# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002659
**Filing Date:** 2025-11
**Character Count:** 38868
**Document Hash:** 98454eec4474f4a21266fb382feccca7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002659.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002659

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251532673

**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

### Rayliant Quantamental Emerging Market ex-China Equity ETF (Series ID: S000074753)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000232916 | Rayliant Quantamental Emerging Market ex-China Equity ETF | RAYE            |

## 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:** Rayliant Quantamental Emerging Market ex-China Equity ETF

- **b. EDGAR series identifier (if any):** S000074753

- **c. LEI of Series:** 549300Z1LULUOF7IIE68

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $78824438.38

**Total Liabilities:** $317246.75

**Net Assets:** $78507191.63

**Cash Not Reported:** $225631.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232916 | 3.70%                | 0.86%                | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9928.80                 | $2880681.72                                |
| Month 2  | $1001710.15              | $-608553.50                                |
| Month 3  | $1257647.82              | $-901235.06                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Makalot Industrial Co., Ltd.                                  | MAKALOT INDUSTRIAL CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     40440 | NS      | $384789.03    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOLIPETSK STEEL PAO                                         | NOVOLIPETSK STEEL PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: 213800913TPW32I84456       | Long             | EC               |  | RU        |     98630 | NS      | $0.12         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SHREE CEMENT LIMITED                                          | SHREE CEMENT LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 335800W6FNBDUZ89L830       | Long             | EC               |  | IN        |       514 | NS      | $169415.72    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| REDINGTON LIMITED                                             | REDINGTON LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 335800DTFNX7F2LM5227       | Long             | EC               |  | IN        |    248488 | NS      | $793219.34    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL ALUMINIUM CO LTD                                     | NATIONAL ALUMINIUM CO LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 335800OM1V78CX7SSC72       | Long             | EC               |  | IN        |    207495 | NS      | $499803.81    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSISTENT SYSTEMS LIMITED                                    | PERSISTENT SYSTEMS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 3358006QYD77Z66S1J89       | Long             | EC               |  | IN        |      4962 | NS      | $269507.62    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                  | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    321000 | NS      | $13744504.23  | 17.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                          | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |    183100 | NS      | $1077857.69   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIN FLUORINE INTERNATIONAL LIMITED                          | NAVIN FLUORINE INTERNATIONAL COMMON STOCK          | CUSIP: N/A<br>LEI: 335800OVIUAAKYG44C59       | Long             | EC               |  | IN        |     28365 | NS      | $1476412.81   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyar Telekom Tavkozlesi Nyilvanosan Mukodo Reszvenytarsasag | MAGYAR TELEKOM TELECOMMUNICA COMMON STOCK          | CUSIP: N/A<br>LEI: 529900CA1YDA41X76751       | Long             | EC               |  | HU        |    245444 | NS      | $1313350.71   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| J. K. CEMENT LIMITED.                                         | JK CEMENT LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: 335800IECEF3EIDGF809       | Long             | EC               |  | IN        |     12689 | NS      | $900347.17    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PAGE INDUSTRIES LIMITED                                       | PAGE INDUSTRIES LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800D6UFCCKUP3KD53       | Long             | EC               |  | IN        |       843 | NS      | $386281.54    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ASUSTEK COMPUTER INCORPORATION                                | ASUSTEK COMPUTER INC COMMON STOCK                  | CUSIP: N/A<br>LEI: 254900B3WB4OGRB7HM13       | Long             | EC               |  | TW        |     41000 | NS      | $902651.09    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United Integrated Services Co Ltd                             | UNITED INTEGRATED SERVICES COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |     42000 | NS      | $1234726.69   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTsurance Group Limited                                      | OUTSURANCE GROUP LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 984500AC307E8L2D9X52       | Long             | EC               |  | ZA        |    119212 | NS      | $495435.47    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Banque Saudi Fransi SJSC                                      | BANQUE SAUDI FRANSI COMMON STOCK                   | CUSIP: N/A<br>LEI: 558600N07EDF4ATYR106       | Long             | EC               |  | SA        |     45976 | NS      | $218834.09    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI CO.,LTD.                                           | HD HYUNDAI COMMON STOCK                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      4607 | NS      | $510265.35    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DINO POLSKA SPOLKA AKCYJNA                                    | DINO POLSKA SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 259400H4L81SMPRTW956       | Long             | EC               |  | PL        |     61750 | NS      | $744673.15    | 0.95%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                 | SAMSUNG ELECTRONICS CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |     65193 | NS      | $3898430.35   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Cement Company SJSC                                     | SAUDI CEMENT COMMON STOCK                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |     22132 | NS      | $239839.07    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA T&D INDIA LIMITED                                  | GE VERNOVA T&D INDIA LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 549300NMRD6VZDFLN355       | Long             | EC               |  | IN        |     29045 | NS      | $968452.90    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERSTAL' PAO                                                | SEVERSTAL PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |     11625 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HITACHI ENERGY INDIA LIMITED                                  | HITACHI ENERGY INDIA LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 549300ASJQYQLII9F213       | Long             | EC               |  | IN        |      1588 | NS      | $321950.56    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank Public Company Limited                           | BANGKOK BANK PUBLIC CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               |  | TH        |    151000 | NS      | $694306.43    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank Public Company Limited                        | KRUNG THAI BANK PUB CO-FOREI COMMON STOCK          | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               |  | TH        |    465500 | NS      | $356253.66    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Company Ltd                             | HDFC ASSET MANAGEMENT CO LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 3358002FLK8AK8WSEP31       | Long             | EC               |  | IN        |      6605 | NS      | $411562.98    | 0.52%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TAURON POLSKA ENERGIA SPOLKA AKCYJNA                          | TAURON POLSKA ENERGIA SA COMMON STOCK              | CUSIP: N/A<br>LEI: 259400NAPDFBOTNCRL54       | Long             | EC               |  | PL        |    697062 | NS      | $1747722.74   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSCH LIMITED                                                 | BOSCH LTD COMMON STOCK                             | CUSIP: N/A<br>LEI: 3358008TVK7S8BSVVW82       | Long             | EC               |  | IN        |       790 | NS      | $339396.04    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Etihad Etisalat Company SJSC                                  | ETIHAD ETISALAT CO COMMON STOCK                    | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               |  | SA        |     10714 | NS      | $192984.56    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Doha Bank Q.P.S.C.                                            | DOHA BANK QPSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 549300O5KAG21BMZ8N83       | Long             | EC               |  | QA        |   1316383 | NS      | $920491.93    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOSAGRO PAO                                                  | PHOSAGRO PJSC-GDR REG S DEPOSITARY RECEIPT         | CUSIP: 71922G209<br>LEI: 25340053KRUNNYUWF472 | Long             | EC               |  | GB        |     22934 | NS      | $2.29         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Arabian Centres Company SJSC                                  | ARABIAN CENTRES CO LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 8945006MT4ZZ5EBVCI56       | Long             | EC               |  | SA        |     63721 | NS      | $385024.23    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SHINHAN FINANCIAL GROUP CO.,LTD                               | SHINHAN FINANCIAL GROUP LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               |  | KR        |      4053 | NS      | $204520.44    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| E.SUN FINANCIAL HOLDING COMPANY,LTD.                          | E.SUN FINANCIAL HOLDING CO COMMON STOCK            | CUSIP: N/A<br>LEI: 549300X6CNQE512OPC90       | Long             | EC               |  | TW        |    781000 | NS      | $854595.12    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                | CREDICORP LTD COMMON STOCK                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |      1922 | NS      | $511790.16    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fibra Uno Administracion S.C.                                 | TRUST FIBRA UNO REIT                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    389200 | NS      | $576608.32    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Organization of Football Prognostics S.A                      | OPAP SA COMMON STOCK                               | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               |  | GR        |     23139 | NS      | $540234.45    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyad Bank SJSC                                               | RIYAD BANK COMMON STOCK                            | CUSIP: N/A<br>LEI: 54930037RJ782ISGGM71       | Long             | EC               |  | SA        |     60078 | NS      | $435742.52    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COROMANDEL INTERNATIONAL LIMITED                              | COROMANDEL INTERNATIONAL LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 335800U73K3HJSQKT249       | Long             | EC               |  | IN        |     16401 | NS      | $415322.98    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyadh Cables Group Company SJSC                              | RIYADH CABLES GROUP CO COMMON STOCK                | CUSIP: N/A<br>LEI: 558600VWEJBGFYTZ1S78       | Long             | EC               |  | SA        |     15273 | NS      | $517218.02    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                                        | EMAAR DEVELOPMENT PJSC COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AE        |    125231 | NS      | $458577.99    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SAUDI INVESTMENT BANK SJSC                                | SAUDI INVESTMENT BANK/THE COMMON STOCK             | CUSIP: N/A<br>LEI: 558600V3J4M5TUY9HR70       | Long             | EC               |  | SA        |     71666 | NS      | $272507.38    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                                 | SK HYNIX INC COMMON STOCK                          | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |      8005 | NS      | $1982636.04   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PETRONAS DAGANGAN BERHAD                                      | PETRONAS DAGANGAN BHD COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MY        |     39600 | NS      | $215854.58    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EMIRATES INTEGRATED TELECOMMUNICATIONS COMPANY PJSC           | EMIRATES INTEGRATED TELECOMM COMMON STOCK          | CUSIP: N/A<br>LEI: 254900USBXS6XN200K29       | Long             | EC               |  | AE        |    396731 | NS      | $993717.72    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                                     | HANA FINANCIAL GROUP COMMON STOCK                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     22489 | NS      | $1397698.44   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                                               | KIA CORP COMMON STOCK                              | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |      8252 | NS      | $592264.28    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTEC LIMITED                                              | INVESTEC LTD COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800CU7SM6O4UWOZ70       | Long             | EC               |  | ZA        |    151331 | NS      | $1123809.75   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes S.A.                              | BB SEGURIDADE PARTICIPACOES COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     51900 | NS      | $323939.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Investment Holdings Co., Ltd                            | KOREA INVESTMENT HOLDINGS CO COMMON STOCK          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      5088 | NS      | $525825.88    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL ENERGIA S.A.                                             | CPFL ENERGIA SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900GBWSBDXN8GGM28       | Long             | EC               |  | BR        |     30200 | NS      | $222577.95    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera, S.A.B. de C.V.                                       | GENTERA SAB DE CV COMMON STOCK                     | CUSIP: N/A<br>LEI: 4469000001ECOWXFNE33       | Long             | EC               |  | MX        |    239000 | NS      | $621471.70    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Aneka Tambang Tbk                                          | ANEKA TAMBANG TBK COMMON STOCK                     | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               |  | ID        |   7100600 | NS      | $1346408.40   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                       | KB FINANCIAL GROUP INC COMMON STOCK                | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |      5493 | NS      | $452187.38    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Indofood Sukses Makmur Tbk                                 | INDOFOOD SUKSES MAKMUR TBK P COMMON STOCK          | CUSIP: N/A<br>LEI: 529900E61EV2GTYWZ485       | Long             | EC               |  | ID        |    600500 | NS      | $260342.78    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZANO S.A.                                                   | SUZANO SA COMMON STOCK                             | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               |  | BR        |     99200 | NS      | $928937.67    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Jarir Marketing Company SJSC                                  | JARIR MARKETING CO COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | SA        |     76310 | NS      | $283858.06    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EICHER MOTORS LIMITED                                         | EICHER MOTORS LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 25490059S64CN2OY7239       | Long             | EC               |  | IN        |      2985 | NS      | $235518.77    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                           | STATE BANK OF INDIA COMMON STOCK                   | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               |  | IN        |    114678 | NS      | $1126841.19   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ELITE MATERIAL CO., LTD.                                      | ELITE MATERIAL CO LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |      3000 | NS      | $120578.78    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                            | ICICI BANK LTD COMMON STOCK                        | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |     66607 | NS      | $1011234.37   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                          | PETROBRAS - PETROLEO BRAS COMMON STOCK             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               |  | BR        |    105900 | NS      | $669338.19    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TMBTHANACHART BANK PUBLIC COMPANY LIMITED                     | TMBTHANACHART BANK PCL COMMON STOCK                | CUSIP: N/A<br>LEI: 549300WKGLXEV3DB7I54       | Long             | EC               |  | TH        |   3186100 | NS      | $186810.37    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HINDUSTAN PETROLEUM CORPORATION LIMITED                       | HINDUSTAN PETROLEUM CORP COMMON STOCK              | CUSIP: Y3224R123<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               |  | IN        |    122079 | NS      | $609647.38    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MUTHOOT FINANCE LIMITED                                       | MUTHOOT FINANCE LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800HAMJMBFL4RRF02       | Long             | EC               |  | IN        |     13709 | NS      | $475104.83    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL BANK OF KOREA                                      | INDUSTRIAL BANK OF KOREA COMMON STOCK              | CUSIP: N/A<br>LEI: 988400RBIWE3YA18PK12       | Long             | EC               |  | KR        |     34568 | NS      | $479450.68    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PORTO SEGURO S.A.                                             | PORTO SEGURO SA COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     26800 | NS      | $250107.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                         | Hyundai Motor Co PREFERRED STOCK                   | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      4023 | NS      | $477409.57    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ASELSAN ELEKTRONIK SANAYI VE TICARET ANONIM SIRKETI           | ASELSAN ELEKTRONIK SANAYI COMMON STOCK             | CUSIP: N/A<br>LEI: 7890008XT4M710MU8714       | Long             | EC               |  | TR        |     36461 | NS      | $188528.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARAT PETROLEUM CORPORATION LIMITED                          | BHARAT PETROLEUM CORP LTD COMMON STOCK             | CUSIP: Y0882Z116<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               |  | IN        |     68671 | NS      | $262692.12    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM NEFT' PAO                                             | GAZPROM NEFT PJSC COMMON STOCK                     | CUSIP: N/A<br>LEI: 253400KXA9P2AN72P004       | Long             | EC               |  | RU        |    111970 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TIGER BRANDS LIMITED                                          | TIGER BRANDS LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900C57HAFZAHHBC90       | Long             | EC               |  | ZA        |     19445 | NS      | $347998.16    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                         | Hyundai Motor Co PREFERRED STOCK                   | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      2872 | NS      | $333860.66    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Optima bank S.A.                                              | OPTIMA BANK SA COMMON STOCK                        | CUSIP: N/A<br>LEI: 2138008NSD1X1XFUK750       | Long             | EC               |  | GR        |     39491 | NS      | $391634.01    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRIES CO.,LTD.                          | HD HYUNDAI HEAVY INDUSTRIES CO COMMON STOCK        | CUSIP: N/A<br>LEI: 988400CAR8W9URQLGF30       | Long             | EC               |  | KR        |      1660 | NS      | $609315.42    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                         | BHARTI AIRTEL LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |     25228 | NS      | $533719.36    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DIXON TECHNOLOGIES (INDIA) LIMITED                            | DIXON TECHNOLOGIES INDIA LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 335800D7XO7AVXXJ8575       | Long             | EC               |  | IN        |      3886 | NS      | $714361.81    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp.                                   | REALTEK SEMICONDUCTOR CORP COMMON STOCK            | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               |  | TW        |     40000 | NS      | $721832.14    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL TECHNOLOGIES LIMITED                                      | HCL TECHNOLOGIES LTD COMMON STOCK                  | CUSIP: Y3121G147<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               |  | IN        |     52940 | NS      | $825861.32    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTER DM HEALTHCARE LIMITED                                   | ASTER DM HEALTHCARE LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 335800TFWMBMRZEICW46       | Long             | EC               |  | IN        |    123588 | NS      | $872672.46    | 1.11%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Tripod Technology Corporation                                 | TRIPOD TECHNOLOGY CORP COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | TW        |    146000 | NS      | $1439497.34   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                                 | LG UPLUS CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     28535 | NS      | $312185.77    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LTD-N SHS                                             | NASPERS LTD-N SHS COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | ZA        |      3003 | NS      | $1088700.42   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KARUR VYSYA BANK LIMITED                                  | KARUR VYSYA BANK LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 335800GFMDHTPWI6JP97       | Long             | EC               |  | IN        |    134770 | NS      | $320134.48    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz S.A.                                       | REDE D'OR SAO LUIZ SA COMMON STOCK                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |     25000 | NS      | $198007.72    | 0.25%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                                  | SCB X PCL COMMON STOCK                             | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |    108900 | NS      | $431836.14    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FALABELLA S.A.                                                | FALABELLA SA COMMON STOCK                          | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               |  | CL        |     53240 | NS      | $315604.57    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITANNIA INDUSTRIES LTD                                      | BRITANNIA INDUSTRIES LTD COMMON STOCK              | CUSIP: N/A<br>LEI: 335800RRN5EVHNNAXN80       | Long             | EC               |  | IN        |     12667 | NS      | $854702.84    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EVA AIRWAYS CORPORATION                                       | EVA AIRWAYS CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: 254900S1P4XOXV67GC07       | Long             | EC               |  | TW        |    350000 | NS      | $437528.71    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL LIMITED                                                   | UPL LTD COMMON STOCK                               | CUSIP: Y9305P100<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               |  | IN        |     29985 | NS      | $221471.34    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RADICO KHAITAN LIMITED                                        | RADICO KHAITAN LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 335800P7T5DW332M7E19       | Long             | EC               |  | IN        |     26100 | NS      | $848915.99    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| APR Co Ltd                                                    | APR CORP/KOREA COMMON STOCK                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      2512 | NS      | $447596.31    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CHANG HWA COMMERCIAL BANK, LTD.                               | CHANG HWA COMMERCIAL BANK COMMON STOCK             | CUSIP: N/A<br>LEI: 549300FHFNGCSKDTHT42       | Long             | EC               |  | TW        |    867000 | NS      | $558978.61    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SALIK COMPANY P.J.S.C.                                        | SALIK CO PJSC COMMON STOCK                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AE        |    249273 | NS      | $407876.59    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                          | HON HAI PRECISION INDUSTRY COMMON STOCK            | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               |  | TW        |    222000 | NS      | $1573331.58   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI HEXACOM LIMITED                                        | BHARTI HEXACOM LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: 335800GJ4U5YVWJGAP02       | Long             | EC               |  | IN        |     11471 | NS      | $214436.69    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA BANKING CORPORATION                                     | CHINA BANKING CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300UF0WW28Z71DM64       | Long             | EC               |  | PH        |    568740 | NS      | $605874.23    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI ROTEM COMPANY                                         | HYUNDAI ROTEM COMPANY COMMON STOCK                 | CUSIP: N/A<br>LEI: 988400HB939UNHXTFY36       | Long             | EC               |  | KR        |      2423 | NS      | $378202.49    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                       | ACCTON TECHNOLOGY CORP COMMON STOCK                | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               |  | TW        |     55000 | NS      | $1885786.47   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ HOLDINGS & INVESTMENT LIMITED.                          | BAJAJ HOLDINGS AND INVESTMEN COMMON STOCK          | CUSIP: N/A<br>LEI: 335800NL7NWD9IPOHL48       | Long             | EC               |  | IN        |      3676 | NS      | $507045.90    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Woori Financial Group Inc.                                    | WOORI FINANCIAL GROUP INC COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     91476 | NS      | $1691887.10   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fibra Mty, S.A.P.I. de C.V.                                   | FIBRA MTY SAPI DE CV REIT                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    845800 | NS      | $647297.10    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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