# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-003864
**Filing Date:** 2025-12
**Character Count:** 35242
**Document Hash:** dd534d71629a7b27b2bd982337ed6c80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003864.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0002048251-25-003864

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251229

**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:** 251610504

**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 International Equity Fund (Series ID: S000048267)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152514 | I Shares       | KCIIX           |
| C000158714 | Class S Shares | KCISX           |

## 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000048267

- **c. LEI of Series:** 549300QELLW5HKCLIY73

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $247347284.44

**Total Liabilities:** $635506.35

**Net Assets:** $246711778.09

**Cash Not Reported:** $354079.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158714 | 0.87%                | 3.05%                | 3.55%                |
| Class ID C000152514 | 0.86%                | 3.06%                | 3.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2652376.69              | $-558353.97                                |
| Month 2  | $4336710.75              | $2537892.29                                |
| Month 3  | $3006640.92              | $4873380.23                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAPFRE, S.A.                                                                                | MAPFRE SA COMMON STOCK                    | CUSIP: N/A<br>LEI: 95980020140005693107       | Long             | EC               |  | ES        |    637700 | NS      | $2816287.46   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambricon Technologies Corp Ltd                                                             | CAMBRICON TECHNOLOGIES-A COMMON STOCK     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |      3600 | NS      | $695788.28    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC                                                                                | UNILEVER PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               |  | GB        |     21430 | NS      | $1285891.75   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NARI Technology Co., Ltd.                                                                   | NARI TECHNOLOGY CO LTD-A COMMON STOCK     | CUSIP: N/A<br>LEI: 3003006IGH1W58MAQM05       | Long             | EC               |  | CN        |    541928 | NS      | $1846532.85   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CTBC Financial Holding Co., Ltd.                                                            | CTBC FINANCIAL HOLDING CO LT COMMON STOCK | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               |  | TW        |   2355000 | NS      | $3198284.97   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings, Inc.                                                                 | TOKIO MARINE HOLDINGS INC COMMON STOCK    | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               |  | JP        |     67300 | NS      | $2509832.25   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GOODMAN GROUP                                                                               | GOODMAN GROUP REIT                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |    119700 | NS      | $2581713.27   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TENARIS S.A.                                                                                | TENARIS SA COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300Y7C05BKC4HZB40       | Long             | EC               |  | IT        |     72000 | NS      | $1430984.67   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                                                                             | KIA CORP COMMON STOCK                     | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               |  | KR        |     32470 | NS      | $2723538.90   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NITTO DENKO CORPORATION                                                                     | NITTO DENKO CORP COMMON STOCK             | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               |  | JP        |    138000 | NS      | $3436870.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NAURA Technology Group Co., Ltd.                                                            | NAURA TECHNOLOGY GROUP CO-A COMMON STOCK  | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               |  | CN        |      9175 | NS      | $524943.47    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                                                               | SAMSUNG ELECTRONICS CO LTD COMMON STOCK   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               |  | KR        |     82520 | NS      | $6211793.63   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                                                         | DEUTSCHE TELEKOM AG-REG COMMON STOCK      | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               |  | DE        |     87000 | NS      | $2694828.83   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                                                                    | TENCENT HOLDINGS LTD COMMON STOCK         | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               |  | HK        |     81100 | NS      | $6587571.55   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER ELECTRIC SE                                                                       | SCHNEIDER ELECTRIC SE COMMON STOCK        | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               |  | FR        |     14000 | NS      | $3989000.95   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| argenx SE                                                                                   | ARGENX SE COMMON STOCK                    | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               |  | BE        |      2680 | NS      | $2193482.75   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH LAND COMPANY PUBLIC LIMITED COMPANY(THE)                                            | BRITISH LAND CO PLC REIT                  | CUSIP: N/A<br>LEI: RV5B68J2GV3QGMRPW209       | Long             | EC               |  | GB        |    165000 | NS      | $824084.84    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                                                                            | ARCELORMITTAL COMMON STOCK                | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               |  | NL        |     75450 | NS      | $2880371.87   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                                                      | SAP SE COMMON STOCK                       | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               |  | DE        |      9264 | NS      | $2409300.87   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA SPORTS PRODUCTS LIMITED                                                                | ANTA SPORTS PRODUCTS LTD COMMON STOCK     | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               |  | HK        |    209000 | NS      | $2181569.46   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LIMITED                                                                       | BHARTI AIRTEL LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               |  | IN        |     91600 | NS      | $2121106.74   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings, S.A.                                                                         | COPA HOLDINGS SA-CLASS A COMMON STOCK     | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               |  | US        |     16400 | NS      | $2053444.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| KUAISHOU TECHNOLOGY                                                                         | KUAISHOU TECHNOLOGY COMMON STOCK          | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               |  | HK        |    251000 | NS      | $2330368.07   | 0.94%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HOYA CORPORATION                                                                            | HOYA CORP COMMON STOCK                    | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               |  | JP        |     23160 | NS      | $3761927.56   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena, S.M.E., S.A.                                                                          | AENA SME SA COMMON STOCK                  | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               |  | ES        |     61000 | NS      | $1656824.81   | 0.67%             |  |  |  | Yes           |                  1 | On Loan: No      |
