# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-002696
**Filing Date:** 2025-11
**Character Count:** 34445
**Document Hash:** 29373536442d9ffe7fdad57e4e1d2681
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002696.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002048251-25-002696

**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**: 20260331

**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:** 251532784

**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

### GQG PARTNERS EMERGING MARKETS EQUITY FUND (Series ID: S000056013)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000176380 | Investor Shares      | GQGPX           |
| C000176381 | Institutional Shares | GQGIX           |
| C000176382 | R6 Shares            | GQGRX           |

## 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:** GQG Partners Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000056013

- **c. LEI of Series:** 549300TCTT3MLFI2GV61

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

- **a. Date of fiscal year-end:** 2026-03-31

- **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:** $23011809572.99

**Total Liabilities:** $314387393.51

**Net Assets:** $22697422179.48

**Cash Not Reported:** $282849.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176381 | 2.81%                | 0.83%                | -2.59%               |
| Class ID C000176380 | 2.77%                | 0.83%                | -2.66%               |
| Class ID C000176382 | 2.75%                | 0.89%                | -2.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9142165.35             | $667281585.54                              |
| Month 2  | $179890671.35            | $-86776573.98                              |
| Month 3  | $-134946029.28           | $-502286228.80                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ITC LIMITED                                                    | ITC LTD COMMON STOCK                               | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               |  | IN        | 263434398 | NS      | $1190827314.00 | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Company Limited                             | ZIJIN MINING GROUP CO LTD-H - RTS RIGHTS           | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               |  | HK        |     45116 | NS      | $0.58          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                                      | COLGATE-PALMOLIVE CO COMMON STOCK                  | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |   3789968 | NS      | $302970041.90  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                            | STATE BANK OF INDIA COMMON STOCK                   | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               |  | IN        |  24820460 | NS      | $243655550.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INDUSTRIES LIMITED                                    | RELIANCE INDUSTRIES LIMITED COMMON STOCK           | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               |  | IN        |   6867771 | NS      | $105487648.70  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LIMITED                                              | HDFC BANK LTD-ADR DEPOSITARY RECEIPT               | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               |  | US        |  11976172 | NS      | $409106035.50  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                                    | GAZPROM PJSC COMMON STOCK                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |  30141513 | NS      | $3653.52       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.                       | GRUPO FINANCIERO BANORTE-O COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |  18677000 | NS      | $187386369.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINSERV LIMITED                                          | BAJAJ FINSERV LTD COMMON STOCK                     | CUSIP: Y0548X125<br>LEI: 3358001EH4I4IDMGQ326 | Long             | EC               |  | IN        |   2826344 | NS      | $63856915.53   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                               | TOTALENERGIES SE COMMON STOCK                      | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               |  | FR        |   7635408 | NS      | $465440685.90  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Company Limited                             | ZIJIN MINING GROUP CO LTD-H COMMON STOCK           | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               |  | HK        |  33382000 | NS      | $139598672.30  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED                  | ADANI PORTS AND SPECIAL ECON COMMON STOCK          | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               |  | IN        |  23033320 | NS      | $364147059.10  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                                   | NATIONAL BANK OF GREECE COMMON STOCK               | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               |  | GR        |  10148683 | NS      | $147899698.30  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK NORIL'SKIY NIKEL' PAO                                      | MMC NORILSK NICKEL PJSC COMMON STOCK               | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               |  | RU        |   1555600 | NS      | $188.56        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                            | KASIKORNBANK PCL-FOREIGN COMMON STOCK              | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |  22701200 | NS      | $117418865.80  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                   | CENTRAIS ELETRICAS BRASILIER COMMON STOCK          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |  37038949 | NS      | $365274122.20  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI ENERGY SOLUTIONS LIMITED                                 | ADANI ENERGY SOLUTIONS LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 549300PLH866JQ6LXE52       | Long             | EC               |  | IN        |  22359496 | NS      | $219860291.60  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                           | PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               |  | US        |  55562051 | NS      | $703415565.70  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.                | INTL CONTAINER TERM SVCS INC COMMON STOCK          | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               |  | PH        |  11088510 | NS      | $89926826.14   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt.                                                 | OTP BANK PLC COMMON STOCK                          | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               |  | HU        |   1920247 | NS      | $166434272.30  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Paranaense de Energia - Copel                        | COMPANHIA PARANAENSE DE ENER COMMON STOCK          | CUSIP: N/A<br>LEI: 2549001AS1I9A71VG663       | Long             | EC               |  | BR        |  37864700 | NS      | $86031089.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| THE INDIAN HOTELS COMPANY LIMITED                              | INDIAN HOTELS CO LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 33580076CH5SBY5HWA22       | Long             | EC               |  | IN        |   1483586 | NS      | $12043107.15   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD.                                                 | CREDICORP LTD COMMON STOCK                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               |  | US        |    532005 | NS      | $141662291.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR AIRPORTS LIMITED                                           | GMR AIRPORTS LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 3358008S2MTRWZ255P70       | Long             | EC               |  | IN        | 185432790 | NS      | $182054505.40  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TATA CONSULTANCY SERVICES LIMITED                              | TATA CONSULTANCY SVCS LTD COMMON STOCK             | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               |  | IN        |   1089932 | NS      | $35476552.83   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PAO                                                     | POLYUS PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               |  | RU        |    426420 | NS      | $51.69         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Saudi Arabian Oil Company                                      | SAUDI ARABIAN OIL CO COMMON STOCK                  | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |  25767003 | NS      | $169187074.80  | 0.75%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Erste Group Bank AG                                            | ERSTE GROUP BANK AG COMMON STOCK                   | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               |  | AT        |   1107377 | NS      | $108946549.60  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LODHA DEVELOPERS LIMITED                                       | LODHA DEVELOPERS LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               |  | IN        |  11275355 | NS      | $144233980.40  | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| WUXI BIOLOGICS (CAYMAN) INC.                                   | WUXI BIOLOGICS CAYMAN INC COMMON STOCK             | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               |  | HK        |   3752500 | NS      | $19819075.88   | 0.09%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SCB X PUBLIC COMPANY LIMITED                                   | SCB X PCL-FOREIGN COMMON STOCK                     | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               |  | TH        |  30993800 | NS      | $122962624.30  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                                         | DBS GROUP HOLDINGS LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               |  | SG        |   3534723 | NS      | $140260912.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                                  | ADNOC GAS PLC COMMON STOCK                         | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               |  | AE        | 228617334 | NS      | $220365636.30  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Dhabi Holding PJSC                                       | ALPHA DHABI HOLDING PJSC COMMON STOCK              | CUSIP: N/A<br>LEI: 254900EH6E1KZJBO3246       | Long             | EC               |  | AE        |  95377433 | NS      | $273301917.90  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                                  | GRUPO FINANCIERO GALICIA-ADR DEPOSITARY RECEIPT    | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               |  | US        |   2040261 | NS      | $56229593.16   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI ENTERPRISES LIMITED                                      | ADANI ENTERPRISES LTD COMMON STOCK                 | CUSIP: Y00106131<br>LEI: 335800OTN96B3M38HC30 | Long             | EC               |  | IN        |  20193212 | NS      | $570275562.90  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BTG PACTUAL S.A.                                         | BANCO BTG PACTUAL SA-UNIT UNIT                     | CUSIP: N/A<br>LEI: ZXLTQRYIK6IJH3R0IK66       | Long             | EC               |  | BR        |  62219948 | NS      | $564419766.60  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| INFOSYS LIMITED                                                | INFOSYS LTD-SP ADR DEPOSITARY RECEIPT              | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               |  | US        |  12354807 | NS      | $201012709.90  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Hotels Ltd                                                 | ITC HOTELS LIMITED COMMON STOCK                    | CUSIP: N/A<br>LEI: 335800IFHF7F1488ND22       | Long             | EC               |  | IN        |  43906539 | NS      | $112387491.30  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVERSTAL' PAO                                                 | SEVERSTAL PJSC COMMON STOCK                        | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               |  | RU        |    772406 | NS      | $93.62         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PATANJALI FOODS LIMITED                                        | PATANJALI FOODS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 335800EXLHZBCGE81H10       | Long             | EC               |  | IN        |  48044082 | NS      | $311592731.30  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ABU DHABI BANK P.J.S.C.                                  | FIRST ABU DHABI BANK PJSC COMMON STOCK             | CUSIP: N/A<br>LEI: 2138002Y3WMK6RZS8H90       | Long             | EC               |  | AE        |  48597460 | NS      | $206929082.90  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                          | BHARTI AIRTEL LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |  27582534 | NS      | $583356550.50  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bupa Arabia for Cooperative Insurance Company SJSC             | BUPA ARABIA FOR COOPERATIVE COMMON STOCK           | CUSIP: N/A<br>LEI: 558600B2WJHD5P31XS68       | Long             | EC               |  | SA        |   2068066 | NS      | $90948572.97   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Solidcore Resources plc                                        | SOLIDCORE RESOURCES PLC COMMON STOCK               | CUSIP: N/A<br>LEI: 213800JKJ5HJWYS4GR61       | Long             | EC               |  | RU        |    939651 | NS      | $113.90        | 0.00%             |  |  |  | No            |                  3 | 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        | 169599400 | NS      | $129760566.40  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                           | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |  82856009 | NS      | $487749787.80  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI POWER LIMITED                                            | ADANI POWER LTD COMMON STOCK                       | CUSIP: N/A<br>LEI: 33580074T4XKFXBDG813       | Long             | EC               |  | IN        | 296342420 | NS      | $483000935.20  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Stock Company Kaspi.kz                                   | JSC KASPI.KZ ADR DEPOSITARY RECEIPT                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               |  | US        |    733912 | NS      | $59945932.16   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC               | AL RAJHI BANK COMMON STOCK                         | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               |  | SA        |   8348043 | NS      | $238547118.50  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ADANI GREEN ENERGY LIMITED                                     | ADANI GREEN ENERGY LTD COMMON STOCK                | CUSIP: N/A<br>LEI: 335800ZBBU81OH211H17       | Long             | EC               |  | IN        |  30446694 | NS      | $352320031.80  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance SJSC                     | CO FOR COOPERATIVE INSURANCE COMMON STOCK          | CUSIP: N/A<br>LEI: 549300J2GTNKWJRJ8581       | Long             | EC               |  | SA        |   1476093 | NS      | $53555405.33   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUATORIAL S.A.                                                | EQUATORIAL ENERGIA SA - ORD COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | BR        |  26199700 | NS      | $181534100.70  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER S.A.                                                   | EMBRAER SA-SPON ADR DEPOSITARY RECEIPT             | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               |  | US        |   4576763 | NS      | $276665323.40  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER FINANCE CORPORATION LIMITED                              | POWER FINANCE CORPORATION COMMON STOCK             | CUSIP: Y7082R109<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | EC               |  | IN        |  37067024 | NS      | $171171101.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China, Ltd.               | PING AN INSURANCE GROUP CO-H COMMON STOCK          | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               |  | HK        |  36360000 | NS      | $247409606.80  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                            | BROWN BROTHERS HARRIMAN SWEEP INTEREST             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        | 320250017 | PA      | $320250017.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A - Brasil, Bolsa, Balcao                                 | B3 SA-BRASIL BOLSA BALCAO COMMON STOCK             | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               |  | BR        |  43456000 | NS      | $108934776.70  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                                               | COCA-COLA HBC AG-DI COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               |  | GB        |   1606797 | NS      | $75882974.11   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                               | PHILIP MORRIS INTERNATIONAL COMMON STOCK           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               |  | US        |   3482617 | NS      | $564880477.40  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                      | VALE SA-SP ADR DEPOSITARY RECEIPT                  | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | US        |  23824647 | NS      | $258735666.40  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                                  | BANK MANDIRI PERSERO TBK PT COMMON STOCK           | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               |  | ID        | 725021174 | NS      | $191615027.70  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                             | ICICI BANK LTD COMMON STOCK                        | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |  37119574 | NS      | $562556348.40  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Limited                                              | AIA GROUP LTD COMMON STOCK                         | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               |  | HK        |  36251800 | NS      | $347505224.