# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001752724-25-158254
**Filing Date:** 2025-6
**Character Count:** 33040
**Document Hash:** adeda5e1162bac4094df7bcda23920d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158254.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158254

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**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:** 251077432

**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

### Knights of Columbus Small Cap Fund (Series ID: S000048266)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152513 | I Shares       | KCSIX           |
| C000158713 | Class S Shares | KCSSX           |

## 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:** Knights of Columbus Small Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000048266

- **c. LEI of Series:** 549300EE5HIH37YCEY70

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

- **a. Date of fiscal year-end:** 2025-10-31

- **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:** $141288676.83

**Total Liabilities:** $115159.45

**Net Assets:** $141173517.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158713 | -1.77%               | -6.39%               | -6.42%               |
| Class ID C000152513 | -1.84%               | -6.33%               | -6.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-336223.79              | $-1928132.11                               |
| Month 2  | $1775275.95              | $-11546759.60                              |
| Month 3  | $2963578.67              | $-13192112.53                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VERICEL CORPORATION                       | VERICEL CORP COMMON STOCK                 | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               |  | US        |     32479 | NS      | $1234851.58   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK ELECTRONICS, INC.               | BENCHMARK ELECTRONICS INC COMMON STOCK    | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               |  | US        |     45722 | NS      | $1487336.66   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOVENTUS INC.                            | BIOVENTUS INC - A COMMON STOCK            | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               |  | US        |     95814 | NS      | $700400.34    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP                         | MERCHANTS BANCORP/IN COMMON STOCK         | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               |  | US        |     41819 | NS      | $1257915.52   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                              | AVEPOINT INC COMMON STOCK                 | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               |  | US        |     13386 | NS      | $218861.10    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BOWHEAD SPECIALTY HOLDINGS INC.           | BOWHEAD SPECIALTY HOLDINGS I COMMON STOCK | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               |  | US        |     31224 | NS      | $1254892.56   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET, INC.                              | RADNET INC COMMON STOCK                   | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               |  | US        |     40285 | NS      | $2110128.30   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINANCIAL CORP.                | OCEANFIRST FINANCIAL CORP COMMON STOCK    | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               |  | US        |     61474 | NS      | $1018009.44   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INCORPORATED         | GRANITE CONSTRUCTION INC COMMON STOCK     | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               |  | US        |     18010 | NS      | $1464032.90   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                  | MERUS NV COMMON STOCK                     | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               |  | US        |     12470 | NS      | $567509.70    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY                       | BRINK'S CO/THE COMMON STOCK               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               |  | US        |     24673 | NS      | $2201818.52   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF ENERGY INC.                           | PBF ENERGY INC-CLASS A COMMON STOCK       | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               |  | US        |     27600 | NS      | $474168.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc                   | DENALI THERAPEUTICS INC COMMON STOCK      | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               |  | US        |     36461 | NS      | $607075.65    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc                   | VIKING THERAPEUTICS INC COMMON STOCK      | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               |  | US        |     16935 | NS      | $488913.45    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP                   | VALLEY NATIONAL BANCORP COMMON STOCK      | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               |  | US        |    121136 | NS      | $1041769.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS, INC.                 | AXSOME THERAPEUTICS INC COMMON STOCK      | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               |  | US        |     14776 | NS      | $1659197.04   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORPORATION                | VERRA MOBILITY CORP COMMON STOCK          | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               |  | US        |     43487 | NS      | $948016.60    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEGER HOLDINGS CORPORATION              | INTEGER HOLDINGS CORP COMMON STOCK        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               |  | US        |     16917 | NS      | $2136786.27   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES, INC.                   | CIVITAS RESOURCES INC COMMON STOCK        | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               |  | US        |     31643 | NS      | $862271.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL HEALTHCARE CORPORATION           | NATIONAL HEALTHCARE CORP COMMON STOCK     | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               |  | US        |     16766 | NS      | $1584219.34   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP TECHNOLOGIES, INC.                    | UFP TECHNOLOGIES INC COMMON STOCK         | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               |  | US        |      6427 | NS      | $1340286.58   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                      | VIAVI SOLUTIONS INC COMMON STOCK          | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               |  | US        |    150270 | NS      | $1589856.60   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                         | TALEN ENERGY CORP COMMON STOCK            | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      3072 | NS      | $660725.76    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORPORATION                 | UMB FINANCIAL CORP COMMON STOCK           | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               |  | US        |     19097 | NS      | $1806003.29   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MADRIGAL PHARMACEUTICALS, INC.            | MADRIGAL PHARMACEUTICALS INC COMMON STOCK | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               |  | US        |      3624 | NS      | $1210089.84   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BREAD FINANCIAL HOLDINGS, INC.            | BREAD FINANCIAL HOLDINGS INC COMMON STOCK | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               |  | US        |     31224 | NS      | $1481578.80   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT, INC.            | AMERICAN HEALTHCARE REIT INC REIT         | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |     60108 | NS      | $1940286.24   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                                   | ATI Inc COMMON STOCK                      | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               |  | US        |     27461 | NS      | $1493329.18   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WARBY PARKER INC                          | WARBY PARKER INC-CLASS A COMMON STOCK     | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               |  | US        |     90468 | NS      | $1493626.68   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                            | IMMUNOVANT INC COMMON STOCK               | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               |  | US        |     23106 | NS      | $373161.90    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International PLC | KINIKSA PHARMACEUTICALS INTE COMMON STOCK | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               |  | US        |     57431 | NS      | $1548914.07   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                          | ESSENT GROUP LTD COMMON STOCK             | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               |  | US        |     32340 | NS      | $1841116.20   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PHINIA INC.                               | PHINIA INC COMMON STOCK                   | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               |  | US        |     45582 | NS      | $1830117.30   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR HOLDINGS, INC.                        | QCR HOLDINGS INC COMMON STOCK             | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               |  | US        |     22442 | NS      | $1457607.90   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                               | BELDEN INC COMMON STOCK                   | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               |  | US        |     21221 | NS      | $2188097.31   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Couchbase Inc                             | COUCHBASE INC COMMON STOCK                | CUSIP: 22207T101<br>LEI: 5493004VX52ODFMQLF07 | Long             | EC               |  | US        |     94650 | NS      | $1669626.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORPORATION               | HANCOCK WHITNEY CORP COMMON STOCK         | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               |  | US        |     28158 | NS      | $1466750.22   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC.                       | LSI INDUSTRIES INC COMMON STOCK           | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               |  | US        |    108032 | NS      | $1630202.88   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                         | MP MATERIALS CORP COMMON STOCK            | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |     36583 | NS      | $894820.18    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                       | ACI WORLDWIDE INC COMMON STOCK            | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               |  | US        |     28437 | NS      | $1517398.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                 | VIRIDIAN THERAPEUTICS INC COMMON STOCK    | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               |  | US        |     53655 | NS      | $727025.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                 | NATIONAL FUEL GAS CO COMMON STOCK         | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               |  | US        |     30806 | NS      | $2365284.68   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                    | SPX TECHNOLOGIES INC COMMON STOCK         | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               |  | US        |     12735 | NS      | $1708400.25   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                       | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5475151 | PA      | $5475150.54   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD SECOND BANCORP, INC.                  | OLD SECOND BANCORP INC COMMON STOCK       | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               |  | US        |    123505 | NS      | $1950143.95   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRUM PHARMACEUTICALS, INC.               | MIRUM PHARMACEUTICALS INC COMMON STOCK    | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               |  | US        |     18261 | NS      | $793440.45    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                             | POPULAR INC COMMON STOCK                  | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               |  | US        |     10216 | NS      | $974810.72    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GARRETT MOTION INC.                       | GARRETT MOTION INC COMMON STOCK           | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               |  | US        |    206029 | NS      | $1899587.38   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT DEFENSE PROPERTIES                   | COPT DEFENSE PROPERTIES REIT              | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |     73183 | NS      | $1910808.13   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                   | LIVERAMP HOLDINGS INC COMMON STOCK        | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               |  | US        |     56595 | NS      | $1480525.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORPORATION       | SIX FLAGS ENTERTAINMENT CORP COMMON STOCK | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               |  | US        |     47952 | NS      | $1650028.32   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                   | ARS PHARMACEUTICALS INC COMMON STOCK      | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               |  | US        |     39022 | NS      | $545137.34    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDEX INTERNATIONAL CORPORATION         | STANDEX INTERNATIONAL CORP COMMON STOCK   | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               |  | US        |     11430 | NS      | $1616430.60   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS, INC.                  | BOOT BARN HOLDINGS INC COMMON STOCK       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               |  | US        |     14357 | NS      | $1498009.38   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IES HOLDINGS, INC.                        | IES HOLDINGS INC COMMON STOCK             | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               |  | US        |     10315 | NS      | $2028754.20   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIS LEASE FINANCE CORPORATION          | WILLIS LEASE FINANCE CORP COMMON STOCK    | CUSIP: 970646105<br>LEI: 54930023EP1OE5MKWF89 | Long             | EC               |  | US        |      9951 | NS      | $1539618.72   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKIVA INC.                              | WORKIVA INC COMMON STOCK                  | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               |  | US        |     25788 | NS      | $1941062.76   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL FOODS, INC.                | UNITED NATURAL FOODS INC COMMON STOCK     | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               |  | US        |     62839 | NS      | $1678429.69   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUEPRINT MEDICINES CORPORATION           | BLUEPRINT MEDICINES CORP COMMON STOCK     | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               |  | US        |     11988 | NS      | $1072926.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SHAKE SHACK INC.                          | SHAKE SHACK INC - CLASS A COMMON STOCK    | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               |  | US        |     19515 | NS      | $1712246.10   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW INDUSTRIALS, INC.                     | CSW INDUSTRIALS INC COMMON STOCK          | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               |  | US        |      5287 | NS      | $1652081.76   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT MEDICAL SYSTEMS, INC.               | MERIT MEDICAL SYSTEMS INC COMMON STOCK    | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               |  | US        |     24533 | NS      | $2317141.85   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMILTON INSURANCE GROUP, LTD.            | HAMILTON INSURANCE GROU-CL B COMMON STOCK | CUSIP: G42706104<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               |  | US        |     85032 | NS      | $1573092.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings, Inc.               | DIGITALOCEAN HOLDINGS INC COMMON STOCK    | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               |  | US        |     50322 | NS      | $1554949.80   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                             | MAXIMUS INC COMMON STOCK                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               |  | US        |     25091 | NS      | $1680093.36   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                  | FIRSTCASH HOLDINGS INC COMMON STOCK       | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               |  | US        |     13832 | NS      | $1852934.72   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA GROUP, INC.                           | PRA GROUP INC COMMON STOCK                | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               |  | US        |     69698 | NS      | $1275473.40   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FORMFACTOR, INC.                          | FORMFACTOR INC COMMON STOCK               | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               |  | US        |     41261 | NS      | $1161084.54   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                      | CARETRUST REIT INC REIT                   | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |     51995 | NS      | $1521893.65   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED       | CHEESECAKE FACTORY INC/THE COMMON STOCK   | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               |  | US        |     45164 | NS      | $2274910.68   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                   | PIPER SANDLER COS COMMON STOCK            | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               |  | US        |      6695 | NS      | $1614298.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TRI POINTE HOMES, INC.                    | TRI POINTE HOMES INC COMMON STOCK         | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               |  | US        |     58268 | NS      | $1791741.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG BANCORP                               | OFG BANCORP COMMON STOCK                  | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               |  | US        |     48789 | NS      | $1919847.15   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMO BRANDS CORPORATION                  | PRIMO BRANDS CORP COMMON STOCK            | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               |  | US        |     81826 | NS      | $2673255.42   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX CORPORATION                          | IMAX CORP COMMON STOCK                    | CUSIP: 45245E109<br>LEI: N/A                  | Long             | EC               |  | US        |     90468 | NS      | $2201086.44   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWEST, INC.                             | SKYWEST INC COMMON STOCK                  | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               |  | US        |     20909 | NS      | $1864455.53   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL SEAWAYS, INC.               | INTERNATIONAL SEAWAYS INC COMMON STOCK    | CUSIP: Y41053102<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               |  | US        |     44467 | NS      | $1510099.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELIS INSURANCE HOLDINGS LIMITED        | FIDELIS INSURANCE HOLDINGS L COMMON STOCK | CUSIP: G3398L118<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | EC               |  | US        |     69001 | NS      | $1128166.35   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc                  | WEAVE COMMUNICATIONS INC COMMON STOCK     | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               |  | US        |     92002 | NS      | $975221.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED             | AXIS CAPITAL HOLDINGS LTD COMMON STOCK    | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               |  | US        |     27879 | NS      | $2685305.28   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LIMBACH HOLDINGS, INC.                    | LIMBACH HOLDINGS INC COMMON STOCK         | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               |  | US        |     24115 | NS      | $2308770.10   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                               | TANGER INC REIT                           | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |     69559 | NS      | $2191804.09   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd, Inc                                 | WAFD INC COMMON STOCK                     | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               |  | US        |     35869 | NS      | $1023342.57   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLE PUBLIC LIMITED COMPANY               | DOLE PLC COMMON STOCK                     | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               |  | US        |    116814 | NS      | $1774404.66   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST GAS HOLDINGS, INC.              | SOUTHWEST GAS HOLDINGS INC COMMON STOCK   | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               |  | US        |     21188 | NS      | $1529985.48   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY ENERGY INC.                       | Liberty Energy Inc COMMON STOCK           | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               |  | US        |    124342 | NS      | $1429933.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings, S.A.                       | COPA HOLDINGS SA-CLASS A COMMON STOCK     | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               |  | US        |      4251 | NS      | $390071.76    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE FINANCIAL SERVICES CORP        | ENTERPRISE FINANCIAL SERVICE COMMON STOCK | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               |  | US        |     37497 | NS      | $1950593.94   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                     | TWIST BIOSCIENCE CORP COMMON STOCK        | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               |  | US        |     21327 | NS      | $817250.64    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VEREN INC.                                | VEREN INC COMMON STOCK                    | CUSIP: 92340V107<br>LEI: 549300FTKUHZK8OC7N74 | Long             | EC               |  | US        |    194459 | NS      | $1149252.69   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                   | CUSHMAN & WAKEFIELD PLC COMMON STOCK      | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               |  | US        |     71267 | NS      | $667771.79    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENCE REALTY TRUST, INC            | INDEPENDENCE REALTY TRUST IN REIT         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |     79247 | NS      | $1539769.21   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTVIEW HOLDINGS, INC.                 | BRIGHTVIEW HOLDINGS INC COMMON STOCK      | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               |  | US        |    137445 | NS      | $1885745.40   | 1.34%             |  |  |  | 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