| XIAOMI CORPORATION                                                                          | XIAOMI CORP-CLASS B COMMON STOCK          | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               |  | HK        |    319600 | NS      | $1773112.94   | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HONDA MOTOR CO., LTD.                                                                       | HONDA MOTOR CO LTD COMMON STOCK           | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               |  | JP        |    245000 | NS      | $2476275.56   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group, S.A.                                                                      | AMADEUS IT GROUP SA COMMON STOCK          | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               |  | ES        |     30040 | NS      | $2296268.30   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                           | ASML HOLDING NV COMMON STOCK              | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               |  | NL        |      5250 | NS      | $5550850.73   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                                                                | UBS GROUP AG-REG COMMON STOCK             | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               |  | CH        |     83609 | NS      | $3199326.15   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                                                                  | AGNICO EAGLE MINES LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               |  | CA        |     17900 | NS      | $2878957.61   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                                                     | KB FINANCIAL GROUP INC COMMON STOCK       | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               |  | KR        |     34581 | NS      | $2822971.01   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLARAMA INC.                                                                              | DOLLARAMA INC COMMON STOCK                | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               |  | CA        |     17620 | NS      | $2290329.90   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corporation Limited                                                             | CHINA TOWER CORP LTD-H COMMON STOCK       | CUSIP: Y15076121<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               |  | HK        |   1340000 | NS      | $1935827.89   | 0.78%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SHELL PLC                                                                                   | SHELL PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               |  | GB        |    135400 | NS      | $5076060.29   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                                                          | MERCADOLIBRE INC COMMON STOCK             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               |  | US        |       480 | NS      | $1117084.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co., Ltd.                                                              | MURATA MANUFACTURING CO LTD COMMON STOCK  | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               |  | JP        |     94300 | NS      | $2033194.73   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                                | TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               |  | TW        |    215660 | NS      | $10429249.83  | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF CHINA LIMITED                                                                       | BANK OF CHINA LTD-H COMMON STOCK          | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               |  | HK        |   2423000 | NS      | $1372008.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                                                                                    | VINCI SA COMMON STOCK                     | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               |  | FR        |     23240 | NS      | $3107552.84   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                                                                                 | SWISS RE AG COMMON STOCK                  | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               |  | CH        |     15500 | NS      | $2830330.56   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Andritz AG                                                                                  | ANDRITZ AG COMMON STOCK                   | CUSIP: N/A<br>LEI: 549300VZKC61IR5U8G96       | Long             | EC               |  | AT        |     25600 | NS      | $1935500.28   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                                                                | BARCLAYS PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               |  | GB        |    745000 | NS      | $3995892.82   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Barry Callebaut AG                                                                          | BARRY CALLEBAUT AG-REG COMMON STOCK       | CUSIP: N/A<br>LEI: 213800Y5RWKLDPUTT265       | Long             | EC               |  | CH        |      1000 | NS      | $1300040.55   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                                                                    | ENGIE COMMON STOCK                        | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               |  | FR        |    142810 | NS      | $3343589.72   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                                                                  | SIEMENS AG-REG COMMON STOCK               | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               |  | DE        |     11050 | NS      | $3131526.22   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hygon Information Technology Co Ltd                                                         | HYGON INFORMATION TECHNOLO-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CN        |     20500 | NS      | $661059.16    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                         | BROWN BROTHERS HARRIMAN SWEEP INTEREST    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   6336414 | PA      | $6336414.30   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| POWER GRID CORPORATION OF INDIA LIMITED                                                     | POWER GRID CORP OF INDIA LTD COMMON STOCK | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               |  | IN        |    590266 | NS      | $1915109.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORPORATION                                                              | MANULIFE FINANCIAL CORP COMMON STOCK      | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               |  | CA        |    114660 | NS      | $3710682.26   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | AIR LIQUIDE SA COMMON STOCK               | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               |  | FR        |     17000 | NS      | $3290146.57   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD.                                                  | SHANGHAI PUDONG DEVEL BANK-A COMMON STOCK | CUSIP: N/A<br>LEI: 300300C1031031001330       | Long             | EC               |  | CN        |   1299916 | NS      | $2101691.01   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AUMOVIO SE                                                                                  | AUMOVIO SE COMMON STOCK                   | CUSIP: N/A<br>LEI: 391200IGI9RQ7VTOK384       | Long             | EC               |  | DE        |     18000 | NS      | $773885.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                                                                              | BNP PARIBAS COMMON STOCK                  | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               |  | FR        |     27950 | NS      | $2164941.56   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                                                             | KONINKLIJKE AHOLD DELHAIZE N COMMON STOCK | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               |  | NL        |     85300 | NS      | $3490448.92   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED OVERSEAS BANK LIMITED                                                                | UNITED OVERSEAS BANK LTD COMMON STOCK     | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               |  | SG        |     79640 | NS      | $2118222.51   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                               | ENBRIDGE INC COMMON STOCK                 | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               |  | CA        |     67500 | NS      | $3147481.37   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LA COMER, S.A.B. DE C.V.                                                                    | LA COMER SAB DE CV COMMON STOCK           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    495038 | NS      | $1072223.86   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                                                                   | ADIDAS AG COMMON STOCK                    | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               |  | DE        |     15150 | NS      | $2864584.79   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                                                          | ICICI BANK LTD COMMON STOCK               | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               |  | IN        |    172440 | NS      | $2612920.45   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                                        | MITSUBISHI UFJ FINANCIAL GRO COMMON STOCK | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               |  | JP        |    298400 | NS      | $4507415.75   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WH GROUP LIMITED                                                                            | WH GROUP LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |   2485000 | NS      | $2390364.34   | 0.97%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Mitsui Fudosan Co., Ltd.                                                                    | MITSUI FUDOSAN CO LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               |  | JP        |    265300 | NS      | $2762410.53   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LIMITED                                                                           | BHP GROUP LTD COMMON STOCK                | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               |  | AU        |    112936 | NS      | $3219606.62   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wartsila Oyj Abp                                                                            | WARTSILA OYJ ABP COMMON STOCK             | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               |  | FI        |     79500 | NS      | $2600998.32   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                                                               | SK HYNIX INC COMMON STOCK                 | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               |  | KR        |      9100 | NS      | $3540750.89   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.                                                    | GRUPO FINANCIERO BANORTE-O COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MX        |    278000 | NS      | $2609789.81   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                                                               | UNICREDIT SPA COMMON STOCK                | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               |  | IT        |     39000 | NS      | $2887807.83   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle S.A.                                                                                 | NESTLE SA-REG COMMON STOCK                | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               |  | CH        |     22600 | NS      | $2159395.22   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TELENOR ASA                                                                                 | TELENOR ASA COMMON STOCK                  | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               |  | NO        |    154000 | NS      | $2290217.14   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                                                               | ALIBABA GROUP HOLDING LTD COMMON STOCK    | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               |  | HK        |    233000 | NS      | $4957948.55   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co., Ltd.                                                                     | WEICHAI POWER CO LTD-H COMMON STOCK       | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               |  | HK        |    944000 | NS      | $1950587.14   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| The People's Insurance Company (Group) of China Limited                                     | PEOPLE'S INSURANCE CO GROU-H COMMON STOCK | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               |  | HK        |   3180000 | NS      | $2855988.71   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE ROYALE DU CANADA                                                                     | ROYAL BANK OF CANADA COMMON STOCK         | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               |  | CA        |     36300 | NS      | $5317857.47   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMATSU LTD.                                                                                | KOMATSU LTD COMMON STOCK                  | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               |  | JP        |    102200 | NS      | $3418689.61   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTEC PLC                                                                                | INVESTEC PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 2138007Z3U5GWDN3MY22       | Long             | EC               |  | ZA        |    234500 | NS      | $1772934.97   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INSURANCE GROUP LIMITED                                                                 | QBE INSURANCE GROUP LTD COMMON STOCK      | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               |  | AU        |    106000 | NS      | $1375306.15   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| 3I GROUP PLC                                                                                | 3I GROUP PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               |  | GB        |     60860 | NS      | $3522000.37   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank, S.A.                                                                             | CAIXABANK SA COMMON STOCK                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               |  | ES        |    383800 | NS      | $4056650.59   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental Aktiengesellschaft                                                              | CONTINENTAL AG COMMON STOCK               | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               |  | DE        |     36000 | NS      | $2750816.44   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GN STORE NORD A/S                                                                           | GN STORE NORD A/S COMMON STOCK            | CUSIP: N/A<br>LEI: 5493008U3H3W0NKPFL10       | Long             | EC               |  | DK        |     81000 | NS      | $1418358.23   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                                                                | SHOPIFY INC - CLASS A COMMON STOCK        | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               |  | CA        |     22900 | NS      | $3981600.66   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding S.A.                                                                  | Itau Unibanco Holding SA PREFERRED STOCK  | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               |  | BR        |    458490 | NS      | $3368824.93   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corporation                                                                          | ITOCHU CORP COMMON STOCK                  | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               |  | JP        |     61000 | NS      | $3533321.55   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DANONE SA                                                                                   | DANONE COMMON STOCK                       | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               |  | FR        |     40400 | NS      | $3567976.04   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                                                                  | CRH PLC COMMON STOCK                      | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               |  | GB        |     24620 | NS      | $2908615.97   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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