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                   | UNILEVER PLC-SPONSORED ADR DEPOSITARY RECEIPT      | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               |  | US        |   5134062 | NS      | $304347195.40  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TAIWAN SEMICONDUCTOR-SP ADR DEPOSITARY RECEIPT     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               |  | US        |   1878290 | NS      | $524587614.10  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| International Holding Company P.J.S.C                          | INTL HOLDING CO PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: 9845000BB909CE4A0G98       | Long             | EC               |  | AE        |   4455254 | NS      | $485796141.30  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NEFTYANAYA KOMPANIYA ROSNEFT' PAO                              | ROSNEFT OIL CO PJSC COMMON STOCK                   | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               |  | RU        |  23574787 | NS      | $2857.55       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Itau Unibanco Holding S.A.                                     | Itau Unibanco Holding SA PREFERRED STOCK           | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        |  97118772 | NS      | $711766044.00  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN PHARMACEUTICAL INDUSTRIES LIMITED                          | SUN PHARMACEUTICAL INDUS COMMON STOCK              | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               |  | IN        |  19113415 | NS      | $344077078.40  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBEV S.A.                                                     | AMBEV SA-ADR DEPOSITARY RECEIPT                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               |  | US        |  91208526 | NS      | $203395013.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NK LUKOIL PAO                                                  | LUKOIL PJSC COMMON STOCK                           | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               |  | RU        |   2087971 | NS      | $253.09        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Eneva S.A.                                                     | ENEVA SA COMMON STOCK                              | CUSIP: N/A<br>LEI: 549300T1AP7HKCABII19       | Long             | EC               |  | BR        |  55801000 | NS      | $174039227.90  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                                          | COCA-COLA CO/THE COMMON STOCK                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |   5914612 | NS      | $392257067.80  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A.                   | EUROBANK ERGASIAS SERVICES A COMMON STOCK          | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | EC               |  | GR        |  13400366 | NS      | $51879473.03   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Central Asia Tbk                                       | BANK CENTRAL ASIA TBK PT COMMON STOCK              | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               |  | ID        | 570142230 | NS      | $261102605.90  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                       | TENCENT HOLDINGS LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |   9795100 | NS      | $834802849.80  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK          | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |  35444282 | NS      | $1539622596.00 | 6.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                             | MERCADOLIBRE INC COMMON STOCK                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |    187231 | NS      | $437547613.10  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPOLKA AKCYJNA        | PKO BANK POLSKI SA COMMON STOCK                    | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               |  | PL        |   5836996 | NS      | $113629470.50  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | CIA SANEAMENTO BASICO DE SP COMMON STOCK           | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               |  | BR        |   7686900 | NS      | $190759772.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW STEEL LIMITED                                              | JSW STEEL LTD COMMON STOCK                         | CUSIP: Y44680158<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | EC               |  | IN        |  20609303 | NS      | $265380738.30  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE TELECOMMUNICATIONS LIMITED                           | SINGAPORE TELECOMMUNICATIONS COMMON STOCK          | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               |  | SG        | 150795132 | NS      | $482382772.60  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HANWHA AEROSPACE CO., LTD.                                     | HANWHA AEROSPACE CO LTD COMMON STOCK               | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               |  | KR        |    377098 | NS      | $298222425.10  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG FIRE & MARINE INSURANCE CO., LTD.                      | SAMSUNG FIRE & MARINE INS COMMON STOCK             | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               |  | KR        |    215701 | NS      | $69430177.82   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW ENERGY LIMITED                                             | JSW ENERGY LTD COMMON STOCK                        | CUSIP: Y44677105<br>LEI: 3358001ZFBW2VIMBMI85 | Long             | EC               |  | IN        |  31266481 | NS      | $186833196.50  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDAR PROPERTIES PJSC                                          | ALDAR PROPERTIES PJSC COMMON STOCK                 | CUSIP: N/A<br>LEI: 98450048CD8AEF13B480       | Long             | EC               |  | AE        |  83096124 | NS      | $214646066.20  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property and Casualty Company Limited                     | PICC PROPERTY & CASUALTY-H COMMON STOCK            | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               |  | HK        |  48156000 | NS      | $108654534.30  | 0.48%             |  |  |  | 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