |     14661 | NS      | $1406021.86   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNON GROUP PLC                                               | PENNON GROUP PLC COMMON STOCK                   | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               |  | GB        |    276202 | NS      | $1848980.54   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                                     | XYLEM INC COMMON STOCK                          | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |     22304 | NS      | $2689193.28   | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUNE BRANDS INNOVATIONS, INC.                               | FORTUNE BRANDS INNOVATIONS I COMMON STOCK       | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               |  | US        |     25412 | NS      | $1367673.84   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                                        | SMITH (A.O.) CORP COMMON STOCK                  | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               |  | US        |     14693 | NS      | $997066.98    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDSAY CORPORATION                                            | LINDSAY CORP COMMON STOCK                       | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               |  | US        |      1874 | NS      | $241858.44    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                                        | VEOLIA ENVIRONNEMENT COMMON STOCK               | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               |  | FR        |     88353 | NS      | $3227009.72   | 6.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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